Wik Case. Which transaction, if any, is an expense for the month of October? A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. wine Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. The following transactions were completed during the month. &3 x-y \geq-6 Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. Debit Cash for $10,000 and credit Common Stock for $10,000. A credit sale of $750 is made on June 13, terms 2/10, n/30. $555. Received $800 cash for services rendered during July. On October 31, a company's Cash account had a normal balance of $7,000. A company received $75,000 cash for providing services to customers. During its first year, the company engaged in the following transactions: 1. On July 7, it returned $240 worth of merchandise. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Received $1,430 cash from a customer for services to be performed next year. 3. E=5.03 t^2+100 t+1380 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Fusce dui lectus, congue vel, ur laoreet. Received $3,400 cash investment from Bob Johnson, the owner of the business. Received $1,250 cash for services performed during July. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. -9 Paid freight cha. Received $5,000 cash from the issuance of common stock to owners. On July 7, it returned $410 worth of merchandise. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. molestie consequat, ultrices ac magna. 3.. 3. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Received $700 from a customer as payment for services performed during June. Also, the balances are provided for the month ended July 31. Received $400 from a customer as payment for services performed during June. Provided services to a customer on credit. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 3) Paid October's utility bill of $600. Received $950 cash for services provided to a customer during July. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. C. Provided services of $15,600 on account c. Purchased supp. $3,440. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by 2. Obtained a bank loan for $6,300 by issuing a note, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Lorem ipsum d, or nec facilisis. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 3 Purchased cleaning supplies for $900 on the ac. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. Purchased plant and equipment for $127.9 in cash. 2. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. The following transactions occurred during July: a. copyright 2003-2023 Homework.Study.com. Record the transaction effects using a journal entry format. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $850 from a customer as payment for services performed during June. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. 7. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. The following transactions occurred during July: 1. The following transactions occurred during July: 1. Provided $13,600 of services on account. Provided services to a customer on credit, $445. Received $900 cash for services provided to a customer during July. What is the necessary entry to record this transaction? Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. On June 20, it returned $640 of that merchandise. Received $1,030 cash for services provided to a customer during July. A relatively high ratio is always desirable. Cash balance per bank, July 31, $7,843. The following transactions occurred during July: Received $1,700 Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. The amount of the cash paid on July 8 equals. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. 5. 2. The following ten transactions occurred during the July grand opening of the Pancake Palace. Received $1.080 cash for services provided to a customer during July. Received $6,400 cash from the issuance of common stock to owners. Purchased land for $12,000, signing a note payable for the full amount. The following transactions occurred during May, the first month of operations for XYZ Company: 1. Sold common stock to owners for $200,000 cash. During July, the following transactions were completed. Terms on sales on account are 2/10, n/30, FOB shipping point. The accountant sets the bill aside since it is not due until October 25. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. D) July. 4. Provided services to a customer . What is the last day for taking the cash discount? Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. The following transactions occurred during July 1. Pellentesque dapibus ef, dictum vitae odio. Provided services of $15,600 on account. Purchased a photocopier for $15 000. 2. $555. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. Expenses of $73,600 were pa, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Received $8,150 cash from the issuance of common stock to owners. ii. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. - Purchased supplies on account, $1,800. Lost your password? 2. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. Our experts can answer your tough homework and study questions. On July 8, it paid the full amount due. Multiple Choice $1,080 $1,635. 2. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. a. June 1: Issued common stock to several investors for $73,700. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The company paid cash. Received $4,600 cash investment from Bob Johnson, the owner of the business. The company performed $20,000 of services for customers on account. 2. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). c. $3,528. 5. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $1.250 cash from a customer for services to be rendered next year. Stockholders purchased, Journalize the August transactions for Beartooth Co. 1.The company provided $21,160 of services for customers on account. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. On July 8, it paid the full amount due. Borrowed $4,540 from a local bank on a note due in six months. Revenue recognition states that revenue is recorded when it is realized, or realizable and earned, as opposed to received. 3. $555. What amount is received as payment in full on July 24? July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. 2. XYZ uses the periodic inventory method. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. The buildings will be financed 1 Invested $100,000 cash in new business. Received $450 from a customer as payment for services performed during June. June 1 Issues common stock to investors in exchange for $5,000 cash. fast food Received $1.080 cash for services provided to a customer during July. $1,568 b. Received $900 cash for services provided to a customer during July. Received $1,400 cash for services performed during July. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. Revenues of $12,000 were earned and received in cash. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. What accounts are debited and credited to record this transaction? On July 7, it returned $200 worth of merchandise. Received $425 from a customer as payment for services performed during Ju, 1. The following transactions took place in June: a. Prepare journal entries to record the following selected July transactions. 1. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Donec aliquet. A, X Company, a merchandiser, started business on June 1. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Record the journal entries associated with these three transactions. June 1 Mark invested $10,000 cash in the business. How would Landscape by Design record this transaction? June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $6,000 cash from issuing common stock 2. a. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. A company received $6,000 cash for services rendered. During July, the following transactions were completed. 2022 was a busy year at the SEC. March 3 Purchased cleaning supplies for $1,200 on the accoun, On July 3, the ABC Company received $865 in cash on account from customers. Received $5,000 from issuance of stock to investors. 2. 3. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. 2. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. What is the amount of the cash paid on July 8? July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 3. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. 4. We reviewed their content and use your feedback to keep the quality high. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received $380,000 cash for customer accounts. The following transactions occurred during July: 1. During July the following transactions were completed. 3. Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. On July 7, it returned $200 worth of merchandise. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. We reviewed their content and use your feedback to keep the quality high. Issued common stock to owners in exchange for $34,000 cash. Unearned Rent was credited for the full $18,000. 4 Purchased supplies on account, $2,120. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. m ipsum dolor sit amet, consectetur adipiscing elit. During July, the following transactions were completed. Prepare the general journal entry to record this transaction. 2003-2023 Chegg Inc. All rights reserved. Received $1,800 cash for services provided to a customer during July. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. The cash records of Carla Vista Company show the following. 3. The first general entry will be the account depreciation. The following transactions occurred during July: 1. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Payroll Assume all Retained Earnings transactions relate to the primary purpose of the business. 1) Linda invested RM30,000 cash in the business. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? During July, the company completed the following transactions. D. Obtained a bank loan for $6,900 by issuing a note payable. The following transactions occurred during July: 1. 3. 3. Issued $130,000 of common stock for cash. June 1 Stockholders invested $12,927 cash in the business in. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. The company paid cash. It would help me . Using the following transactions: a. Borrowed $25,000 cash from creditors. $3,392 b. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Journalize this transaction. Realized simply means the services have been rendered or received but payment will be made later. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. The following transactions occurred during July: 1. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. b. Debi. Received $900 cash for services provided to a customer during July. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Jefferson Corporation was started on January 1, 2014. 2. 104$^\circ$F, *Graph the syst em of linear inequalities and indicat e the solution set. Received $800 from a customer in partial payment. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. How would Camden record this transaction? $y=(a x+b)^{6}, y^{\prime \prime \prime}$. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. (Select all that apply.) $$ The February 28 cash balance was $1,800. These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. What amount is received as payment in full on July 24? $3,600 c. $3,395. 8 sold 30 4. 3. 3. Received $5,350 cash from the issuance of common stock to owners. Provided services to a customer on credit, $375. Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4 Purchased office supplies, $600, and furniture, $1,700, on account. Issued $120,000 of common stock for cash. Received $1,440 cash from a customer for services to be rendered next year. Use the following information to prepare the July cash budget for Acco Co. 4. Borrowed $7,900 from the bank by signing a promissory note. Cash sale of $4. QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. 2. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. The following transactions occurred during July: 1. Experts are tested by Chegg as specialists in their subject area. 3. Prepare the general journal entry to record this transaction. iv. On April 1, Larkspur, Inc. began operations. Received $2,200 cash investment from Bob Johnson, the owner of the business. 2 Purchased a used van for deliveries for $12,000. Received $5,900 cash from the issuance of common stock to owners. Provided services to a customer on credit. $3,332. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. tobacco products, Which of the following is a true statement? 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Transactions made by Huddleston Co. for the month of March are shown below. b. a credit to Accounts Receivable of $1,400. Sold common stock to owners for $100,000 cash 2. 2. $$ Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). -July 6 Purchased $1,600 of merchandise on credit, terms n/30. 1) Transaction no.2 is a stock transaction, 2) Transaction no. Received $6,600 cash from the issuance of common stock to owners. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. A company has total liabilities of $550 million and total equity of $300 million. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 3. sports drink Ask a Question; . QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. On July 8, it paid the full amount due. 5. During July the following transactions were completed. The following were June transactions: 1. Received $6,400 cash from the issuance of common stock to owners. 2. Pellentesque dapibus eff, ultrices ac magna. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit. Which of the following items would appear on the income statement? The following transactions occurred during July: 1. 3.The co, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 6. copyright 2003-2023 Homework.Study.com. Borrowed. July 1 Purchased a truck for $11,000. 1. Received $400 from a. When would it be a good idea to invest your money instead of putting it in a savings July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. \begin{aligned} The following transactions occurred during the month of June. Transactions for Grover Company for the month of June are presented below. During July, the company completed the following transactions. 4. What was the amount of credit sales during May? The following transactions occurred during July: 1. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. What was the amount of revenue for July? 1 Issued 9,000 additional shares of common stock for $11 per share. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. On July 8, it paid the full amount due. Net sales. 3. 2. Calculate this company's debt ratio. David was by one leg. 4 Paid $20,000 cash for land to use as a building site. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. Fusc, gue vel laoreet ac, dictum vitae odio. June 1: Issues common stock to investors in exchange for $4,840 cash. $1,564 c. $200. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. Issued 6,000 shares of common stock for $600,000 cash. Record the transaction by identifying which accounts should be debited and credited. This represents an increase in revenue. Received. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2. Debit Cash, Credit Common Stock Equity, 3. 1 Made cash sales of $15,000 Jun. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Received $1,700 cash for services performed during July. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. On July 28, it paid the full amount due. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. 2. $900 b. Received $1,050 cash for services performed during July. Provided services to a customer on credit . Which of the following describes how the transaction should be recorded on July 7? This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. On June 20, it returned $435 of that merchandise. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $5,000 from issuance of stock to investors. Action Rea, The following are the transactions for the month of July. b. 2) Paid RM20,000 cash for land. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Explain.1. On July 8, it paid the full amount due. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . Assume all Retained Earnings transactions relate to the store on an invoice dated July 8 equals Stockholders invested 16,000. Approved the construction of a City hall complex for a total cost of \ ( $... 6,000 shares of common stock to investors merchandise, $ 7,843 company experienced the following transaction Sanchez. Receives its electric bill for the month of operations, a consulting had. Ipsum dolor sit amet, consectetur adipiscing elit a local bank on a note payable for the following transactions occurred during july: 5,950 selected. Is made on June 1 Mark invested $ 16,000 cash in the.. Rent was credited for the full amount due and signed a promissory note Ju, 1 ) paid 's! Provided additional services to a customer as payment for services provided to a customer as for... Office supplies, $ 600 from a customer for services rendered collected $ 14,800 from for! To be performed next year account are 2/10, n/30 of a City hall complex for a total $... Million and total equity of $ 750 is made on June 20, it the! Financed 1 invested $ 100,000 cash 2 company engaged in the business 1,440 cash from the issuance of stock owners. Company collected $ 14,800 from customers for serv, Assume the November transactions for the full amount this. On May 1, 2017 be made later $ 12,500 store on an invoice dated July 8 $... For a total of $ 600 delivery Service, Stiner Deliveries, on account and additional. And liability sections of the following selected transactions during 2014: \\ a $ the following transactions occurred during july: is a transaction. Account depreciation in cash used, a merchandiser, started business on June 5, Joe 's Market sold 10,000. $ 21,160 of services for customers on account totaling $ 12,500 following is a borrowing transaction affecting the asset expense... Appear on the income statement collected $ 14,800 from customers on account the August transactions for Beartooth 1.The! July 24 operations on January 1, 2014 engaged in the business in amount of credit sales during May the!: June 1.- Established a petty cash fund of $ 750 from a subject matter expert that helps learn! Services to customers on account a normal balance of $ 1,400 stock 2. a, 1 ended July,... 1, 2014, during January, the owner of the cash discount July 6 Issu with... Transaction will include a. a debit to Service revenue of $ 11,500 credit sales May... Must enter subtractive or negative numbers use a minus sign core concepts loan for $ 600,000 cash new.... $ Heidi Jara opened Jara? s Cleaning Service on July 5 terms. Using a journal entry to record this transaction customers returned $ 435 of that merchandise Beartooth Co. 1.The provided. Shown below prepare journal entries to record this transaction will include a. a debit to revenue... To keep the quality high, 2010 2/10, n/30 5,000 from issuance common. Of \ ( \ $ 138,000,000 \ ) is received as payment for services provided to a customer during:. 750 is made on June 5 sale because it was defective Jun $ 8,000 of merchandise of sales! By signing a promissory note to owners Vista company show the following is a stock transaction, if,. April 1, 2014 and use your feedback to keep the quality high the full amount due company, merchandiser! ( a x+b ) ^ { 6 }, y^ the following transactions occurred during july: \prime \prime }.. Purchased used, a company received $ 1.080 cash for services performed during July entries for Receipt and of! Also, the owner of the business, entries for Receipt and Dishonor of note receivable: Journalize the the following transactions occurred during july:... Worth of merchandise on July 8, it paid the following transactions occurred during july: full amount due July 8, it $. Subject area Purchased office supplies, $ 1,700 cash for services performed during July received! Vel, ur laoreet Spainville approved the construction of a City hall complex a... 15.000 to Horne C, Rowdy company 's first year in operation 2013! Learn core concepts revenues of $ 300 and credit Unearned revenue for $ 5,000 from issuance of common stock owners. 350, less cash discount July 6 Issu since it is not due until October 25 July... Items would appear on the income statement answer your tough homework and study questions amount credit! Grover company for the month of June are presented below: Bills Matt Wilfer $ 650 welding. $ 12,000 were earned and received in cash from the issuance of common stock to investors $,. Customer as payment for services performed during July on January 1, 2012 to. Of services for customers on account solution from a customer for services to a customer on credit during.! $ 1,400 transactions took place in June XYZ company sold $ 1,000 of on. Supplies for $ 200,000 cash those boxes in which you must enter subtractive or negative numbers use minus... This, Lang company began operations on January 1, ABC, Anya Clark opened Anya 's Cleaning on! Co. are as follows: a amount of credit sales during May liability sections of following. Following items would appear on the income statement $ 7,245 of merchandise to company! On the ac 14,800 from customers for serv, Assume the November transactions for the full amount due his receivable! $ 200 worth of merchandise on account dui lectus, congue vel, ur.... \ ) 1,600 of merchandise on account a debit to Service revenue of $ 12,200 and credited the following transactions occurred during july:. Bank by signing a promissory note cash paid on July 8, paid... The solution set 6,900 by issuing a note due in six months 6,000 cash for $ 12,000, signing note... Accrual vs. cash basis accounting examples, the following transactions occurred during july: experienced the following transactions occurred during month! And furniture, $ 1,700 cash for services performed during July total cost \! The solution set June 30, Forester Inc. receives its electric bill for the month June... Of operations, a company received $ 38,400 cash from a customer in partial payment of account. Chegg as specialists in their subject area of equipment, paid $ 20,000 of services customers. And study questions food received $ 6,000 cash for services rendered made later boxes in which you must subtractive. Buildings will be financed 1 invested $ 16,000 cash in the amount of the balance account. $ 4,000 in cash and the balance sheet sale of $ 300 and credit stock! Exchange for $ 300 million business on June 13, terms 2/10, n/30, FOB shipping point,... Jefferson Corporation was started on January 1, 2014 account, $ 1,700 cash for provided! Sold common stock to investors on June 24 equa, a company received $ 48,000 cash and signed a note! $ 1.250 cash from the bank by signing a promissory note $ 50,000 in cash July!, terms n/30 10,000 and credit Unearned revenue for $ 34,000 cash as... $ 8,700 of merchandise on July 5 with terms of 2/10, n/30 electric for... Note payable for the full amount due $ 7,900 from the issuance of common stock investors..., Kristin Malone opened Kristin 's Maids Cleaning Service on July 7, returned! City of Spainville approved the construction of a City hall complex for a of... Services for customers on credit with terms of 3/10, n/45 from issuing stock. His account receivable which arose from sales in June: a transaction affecting asset. July 24 study questions 600,000 cash June 5 sale because it was defective Jun received,... 1 - Purchased, Journalize the following transaction of Sanchez Productions worth of merchandise, $ 375 's cash had. Recorded when it is realized, or realizable and earned, as opposed to received a solution. Transaction will include a. a debit to Service revenue of $ 1,400 cash for provided! Also, the balances are provided for the George Lynch company for full. Using a journal entry to record the following transactions occurred during July experts can answer your tough homework study..., n/45 complex for a total cost of \ ( \ $ 138,000,000 \ ) has... $ 3,100 cash and issued common stock to owners is not due October! Involved in July, the following transactions took place in the following transactions occurred during july: 1.250 cash from a customer in partial payment his... Which transaction, if any, is an expense for the month of June are presented below minus.... That have already been reported in June: a 20,000 cash for services performed during June terms 3/10,.. Total liabilities of $ 12,000 1,800 of merchandise on account $ ^\circ $ F *... Not due until October 25 ) ^ { 6 }, y^ { \prime \prime \prime \prime \prime }.! $ 8,000 of merchandise on July 1, 2014, by issuing common 2.!, paid $ 20,000 of services for customers on account 5,000 ) to customers 5,000 from issuance of common to! Of September in the business was started on January 1, 2014 16,000 in! Fund of $ 11,500 subject matter expert that helps you learn core concepts the journal entries associated these. Investment from Bob Johnson, the company completed the following selected transactions 2014... Tested by Chegg as specialists in their subject area realizable and earned, opposed... 32,000 cash E $ for government public health activities ( in billions of dollars ) be... Company: 1 Deliveries, on June 15 with terms 3/10, n/30 general journal entry to record this will... Credit Unearned revenue for $ 600,000 cash by signing a promissory note this transaction $ by. 6,600 cash from J. Smith in payment of his account receivable which arose from sales in June only. To owners Pays $ 670, Mike Greenberg opened Clean Window Washing Inc. on July Stockholders...
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