Provided services to a customer on credit, $375. Journalize the July transactions. 2. Provided $14,500 of services on account. Journalize BullsEye's transactions for July 1, 2011. D. $1,60. 2. 2. 2. 3 Purchased used car for $8,200 cash for use in the business. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 5 is an unearned income. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10. Provided $94,000 of services on account. 3. Jones Hardware, Inc. paid a cash dividend of $6,000. Borrowed $7,800 from the bank by signing a promissory note. On July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank on July 31. Record the transaction by identifying which accounts should be debited and credited. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? $3,500. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. A company received $3,000 cash from a customer on its receivable for services previously performed. Which of the following describes how the transaction should be recorded on July 7? Levitt Company received $2,150 cash from a client for services provided. Prepare the general journal entry to record this transaction. 4. Received $5,900 cash from the issuance of common stock to owners. On July 7, it returned $300 worth of merchandise. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. b. a credit to Accounts Receivable of $1,400. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. 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. the Cash account? Prepare the general journal entry to record this transaction. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. How would Camden record this transaction? 3. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? 6. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. Total cash payments for July are $570,030. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. - Purchased supplies on account, $1,800. Received $1,050 cash for services performed during July. 2003-2023 Chegg Inc. All rights reserved. D) July. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. 3. d. Received utility bill, to be paid next month, $400. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. b. Consider transactions t1 and t2 where t1 happened first in the serial order. 2. Prepare the general journal entry to record this transaction. Receive cash of $38,000 from customers in (a) above. 3. Received $1,675 from a customer for services to be performed during August. 1. 4. The following transactions occurred during July: 1. Received $5,900 cash from the issuance of common stock to owners. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to customers on account, $95,000 3. Anya Clark opened Anya's Cleaning Service on July 1, 2017. (The company uses th, The following events pertain to Super Cleaning Company: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Issued common stock for cash, $5,000. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Loaned $15,000 to Horne. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 4. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. 3. The business acquired $10,000 cash by issuing common stock to investors. How would Teasdale record this transaction? Terms on sales on account are 1/10, n/30, FOB shipping point. 3. The company requires a minimum cash balance of $7,500. 3. 1 Announced a 2 for-1 stock split. 3 Purchased cleaning supplies for $900 on the ac. 4. 2. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $7,100 cash from the issuance of common stock to owners. Paid expenses amounting to, Journalize the following selected transactions for January : 1. The following transactions occurred during July: 1. Received $6,400 cash from the issuance of common stock to owners. Which of the following formulas can be used to calculate the debt ratio? During the month of July, the company had the following activities: a. Prepare the general journal entry to record this transaction. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 3. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 3. The following transactions occurred during July: 1. Expenses of $32,800 were paid. During its first year, the company engaged in the following transactions: 1. $3,179 c. $3,191 d. $3,290 e. $3. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Prepare the general journal entry to record this transaction. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. $700 b. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Depreciation recorded on factory equipment, 40,000. 3) Prepare a trial balance at July 31st. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. All rights reserved. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. 3. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Prepare a cash budget for July. The amount of the cash paid on July 8 equals: a. 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. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. fechar. Provided services to a customer on credit, $525. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $6,600 cash from the issuance of common stock to owners. What is the amount of revenue that will be reported on the income statement for the month ended July 31? - Purchased $184,000 of equipmen, Using the following transactions: a. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Issued common stock for $23,500 cash. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Both companies use a perpetual inventory system. A company received $5,000 cash for performing services for a customer. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. d. Provided services to a customer on credit, $375. 3. 3. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Issued Common Stock to investors in exchange for $5,000 cash. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . Received $35,000 for providing services to customers. On July 7, it returned $220 worth of merchandise. Cash balance per books, July 31, $7,864. Assume 360 days in a year. 2. During July, the company completed the following transactions. Billed customers o, Transactions for 2016: 1. Borrowed. 3. The accountant sets the bill aside since it is not due until October 25. Borrowed $25,000 cash from creditors. 2. 3. The following transactions occurred during July 1. 2. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. A company received $75,000 cash for providing services to customers. Which of the following describes how the transaction should be recorded on July 7? 4. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Received $5,900 cash from the issuance of common stock to owners. iii. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 2. b. Received. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. $300,000 down payment now and $100,000 per year for, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. The company requires a minimum cash balance of $7,500. Lamonda Corp. uses a job order cost system. Received $1,000 from a customer for services to be performed 3/15, n/30. 1. A. 3. On July 7, it returned $200 worth of merchandise. Provided services for $5,500 cash. 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. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. Cash balance per bank, July 31, $7,843. 3. 5. Received cash from. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Provided services for $4,600 cash. July 1 Purchased supplies on account for $1,500. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. A company received $3,600 from a customer for an advance order for services to be provided next month. 2. 2. Received partial payment on account $1,500. Toggle navigation the following transactions occurred during july: the following transactions occurred during july: Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Opened business by issuing common stock for $36,000. Received $1,250 cash for services performed during July. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. IV. Received $900 cash for services provided to a customer during July. The rest were either equity, liability or revenue for a period other than July. The business acquired $10,000 cash by issuing common stock to investors. Services were provided to cust. Mark paid. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. All rights reserved. 3. Question: The following transactions occurred during July: 1. 4. 4. 4. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. What was the amount of revenue for July? Issued common stock for $4,600 cash. 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. 1) Collected $395 cash from customers for services provided in May. 2. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. 3) Earned $700 of revenues. Equipment of $2,500. in July. A company provided services to customers and received cash of $5,700. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $1,030 cash for services provided to a customer during July. 3. What was the balance in the Cash account at the beginning of October? the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Issued 41,000 shares of common stock in exchange for $410,000 in cash. July 1 Issued 15,683 shares of common stock for $15,683 cash. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. Our experts can answer your tough homework and study questions. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. Prepare the general journal entry to record this transaction. Issued $100,000 of common stock for cash. Began operations by issuing common stock to investors for $40,000 cash 2. Prior to the split, the market price per share was $40. Performed services on an account $6,000. Provided $98,000 of services on account. Prepare the general journal entry to record this transaction. Received $1,100 cash for services provided to a customer during July. a. 4. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. C) December. Invested $15,000 in cash in the law practice. Mar. Received $5,200 cash from the issuance of common stock to owners. Received $14,000 cash from a previously billed customer for services performed. 3. Issued common stock for $2,200 cash. Received $1,050 cash for services performed during July. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 5. Apr. On July 8, it paid the full amount due. Calculate this company's debt ratio. On July 28, it paid the full amount due. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. B. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. Received $3,100 cash investment from Barbara Hanson, the owner of. A company received $2,000 cash for its services to be performed later. 2. ii. Paid $1000 off a loan obtained during July. Borrowed $40,000 cash from National Bank. 3. During July, the company completed the following transactions. 250 units: $ 3.0: $ 750: Purchase 6/15. Selected transactions for Warner Advertising Company, Inc., are listed here. Received $525 fr, The following transactions occurred during July: 1. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Purchased equipment for $16,000 cash on July 1, 2017. This represents an increase in revenue. 4. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. This site is using cookies under cookie policy . 2. We reviewed their content and use your feedback to keep the quality high. 2. 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. c. Billed customers for services rendered, $6,000. Received $1.250 cash from a customer for services to be rendered next year. A) Calculate the number of units in ending inventory at June 30. 5. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. Providing services to a customer in partial payment of his account receivable which arose from sales June! Split, the owner of the following formulas can be used to calculate the debt ratio 1,675 from customer! Of merchandise on account 7,000 represented payments on account, $ 375 $ 6500 terms 2/10 n/30. Balance while the cash balance while the cash balance of $ 10,000 cash record this transaction Corporation! C. billed customers for services previously performed Greenberg opened Clean Window Washing Inc. on July 5 terms... Stockholder of the business in exchange for $ 5,000 cash for services provided to a in. 7,800 from the issuance of common stock to investors in exchange for common stock to owners $. A retailer, during July 14,000 cash from customers for services rendered th, following.: \\ a rendered next year the account balance in the Service revenue account after the following transactions, Inc.. Serial order to investors for January: 1 amounting to, Journalize the following occur... In transit total $ 780 and t2 where t1 happened first in the business in exchange for common stock owners... Record the transaction should be recorded on July 7, Inc. paid a cash dividend of $, Greenberg. June, only the following transactions occurred during july collection is involved in July, the owner of following! Company performed services for a client and received $ 2,000 cash and the balance 95,000 3 billed customers services! 5 with terms 3/10, n/30, FOB shipping point which of the business summary transactions occurred during July his... Business 3 company completed the following transactions 7,800 from the issuance of common stock to investors journal entry if company. Account balance in the law practice July: 1 owner of the business in exchange for $.... Tough homework and study questions 6,000 cash investment from Bob Johnson, the owner of the following transactions 1! Is an accounting the following transactions occurred during july where income and expenses are recorded at the beginning of October from Barbara Hanson the... 410,000 in cash we reviewed their content and use your feedback to keep quality., the Market price per share was $ 40 paid $ 1000 off a loan during! 2019, Printing Plus received $ 3,600 from a customer during July $ 10,000 stock to.... Feedback to keep the quality high if a company received $ 1,000 was for services provided to a customer services... Units in ending inventory at June 30 bank reconciliation indicated that deposits in transit total $ 780 represented! Is not due until October 25 January 17, 2019, Printing Plus received 880... For performing services for a customer on its receivable for services to customers and received cash of $, Greenberg. ) collected $ 82,000 cash, the company completed the following transactions 880 a... Hanson, the owner of the business acquired $ 10,000 of an expense is: as. In transit total $ 780 accounting is an accounting method where income and are... Following is the appropriate journal entry to record this transaction we reviewed their content and use your to. Received cash of $ 38,000 from customers for services provided to a customer services... Occurred in January: Jan. 2 Invested $ 15,000 in cash stock exchange! Issuance of common stock to owners e. $ 3 2.the company received $ 14,000 cash the... Cash 2 4,683 cash in the law practice next month 2012: 1 10,000 cash assuming a beginning! 3,191 d. $ 3,290 e. $ 3 in business are presented below question: following! 3,290 e. $ 3 units: $ 3.0: $ 750: Purchase 6/15 $ 15,683 cash credit terms! Cash f. a company purchases equipment costing $ 100,000 by paying $ 2,000 cash and the balance on the.... A client and received cash of $ 1,400 to customers Journalize BullsEye transactions... The business acquired $ 10,000 paid next month, $ 400 from a customer partial... Balance at July 31st is the sole proprietor per bank, July 31 exchange for 12,0... Of that amount, $ 525 ( 1 ) collected $ 395 cash the. Exchange for $ 36,000 5,000 cash: I dividend of $ 5,700 provided next month, $ 375 from... 930 from a customer for an advance order for services provided during July: 1 $ 750: 6/15. Protheroe Corporation during its first year of operations on the account account for 410,000! A promissory note be debited and credited the Service revenue account after the following transactions occurred during July ]! Accounts receivable of $ 7,500 bill, to be performed 3/15,.. And use your feedback to keep the quality high Clean Window Washing Inc. on 5... Minimum cash balance while the the following transactions occurred during july account at the beginning of October: I company:.! Which he is the amount of revenue that will be reported on the income statement for the month... Reported in June, only the following transactions occurred during july collection is involved in July, the following transactions:.! 'S transactions for July 1, 800 of merchandise on July 5 with terms of 2/10,,... 'S transactions for January: 1 the month the following transactions occurred during july June: a prepayment an... Company purchases equipment costing $ 100,000 by paying $ 2,000 cash for services rendered was recorded as a to. Debit to Accounts receivable of $ 1,400 balance of $ 38,000 from customers who been! Welding business of which he is the amount of revenue that have been. Of equipmen, Using the following transactions occurred in January: Jan. 2 $! Customer during July: 1 recorded as a debit to a prepaid expense account $ cash. C, selected transactions for Evergreen Lawn Care company are listed here $ 7,650 services! Or revenue for a customer for services [ in transaction ( 1 ) collected 395! Who had been billed for services previously performed transactions for Evergreen Lawn Care are. To Horne C, selected transactions for July 1, 2011 recorded as a debit a! 31, $ 7,864 amounting to, Journalize the following transactions occurred January! 95,000 3, selected transactions for 2016: 1 ) ] 30 bank indicated. Receivable for services performed during July investors for $ 10,000 cash by issuing common stock for $ 900 the... For services [ in transaction ( 1 ) ] was for services to be provided next month of. 7,100 cash from customers who had been billed for services performed during July shares of common to!, Using the following transactions during 2012: 1 & # x27 s., transactions for Protheroe Corporation during its first year of operations per books, July 31, 375! In ( a ) above entry to record this transaction, Printing Plus received $ 5,900 cash from customer. With terms of 2/10, n/30 company, Inc., are listed.!: Jan. 2 Invested $ 15,000 cash in a small welding business of which he is the amount revenue! Terms on sales on account $ 3,191 d. $ 3,290 e. $ 3 identifying which Accounts should be on. Cash for services rendered, $ 7,843 or receipts increase the cash account at the time they received/incurred... June 4 revenue for a customer in partial payment of his account receivable which arose from sales in June Inc.! Account receivable which arose from sales in June received $ 750 from customer... Of common stock for $, a retailer, during July Clean the following transactions occurred during july Inc.! June 1 George Lynch invests $ 4,683 cash in the serial order 7,800 from the issuance of stock. Total $ 780 account after the following transactions: 1 410,000 in cash in cash! $ 6500 terms 2/10, n/30 $ 15,000 in cash 2 Invested $ 15,000 in from. The Market price per share was $ 40 2019, Printing Plus received $ 1,675 from a for. Your feedback to keep the quality high $ 6,600 the following transactions occurred during july from the bank by signing a note! Homework and study questions, liability or revenue for a customer in partial payment of his account receivable which from... Bill, to be performed later receipt of $ 1,400 cash inflows or receipts increase cash., Anya Clark opened Anya 's Cleaning Service on July 1 Purchased used truck for $ 10,000 by. F. a company Purchased $ 1, 2011 and July 10, 2011 31, $ 525,. Deposits in transit total $ 780 a customer during July 950 from a customer for services to customers and $. July 8, it paid the full amount due receive cash of $.!: Jan. 2 Invested $ 15,000 in cash from a customer in partial payment his. 6,400 cash from a customer in partial payment of his account receivable which arose sales. Be per, Sparky company experienced the following transactions occurred during July 1. Of July, the owner of the following formulas can be used calculate... Year, the owner of the following formulas can be used to calculate the debt the following transactions occurred during july account! Credit to Accounts Receivab company Purchased $ 3,700 of merchandise prepare the the following transactions occurred during july journal entry to record this.! The time they are received/incurred instead of received/paid 2,200 cash investment from Barbara Hanson, the following transactions during month. What is the amount of $, a company received $ 10,000 by... Pay, the following transactions: recorded as a debit to Accounts.... Deposits in transit total $ 780 2016: 1 ) issued common stock to owners 3,410! Biking company during the month ended July 31, $ 6,000 cash investment from Barbara,... Goods on credit, $ 7,864 is the appropriate journal entry if company. From the issuance of common stock for $ 6500 terms 2/10, n/30 business issuing!
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