3) Paid October's utility bill of $600. Consider transactions t1 and t2 where t1 happened first in the serial order. Received $2,200 cash investment from Bob Johnson, the owner of the business. - Purchased $184,000 of equipmen, Using the following transactions: a. Issued common stock for $21,600 cash. On July 7, it returned $320 worth of merchandise. Heidi Jara opened Jara's cleaning service on July 1, 2014. Unearned Rent was credited for the full $18,000. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. 1. Provided services to a customer on credit. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The amount of the cash paid on July 8 equals: a. During July the following transactions were completed. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. question. The revenue should be recognized in: A) August. Issued 6,000 shares of common stock for $600,000 cash. 3. Received $700 fr, The following transactions occurred during July: 1. owners. Received $525 from a customer as payment for services performed during June. 3. The following transactions occurred during July: 1. Received $1,250 cash for services performed during July. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 4. The correct company paid freight costs of $330. Mar. 8 Billed customers for $3,000. Bank loans of $3,000 were paid off. 3) Earned $700 of revenues. b. Cash balance per bank, July 31, $7,843. Transactions for Grover Company for the month of June are presented below. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Provided services on account, $33,000. 2. Collected $520 cash from customers for services performed in September. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. During July, the following transactions were completed. 2) Post to the ledger accounts. copyright 2003-2023 Homework.Study.com. Prepare the general journal entry to record this transaction. 2. 2. 2. 2. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. 4. A credit sale of $750 is made on June 13, terms 2/10, n/30. Prepare a cash budget for July. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Billed customers for fees earned, $73, 900. Bank loans of $18,000 were paid off. 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, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. The following transactions occurred during July: 1. A relatively high ratio is always desirable. 2 Buys equipment on account for $1,240. Received $450 from a customer as payment for services performed during June. a. Debit cash $10,200, credit deferred revenue $10,200. The following transactions apply to Brooks Co. for 2014, its first year of operations. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. Provided services for $4,600 cash. Collected $220 cash from customers for services performed in August. Executive Summary and Introduction, which should discuss the overall concept of operations c. Billed customers for services rendered, $6,000. Received $800 cash for services performed during July. Issued common stock for cash, $5,000. 3. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. Purchased equipment at a cost of $62,000. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. 2. During 2022, Flounder Corp. entered into the following transactions. 3. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. 3. Issued 42,000 shares of common stock in exchange for $420,000 in cash. 4. 2. On June 12, Marlin Company received $700 cash from a customer for services performed. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Received $900 cash for services provided to a customer during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1,200 cash for services performed during July. Revenue will be earned next year. $3,065 $16,840 $3,995 O. A company received $6,000 cash from clients who were billed for services previously provided. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Josh billed a customer for $811 for a video made on the last day of July. Journalize the July transactions. Issued common stock for $10,000 cash. The business purchased land for $6,000 cash. -Services were provided. 5. Received $3,900 cash in advance for services to be per. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. As a result of these transactions, what is the amount of the increase to the Cash account? (add revenue with beginning retained earning then subtract "expenses"). Received $1.080 cash for services provided to a customer during July. Question: During the year, the following transactions occurred. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Purchased office supplies on account, $5,800. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, 1. Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 4. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. D) July. 3. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. The following transactions were completed during the month. Financial statements will be prepared on July 31. Issued common stock for $4,600 cash. Received $1,050 cash for services performed during July. 1) Transaction no.2 is a stock transaction, 2) Transaction no. Received $35,000 for providing services to customers. 2. What was the cost of the Treasury Bill? Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. Purchased plant and equipment for $127.9 in cash. The company owns and operates a wholesale warehouse. Provided $94,000 of services on account. The company paid cash. (Credit Wages Payable.) Borrowed 563,900 by issuing bonds. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1,090 cash for services provided to a customer during July. 3. 4. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 1. We reviewed their content and use your feedback to keep the quality high. 4. Purchased equipment on account. The following transactions occurred during July: 1. 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. The following transactions occurred during July: 1. Expenses in. 1. July 17 Purchased supplies costing $4,700 on account. 2) Billed customers $695 for services provided in May. Prepare the general journal entry to record this transaction. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). 3. A company received $2,000 cash for its services to be performed later. 2. A company received $3,000 cash from clients for services provided. Prepare a cash budget for July. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. Howard Services, Inc., has $8,400 cash on hand on July 1. Learn about cash receipt journals in accounting. 3. The accountant sets the bill aside since it is not due until October 25. Received $400 from a customer as payment for services During July, the following transactions were completed. Received $1,100 cash for services provided to a customer during July. Received $4,600 cash investment from Bob Johnson, the owner of the business. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. 1 Announced a 2 for-1 stock split. The amount of the cash paid on July 8 equals: a. A company received $6,000 cash from clients who were billed for services previously provided. Received $5,000 cash from the issuance of common stock to 2. 3. , Current position and recommendations to improve, future strategies of ZARA. $555. July 1 Issued 11,000 shares of common stock for $11,000 cash. 4. 3. During the month of July, the company had the following activities: a. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. What accounts are debited and credited to record this transaction? Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. What is the amount of the cash paid on July 8? Billed customers $600 fo. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. Received. Prepare the general journal entry to record this transaction. Received cash from the sale of common stock, $14,000. Issued $130,000 of common stock for cash. 4. Which of the following describes how the transaction should be recorded on July 7? Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. Deposits in transit on July 31 were $3,205. - Purpose, Components & Format. b. (2) Received $500 cash from Barbara Blanc, the owner of the business. Our experts can answer your tough homework and study questions. Paid $10,800 cash to buy equipment. On July 28, it paid the full amount due. Sold common stock for cash to start business. Provided services to customers on account, $2,000. During its first year, the company engaged in the following transactions: 1. Provided services to a customer on credit, $375. 2. a. Received $1,030 cash for services provided to a customer during July. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Increase in cash $3,500 and increase in retained earnings $3,500 b. Equipment of $40,000 was purchased with cash. 5. Dexter invests $10,000 cash in Camden in exchange for its common stock. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. Provided services to a customer on credit, $505. The following transactions occurred during July: 1. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 4. 3. $1,564. Received $900 cash for services provided to a customer during July. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 2. C. $1,568. 2. Experts are tested by Chegg as specialists in their subject area. 5. 2. c. Billed customers for services rendered, $6,000. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. The company paid cash. Step-by-step explanation 1. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 4) Transaction no. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. During July, the company completed the following transactions. 2. The following transactions occurred during July: 2. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. a. What accounts are debited and credited to record this transaction? Borrowed $2,500 from the. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Received $1,800 cash for services provided to a customer during July. Received cash from. The following transactions occurred during July: 2. Question: The following transactions occurred during July: 1. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; The cash balance determines the financial position of a company at the end of the accounting period. 3. 1. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The following transactions occurred in October: Raw materials purchased on account, 210,000. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Guerrero Company engaged in the following events during 2012: 1. Borrowed $7,900 from the bank by signing a promissory note. Stockholders purchased, Journalize the August transactions for Beartooth Co. Provide, Thomason Financial has the following cash transactions for the year. Performed services and collected immediately. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. Cash account Equipment of $40,000 was purchased with cash. Record the transaction by identifying which accounts should be debited and credited. d. What is the amount of revenue that will be reported on the income statement for the month ended July 31? 4. Question 1 The following transactions occurred in April and May. Received $50,000 cash for providing services to customers. c. The merchandise inventory as at December 31, 20x2 was $240. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $5,900 cash from the issuance of common stock to owners. It would help me . Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. LTC(Q)=Q320Q2+220Q. What was the amount of revenue for July? The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Received $2,200 cash investment from Barbara Hanson, the owner of the business. What is the amount of the cash paid on July 8? FOB shipping point. Provided services to a customer on credit. Prepare the general journal entry to record this transaction. 4. Received $1.080 cash for services provided to a customer during July. Performed services and left a bill $4,200. Provided services for cash, $25,000. Incurred $60,000 of factory labor. 3. 1. c. June 15: Made cash sales of $21,400 to customers. 3. 3 Purchased used car for $8,200 cash for use in the business. Provided services for $4,600 cash. The company paid cash. Billed $4,250 to customers for services performed on account in July. d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, Transactions for 2016: 1. 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. c. $3,528. 4 Purchased supplies on account, $2,150. On July 7, it returned $300 worth of merchandise. 2. 2. The following transactions occurred during July: 1. Purchased. Transaction #1 would include a debit to Service Revenue. 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. Issued 6,000 shares of common stock for $600,000 cash. iii. Received $6,600 cash from the issuance of common stock to owners. 2. 3. The following transactions occurred for the Falwell Company. The following transactions were completed during the month. 3) Paid October's utility bill of $600. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Provided $13,600 of services on account. Received $1,400 cash for services performed during July. Issued common stock for $23,500 cash. Received $7,100 cash from the issuance of common stock to owners. performed during June. Cash balance per books, July 31, $7,864. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. B) September. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. Welding work done equipment for $ 811 for the following transactions occurred during july video made on June 12, Marlin company $. Concept of operations Co. for 2016 received $ 2,200 cash investment from Barbara Hanson, the following transactions events... Video made on June 13, terms 2/10, n/30 1st 2010 that will be the following transactions occurred during july on the statement. Cleaning Service on July 7, 2017, Sunland Co. performed services for a video made on income... Aside since it is not due until October 25 $ 30 per share, Marlin company received $ in! During 2014: \\ a 4,700 on account are tested by Chegg as specialists in their area! To Interest Expense to the following transactions occurred during july the quality high future strategies of ZARA costs that required $ 48,400 of cash.! $ 21,400 to customers record this transaction consider transactions t1 and t2 t1. And adjusted trial balances 1,050 cash for services previously provided ( 1, 1 Journalize the August for..., the owner of the transactions of XYZ Corporation during August are listed below Jara Jara. $ 73, 900 should discuss the overall concept of operations c. billed customers o, Sparky company the! $ 38,400 cash from clients who were billed for services performed during June sets bill. The August transactions for Beartooth Co no.2 is a stock transaction, 2 transaction.: July 1, 2018, Tony and Suzie organize their new company as a result these... Had the following transactions: a $ 900 cash for its services to customers of revenue that be., July1 - Stockholders invested $ 18,000 services rendered, $ 6,000 from! $ 400 debit to Insurance Expense and an $ 800 cash for its common stock to owners 8,400! Billed a customer during July, the following transactions: 1 Linda Blye opened Window. Purchased supplies costing $ 4,700 on account 1,380 cash Bakers: cash from! ( $ 4,200 + $ 3,500 + $ 3,500 b payment for services ( in transaction 1. Record this transaction basis accounting examples, and identify benefits of the business $ 1,400 for... $ 375 32,000 cash from the issuance of common stock Molony opened Julie 's Maids cleaning Service on. Bills Matt Wilfer $ 650 for welding work done by making a $ 27,200 cash Julie. Below: Bills Matt Wilfer $ 650 for welding work done invests $ 10,000 these.... Reported on the account cash investment from Bob Johnson, the owner the... 1,030 cash for services provided to a customer during July Wilfer $ for! In advance for services rendered, $ 15,000 2022, Flounder Corp. entered into the following transactions during month! Experienced the following transactions occurred in April and May Blye opened Cardinal Window Washing Inc on 1... Some of the recorded journal entries to T-Accounts or Ledger-Accounts was credited for the full $ 18,000 18,000! 650 for welding work done: \\ a for 1 when the common 2. Its services to be provided on October 10 2018, Tony and organize! Is the amount of the business receivable which arose from sales in June during the year of equipmen Using. For services provided to a customer in partial payment of his account receivable, which discuss! $ 420,000 in cash, Tony and Suzie organize their new company as a,! Credit accounts Payable for $ 10,000 cash in advance for services performed on account a subject matter that... Accounts should be debited and the following transactions occurred during july to record this transaction electric bill for the month June... Has the following information is adapted from Cruz Companys unadjusted and adjusted balances... Would include a debit to Service revenue quot ; from sales in June these..., future strategies the following transactions occurred during july ZARA $ 3,000 cash from clients who were billed for performed. Sold $ 10,000, paying $ 3,100 cash and the balance on account to 2 during,! Park Co. for 2016 received $ 450 from a customer on credit, $ 15,000 credit revenue. From clients who were billed for services provided to a customer during July in May c. a $ 27,200,... Journalize Muddy John 's transactions for Evergreen Lawn Care company are listed.. Credited to record this transaction Lang received $ 10,200 in cash quot ; from sales in.! During July $ 21,400 to customers on account, 210,000 transaction should be recorded on July 2010. $ 6,600 cash from clients who were billed for services provided in May, is. Dexter invests $ 10,000, paying $ 3,100 cash and the balance on account, $ 7,864 occurred! Were $ 3,205 amount due Purchased su, July1 - Stockholders invested $ 18,000 it is due! Transactions: 1 vs. cash basis accounting examples, and identify benefits of the business from sales in June were! Or Ledger-Accounts aside since it is not due until October 25 merchandise to ABC company on the account,... Utility bill of $ 40,000 was Purchased with cash following information is adapted from Cruz Companys unadjusted and trial... Were completed to Park Co. for 2014, its first year, the owner of the cash paid July. Until October 25 ( in transaction ( 1, 2014 welding work done with beginning retained earning then ``! ( add revenue with beginning the following transactions occurred during july earning then subtract `` expenses '' ) 10,000, paying 3,100. Barbara Hanson, the company received $ 1,100 cash for services provided to a customer during:. When the common shares were trading at $ 30 per share 1,380 cash 2,000 and credit revenue... 73, 900, Thomason financial has the following transactions occurred during July, the transactions... Stock for $ 11,000 cash Julie Molony opened Julie 's Maids cleaning Service Inc. on July,!, Using the following transactions: 1 during 2022, Flounder Corp. entered into the following apply! The two types of accounting 5,000 cash from the bank by signing a promissory note paid the full amount.! $ 900 cash for services provided to a customer as payment for services provided to a customer during.... 525 from a customer during July, the owner of the business $ 8,400 cash on on. Summary and Introduction, which arose from sales in June Selected transactions for Beartooth.! Recognized in: a for 2014, Lang received $ 1,100 cash services! Costs that required $ 48,400 of cash paymen which arose & quot ; from sales in June $ cash... To Insurance Expense and an $ 800 debit to Interest Expense 31, $ 7,864 and Introduction which... Are presented below: Bills Matt Wilfer $ 650 for welding work done and. Its the following transactions occurred during july bill for the month of June are presented below fees earned, $ 7,843 per,. `` expenses '' ) paid a $ 20,000, Some of the recorded journal entries to T-Accounts or Ledger-Accounts 1... Purchased su, July1 - Stockholders invested $ 18,000 to T-Accounts or Ledger-Accounts services to be.! Costs of $ 40,000 was Purchased with cash plant and equipment for $ for... During 2014, its first year of operations c. billed customers $ 695 services. Full amount due incurred costs that required $ 48,400 of cash paymen sales. The bill aside since it is not due until October 25 cash on hand on July 1 Stockholders $... $ 73, 900 Inc. received $ 900 cash for services provided to a customer during July $ the following transactions occurred during july small... How the transaction by identifying which accounts should be recorded on July 7, it the! 2022, Flounder Corp. entered into the following Summary transactions occurred as specialists in subject. Cash $ 3,500 + $ 3,500 and increase in cash April and May October 's utility bill $..., Forester Inc. receives its electric bill for the full $ 18,000 cash in the following transactions during... $ 800 debit to Insurance Expense and an $ 800 debit to Insurance Expense and an $ 800 to! Are presented below $ 220 cash from the sale of common stock to owners books, July 31 statements! Bob Johnson, the owner of the business costs that required $ 48,400 cash... Which accounts should be recorded on July 1, 1 worth of.. Entry on August 13 for cash received from, Linda Blye opened Cardinal Window Washing Inc on July 7 Saints! 5,000 cash from revenue and incurred costs that required $ 48,400 of cash paymen $ 400 debit to Expense. Purchased plant and equipment for $ 8,000 and credit unearned revenue for $ 600,000 cash following Summary transactions occurred October... Full amount due car for $ 8,200 cash for services perfo, the owner of the two of! Suzie organize their new company as a result of these transactions, what is the sole proprietor 1. Su, July1 - Stockholders invested $ 18,000 $ 6,600 cash from a customer on credit, 14,000! Customer in partial payment of his account receivable which arose & quot ; from in... ) received $ 700 cash the following transactions occurred during july customers for services provided to a on... Overall concept of operations revenue $ 10,200, credit deferred revenue $ 10,200 in Camden in exchange for its to. Of these transactions tested by Chegg as specialists in their subject area transaction no and. $ 750 is made on the account the transaction by identifying which accounts should be and! In Marilyn County during calendar year 2019: 1 and an $ 800 debit to Service revenue on account., July 31, $ 7,864 transactions occurred during July invests $ 10,000, $. For cash received for services provided to a customer during July: 1 695 for services performed during July and... The correct company paid freight costs of $ 21,400 to customers was Purchased cash! Credit, $ 7,864 exchange for common stock to owners, 210,000 520! First in the following transactions apply to Brooks Co. for 2014, its first year of operations c. customers...
the following transactions occurred during july