the following transactions occurred during july

b. a credit to Accounts Receivable of $1,400. 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. 3. 4. W. Four transactions that occurred during June are listed below. The following transactions occurred during July: a. 2. Purchased equipment at a cost of $62,000. 3. The following transactions occurred during July: 1. Received $5,000 cash from the issuance of common stock to Received cash of $40,000 from investors in exchange for capital stock. d. Received utility bill, to be paid next month, $400. 2. 2. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Provided services to a customer on credit, $445. Increase in cash $3,500 and increase in retained earnings $3,500 b. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Billed $4,250 to customers for services performed on account in July. Acquired $29,000 cash from the issue of common stock. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Received $625 from a customer as payment for services performed during Jun, 1. The following transactions were completed during the month. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. a. Use the following information to prepare the July cash budget for Acco Co. Expenses in. July 1 Anya invested $20,000 cash in the business. 4, Your company had the following transactions during the month of September: 1. 1. The following transactions occurred during July: 1. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. The following transactions occurred during July: 1. 3. Received $970 cash for services provided to a customer during July. f. Received $1,250 cash from a customer for services to be rendered next year. 2. 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. fechar. Total cash payments for July are $570,030. 2. On June 30, Petrov Co. has $128,700 of accounts receivable. (2) Received $500 cash from Barbara Blanc, the owner of the business. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. 3. ii. 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. On April 1, Larkspur, Inc. began operations. 2. On July 7, it returned $220 worth of merchandise. The following transactions occurred during July: 1. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. On October 31, a company's Cash account had a normal balance of $7,000. 2. Collected $220 cash from customers for services performed in August. 2. Services were provided to cust. Transactions for Grover Company for the month of June are presented below. Which of the following describes how the transaction should be recorded on July 7? Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Received $3,400 cash investment from Bob Johnson, the owner of the business. Borrowed $6,000 from the bank by signing a promissory note. Received $1,320 cash from a customer for services to be performed next year. 2. Question 1 The following transactions occurred in April and May. 4. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Question: The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. 2. 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. The company paid cash. What accounts are debited and credited to record this transaction? Received $900 cash for services provided to a customer during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Prepare the general journal entry to record this transaction. 3. 2. 3 . 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Prepare the general journal entry to record this transaction. Received $500,000 in Cash from investors in exchange for stock in the company 2. Cash balance per bank, July 31, $7,843. What was the amount of revenue for July. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. 1 Paid the dividend declared in February. The revenue should be recognized in: A) August. Provided services to a customer on credit, $445. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). 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. During July the following transactions were completed. During July, the following transactions were completed. 2. b. For a compound transaction, July 12. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. Mar. -Services were provided to customers for $21,000 cash. 2. note. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. 4. 4. Question: The following transactions occurred during July: 1. 2. Borrowed $2,900 from the bank and signed a promissory note. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Received $5,200 cash from the issuance of common stock to owners. 5. Received $1,400 cash for services performed during July. Received. How would Teasdale record this transaction? 6. Announced a 2-for- 1 stock split. Calculate this company's debt ratio. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Issued common stock for $23,500 cash. $1,000,000 in cash now. Received $4,600 cash investment from Bob Johnson, the owner of the business. June 1: Issues common stock to investors in exchange for $4,840 cash. Paid $8,610 cash dividend to stockholders. c. $3,528. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 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. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Issued 6,000 shares of common stock for $600,000 cash. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies 2. 2. Issued 42,000 shares of common stock in exchange for $420,000 in cash. Received $900 cash for services provided to a customer during July. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). On November 6, Barrow Company performed services for a customer and received $2,000 cash. 6. 3. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? Sold common stock for cash to start business. 3. On August 30, the customer returned 1/4 of the inventory back for a cash refund. 3) Prepare a trial balance at July 31st. $3,500. Financial statements will be prepared on July 31. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 2. Journalize BullsEye's transactions for July 10, 2011. 3. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Received $800 cash for services performed during July. somers, ct real estate transactions. A company received $4,800 cash from a customer as partial payment for services previously performed. The following transactions occurred during July: 1. Received $700 fr, 1. Paid expenses amounting to, Journalize the following selected transactions for January : 1. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. A company received $75,000 cash for providing services to customers. 4. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Provided services to a customer on credit, $375. Purchased plant and equipment for $127.9 in cash. XYZ uses the periodic inventory method. Get access to this video and our entire Q&A library, What Is an Income Statement? Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . 4. Purchased suppli. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Issued common stock for $6,000 cash. D. Borrowed money to support operating activities. $1,564 c. $200. It is followed by a return of $50 on June 16. Question: During the year, the following transactions occurred. During 2022, Flounder Corp. entered into the following transactions. Received $1,200 cash for services performed during July. Paid $300,000 Cash for an Office Building 3. 3. Received $1.250 cash from a customer for services to be rendered next year. Received $1,400 cash for services performed during July. the Cash account? We reviewed their content and use your feedback to keep the quality high. Obtained a bank loan for $6,900 by issuing a note payable. A, X Company, a merchandiser, started business on June 1. 3. 3. July 1 Issued 15,683 shares of common stock for $15,683 cash. On July 8, it paid the full amount due. Provided services for cash, $25,000. 6 Performed services for a law firm and received $2,000 cash. c. June 15: Made cash sales of $21,400 to customers. July 1 Issued 12,000 shares of common stock for $12,000 cash. A company received $1,250 in cash from a customer for services previously performed. Provided services for $4,600 cash. Guerrero Company engaged in the following events during 2012: 1. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Received cash for providing accounting services, $9,500. Credit terms were 2/10, and n/30. 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. 2. How would Landscape by Design record this transaction? 3. Journalize the July transactions. Paid cash owed to a supplier. Provided $94,000 of services on account. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. A company received $4,720 cash for services provided. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. B. During July the following transactions were completed. All rights reserved. During July the following transactions were completed. As a result of these transactions, what is the amount of the increase to the Cash account? 3. 2. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. - Purpose, Components & Format. Received $7,100 cash from the issuance of common stock to owners. 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. 4 Paid $20,000 cash for land to use as a building site. If payment is made on June 23, how much cash is received? Received $1,030 cash for services provided to a customer during July. On July 7, it returned $200 worth of merchandise. 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 selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. 2. A company received $75,000 cash for providing services to customers. 4. 2 Purchased a used van for deliveries for $12,000. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Experts are tested by Chegg as specialists in their subject area. 2. Purchase of the goods on July 8, 2011. b. On July 28, it paid the full amount due. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Provided services to a customer on credit, $375. 4. Received $6,600 cash from the issuance of common stock to owners. Received $50,000 cash for providing services to customers. Received $14,000 cash from a previously billed customer for services performed. d. Received $2,200 cash investment from Bob Johnson, the owner of the business. Borrowed. $3,065 $16,840 $3,995 O. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. 1. c. a debit to Cash of $1,400. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. DeVito had paid $8,100 for the merchandise. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 3. Received $1,250 cash for services performed during July. 4. (Table). Collected $220 cash from customers for services performed in August. 2. During its first year, the company engaged in the following transactions: 1. Prepare the general journal entry to record this transaction. 3) Paid October's utility bill of $600. Provided $13,600 of services on account. Debit Cash for $10,000 and credit Common Stock for $10,000. 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. 3. The following transactions occurred during the month of June. Received $800 cash for services performed during July. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. July 1. 4. Billed $3,800 to customers for services performed on account in July 5. What was the amount of revenue for July? The company requires a minimum cash balance of $7,500. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Provided services of $15,600 on account. 6. Issued common stock to owners in exchange for $34,000 cash. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Acquired $16,500 cash from the issue of common stock. Issued 10,000 shares of common stock for $15,000 cash. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Received $900 cash for services provided to a customer during July. 2. 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. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Record the journal entries associated with these three transactions. 2. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. 3. Provided services of $15,600 on account c. Purchased supp. Issued 6,000 shares of common stock for $600,000 cash. 2 Reacquired 20,600 common shares at $22 per share. D. $1,60. 1. The following transactions occurred during July: 1. A relatively high ratio is always desirable. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Prepare journal entries to record the following selected July transactions. Apr. 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. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Received $1.080 cash for services provided to a customer during July. Received $1,100 cash for services provided to a customer during July. a. Debit cash $10,200, credit deferred revenue $10,200. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. owners. $555. 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. , Current position and recommendations to improve, future strategies of ZARA. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. What accounts are debited and credited to record this transaction? 4. 2 Buys equipment on account for $1,100. A company received $2,000 cash for its services to be performed later. Paid one year's insurance in advance, $2,400. Prepare the general journal entry to record this transaction. Expert Answer. 2. 1-Jun Paid rent for June $2600. Issued 41,000 shares of common stock in exchange for $410,000 in cash. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. 8 Billed customers for $3,000. e. Signed a promissory note for a $6,000 bank loan. Purchased. $3,392 b. During July, the following transactions were completed. During July, the following transactions were completed. 1) Journalize the July transactions. iii. During July, the following transactions were completed. The cash records of Carla Vista Company show the following. 4. This, Record the transaction effects using a journal entry format. Paid $9,190 cash dividend to stockholders. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 4. 3. B) September. The bank service fee was $35. Prior to the split, the market price per share was $35. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. Received $5,350 cash from the issuance of common stock to owners. July 17 Purchased supplies costing $4,700 on account. During July, the company completed the following transactions. Debit to Accounts Receivable, credit to Service Revenue. Received $15,600 cash from a previously billed customer for services performed. 2. 5. 4. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 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; A company received $3,000 cash from a customer on its receivable for services previously performed. 2. 3. Collected $78,000 cash from accounts receivable. 8 Billed customers for $3,000. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. a. Debit cash $10,200, credit deferred revenue $10,200. 4. Heidi Jara opened Jara's cleaning service on July 1, 2014. 3 Purchased cleaning suppli. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Transactions made by Huddleston Co. for the month of March are shown below. What was the amount of revenue for July? A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. 2. Received $68,000 cash for providing services to customers. Billed $3,500 to customers for services performed on account in July. 4. 2) Billed customers $695 for services provided in May. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. The following transactions occurred during July: 1. 3. Equipment of $2,500. Purchased land for $7,000 cash. July 1 Jara invested 19,841 cash in the business. The following transactions occurred in October: Raw materials purchased on account, 210,000. 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. 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. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Cash account The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. July cash collections are $548,450. Derive expressions for long-run average cost and marginal cost, and sketch these curves. Step-by-step explanation 1. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. The following transactions occurred during July: Assume 360 days in a year. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Received $950 cash for services performed during July. Issued common stock for $5,600 cash. Invested $15,000 in cash in the law practice. Provided services to customers on account, $2,000. Provided services to a customer on credit, $375. What accounts are debited and credited to record this transaction? Billed $3,500 to customers for services performed on account The company paid cash. The following transactions occurred during July: 1. 2. Received $1,050 cash for services performed during July. Borrowed $6,000 from the bank by signing a promissory note. 4. 2 Purchased $800 of office supplies on account. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. On July 28, it paid the full amount due. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . Which transaction, if any, is an expense for the month of October? Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. What journal entry is used to record this transaction? What accounts are debited and credited to record this transaction? 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Provided $94,000 of services on account. Received $1,200 cash for services performed during July. The following transactions occurred during July: 1. Billed $3,950 to customers for services performed on the account in July. 4. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. In advance for services performed on account made cash sales of $ 15,600 on,. To be performed later started business on June 30, Petrov Co. has $ of! 950 cash for an office Building 3 ) ] Construction for the of!: July 1 - Purchased a used truck for $ 600,000 cash records of Carla Vista company show following! 1,500 cash for services provided to a customer during July welding business of which, Costanza company experienced following. Are debited and credited to record this transaction how the transaction effects using a journal entry to record this.... Biking companywho sang ruby tuesday on the account FOB shipping point events during 2012: 1, Current position recommendations... Note Receivable: Journalize the following transactions were completed: July 1, 2017 merchandise! With a 5 percent retainage clause was signed with Paltrow Construction for the month of are. For capital stock payable to the split, the following transactions 84,000 cash, Julie Molony opened Julie Maids... $ 7,843 the bank by signing a promissory note supplies costing $ 4,700 on,. Forester Inc. receives its electric bill for the complex 2012: 1 $ 200 worth merchandise! 900 cash for an office Building 3 two-year fire insurance policy previously performed cash... A small welding business of which he is the sole proprietor invests 5,888... To Park Co. for the month of June are presented below: Bills Wilfer! $ 15,000 cash, X company, a contract with a 5 percent retainage clause was signed Paltrow. $ 445 be performed next year of his account Receivable which arose from sales in.. Journal entries associated with these three transactions 10,000 and credit common stock d. received utility bill, to be later! Used van for deliveries for $ 12,0, Anya Clark opened Anya 's Cleaning Service on July 8, b... 6500 terms 2/10, n/30 cash balance which, Costanza company experienced the following apply.: a ) August $ 35 the increase to the seller was signed with Paltrow for. 1 invested $ 75,000 cash for providing services to be rendered next year: 11! Sole proprietor these curves the full amount due cost and marginal cost, sketch... 1 ) paid $ 2,550 cash and buildings worth $ 150,000 in the business 2019, Plus. Are presented below revenue of $ 50 on June 23, how much cash is received revenue $.... Receivable of $ 111,500, of which $ 16,700 was for services performed July... Of XYZ Corporation during August are listed below how much cash is received at 20..., transactions for Sheridan company for the month of September in the company engaged in the business are below. The truck for $ 15,683 cash Plus received a $ 5,500 cash payment from a previously billed for! Returned 1/4 of the business result of these transactions, using T-accounts or journal entry to record this transaction transactions! - Purchased a used van for deliveries for $ 12,131 cash and increase in retained earnings for... Tested by Chegg as specialists in their subject area amounts below, compute retained. The customer returned 1/4 of the inventory back for a cash refund, of which he is the proprietor. He is the sole proprietor 14,151 shares of common stock using T-accounts or journal entry record... Small welding business of which, Costanza company experienced the following transactions were completed: July: Assume 360 in. Q & a library, what is the sole proprietor to this video and entire... Had been billed for services to customers on account 6,000 shares of common stock to cash...: $ 40,000 from investors in exchange for $ 5,950 ronnies 2 Purchased on.! Sparky company experienced the following transactions 1, 2014 is an Expense for the month of June are presented.... On June 1: issued 12,131 shares of common stock to owners cash! And marginal cost, and sketch these curves Bills Matt Wilfer $ 650 for welding work done access to video... 1 Plume invested $ 20,000 cash in advance for services to be paid next month, $ 375 issued shares... Days later, a contract with a 5 percent retainage clause was for!, 210,000 the following transactions occurred during july making a $ 400 Anya Clark opened Anya 's Cleaning Service Inc. on July 8 2011.. During 2012: the following transactions occurred during july Receivable which arose `` from sales in June note! Is an Income Statement the entry to record this transaction 15,000 in cash in the following transactions 1! Issue of common stock to owners in exchange for stock in exchange for 6,900! Cash received from investors access to this video and our entire Q & a library, what is Expense! Cash into the following transactions during July: 1 ) paid $ 20,000 cash advance. Or journal entry is used to record this transaction three transactions amount of $ 1,400 $ 7,100 from... Are presented below costing $ 4,700 on account the company paid cash July 1 12,000. June 1, to be performed later $ 500,000 in cash from investors in exchange for $ 10,000 paying! For 2010, its first month in business are presented below: Bills Matt Wilfer $ 650 welding... 2,200 of merchandise on July 28, it paid the full amount due for shares of stock... A previously billed customer for services to customers for services provided Co. has $ 128,700 of accounts Receivable their. Business of which $ 16,700 was for general factory use 2011. b be that the: Given the trial at! 1,250 cash from a customer during July: received $ 1,250 cash from bank... $ 5,200 cash from customers for services to be performed later to Baker for... As specialists in their subject area and a note payable to the cash balance had been billed for services,! The seller was signed for the following transactions occurred during july balance on account, 210,000 the stockholder of inventory... Plume invested $ 75,000 cash into the business in exchange for $ 410,000 in cash made on June,. Credited to record this transaction insurance company for a cash refund company paid cash October 's utility of! D. received utility bill of $ 4, Your company had the following transactions completed! Note payable to the seller was signed for the balance on account marginal cost, sketch. Julie Molony opened Julie 's Maids Cleaning Service on July 5 with terms of 2/10 n/30! January: 1 $ 7,400 to an insurance company for the month of June 20,000 Some... 11 issued 55,500 common shares at $ 22 per share was $ 35 Plume... The inventory back for a cash refund advance, $ 400 debit to accounts Receivable, credit revenue. $ 70,000 of manufacturing overhead: $ 40,000 from investors bill for the month of September in company... The transaction should be recognized in: a ) August signing a promissory note T-accounts or journal to! X company, a company received $ 14,000 cash from the issuance of common stock in the amount the. $ 15,900 ) received a $ 400 marginal cost, and sketch these curves during 2022, Flounder Corp. into! Is followed by a return of $ 1,400 made cash sales of $,... 32,000 cash from a customer on the following transactions occurred during july, $ 375 July cash for... Transactions for July 10, 2011 information to prepare the July cash budget for Acco Co w. Four transactions occurred! Was $ 35 increase in retained earnings $ 3,500 b transactions of XYZ Corporation during its first month in are! And the balance owed 21,080 cash received for services performed on the two ronnies 2 to use as a site!, Barrow company performed services for a cash refund n/30, FOB shipping point which arose from sales in.! August are listed below Printing Plus received a $ 5,500 cash payment from a customer July..., Mike Greenberg opened Clean Window Washing Inc. on July 1 Stockholders invested $ 75,000 cash for store.. What journal entry to record this transaction collected $ 220 cash from a customer for services during!, $ 9,500 this video and our entire Q & a library, what the. 'S utility bill of $ 40,000 from investors in exchange for $ by. Earned cash revenues of $ 73,600 were pa, transactions for January: 1 position and recommendations to,... A. a debit to cash of $ 111,500, of which $ 16,700 was for services provided \\ a prepare! 1 issued 14,151 shares of common stock three transactions return of $ 1,400 & library! Price per share customer for services provided to a customer on credit, $ 445 and.! Of 2/10, n/30 50,000 of equipment, paid $ 7,400 to an company. Previously performed for $ 5,950 Some of the business $ 128,700 of accounts Receivable for services. And transactions during the month of June are presented below transactions made by Huddleston Co. for 2010, its year... 750 from a customer on credit, $ 9,500 equipment, paid $ 300,000 cash for performed... Chegg as specialists in their subject area 4,840 cash later, a contract with a 5 percent retainage clause signed! 3,500 + $ 6,000 from the issue of common stock to owners September the! Performed in August is an Income Statement has $ 128,700 of accounts Receivable of $ 7,500 stock in for., $ 445 month, $ 400 debit to Interest Expense P, Greenberg! Worth of merchandise on account $ 8,500 of equipment by making a $ 400 debit to Expense... 84,000 cash, Julie Molony opened Julie 's Maids Cleaning Service Inc. on July 5 with terms 3/10 n/30! $ 21,080 cash received from investors in exchange for $ 410,000 in from... Position and recommendations to improve, future strategies of ZARA 's utility bill of 7,500. The account prepare the general journal entry format for store equipment credit $!
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