2. 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. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. 3. 3. 4. A summary of cash flows for July follows. D) July. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. 1. 4. 2. D. $1,60. 2. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. It allows its clients 90 days to pay for services received. Prepare the general journal entry to record this transaction. We reviewed their content and use your feedback to keep the quality high. management in ZARA and how it plays a significant role in t Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 4. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. b. The following transactions occurred during July: 1. 6 Performed services for a law firm and received $2,000 cash. Issued common stock for $5,600 cash. The following transactions occurred during July 1. 2. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. July 8 Billed customers for $3,000. The company performed $20,000 of services for customers on account. 2. Cash balance per books, July 31, $7,864. 1. 3. Acquired $20,000 cash from the issue of common stock. 1) Transaction no.2 is a stock transaction, 2) Transaction no. -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. 1. Received $5,000 cash from the issuance of common stock to All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. 1-Jun Paid rent for June $2600. Provided services to a customer on credit, $525. 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. Transaction #3 would include a debit to Accounts Receivable. The following transactions occurred during July: 1. 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 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. 2. How will Joe's Market record the customer's payment on June 8? 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. Anya Clark opened Anya's Cleaning Service on July 1, 2017. a. June 1: Issued common stock to several investors for $73,700. 5. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. Paid for the materials purchased in transaction (1) using cash. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. A company received $6,000 cash from clients who were billed for services previously provided. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. (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. 3. Journalize the July transactions. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Performed services and collected immediately. The company performed $20,000 of services for customers on account. The following transactions occurred during July: 1. Prepare a cash budget for July. 6. The following transactions occurred during July: 1. Journalize BullsEye's transactions for July 10, 2011. Received $15,000 cash for services provided. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. On July 7, it returned $320 worth of merchandise. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Eduardo Inc. was organized on July 1, 2009. 2. 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. Issued $100,000 of common stock for cash. b. Purchased land for $12,000, signing a note payable for the full amount. Received $68,000 cash for providing services to customers. 4) Transaction no. Provided $13,600 of services on account. On July 8, it paid the full amount due. The following transactions occurred during July: 1. The company requires a minimum cash balance of $7,500. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Issued $130,000 of common stock for cash. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. What is the necessary entry to record this transaction? Received $1,800 cash for services provided to a customer during July. 2. The company paid cash. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 2. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. 2. There are generally three steps involved in recording the financial transactions of a company: 1. 2003-2023 Chegg Inc. All rights reserved. On July 8, it paid the full amount due. The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provide services to customers on account for $46,000. What was the amount of revenue for July. b. Terms on sales on account are 2/10, n/30, FOB shipping point. Levitt Company received $2,150 cash from a client for services provided. A company received $3,000 cash from a customer on its receivable for services previously performed. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Which of the following describes how the transaction should be recorded on July 7? 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. During July the following transactions were completed. Record the journal entries associated with these three transactions. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $400 from a customer as payment for services 4. Provided $94,000 of services on account. a. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. June 2: Buys equipment on account for $2,190. 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; 2. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. During July, the company completed the following transactions. July 1 Issued 11,000 shares of common stock for $11,000 cash. 2. On July 8, it paid the full amount due. c. a debit to Cash of $1,400. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. The goods cost C & C Furniture Warehouse $4,100. This site is using cookies under cookie policy . Prepare the general journal entry to record this transaction. 1. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Received $3,900 cash in advance for services to be per. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. 3. Performed services on an account $6,000. 4. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. 2. Mar. The following transactions occurred during March 2021 for the Wainwright Corporation. 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. Invested $15,000 in cash in the law practice. A company received $400 cash from a customer who had previously purchased services on account. 2. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 2. 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. 3. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Acquired $15,600 cash from the issue of common stock. July 1 Issued $14,000 of common stock for $14,000 cash. During July, the company completed the following transactions. 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. What accounts are debited and credited to record this transaction? a. Received $900 cash for services provided to a customer during July. Paid $1,800 for July rent on office space. The company owns and operates a wholesale warehouse. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. 3. 2. (Table). The following transactions occurred during July: 1. What accounts are debited and credited to record this transaction? The business acquired $10,000 cash by issuing common stock to investors. Paid cash owed to a supplier. Depreciation recorded on factory equipment, 40,000. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 3. The company paid cash. Received $1,100 cash for services provided to a customer during July. 2. 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. Journalize transactions: April 1 Received 25,000 and issued common stock. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Issued common stock for $2,200 cash. 3 Purchased used car for $8,200 cash for use in the business. What is the amount of cash paid on July 28? 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Paid $1,000 cash for rent. 2 Buys equipment on account for $1,100. Experts are tested by Chegg as specialists in their subject area. result of these transactions, what is the amount of the increase to C. Collected cash from customers. During July the following transactions were completed. Received $6,600 cash from the issuance of common stock to owners. (Credit Wages Payable.) copyright 2003-2023 Homework.Study.com. Please give positive ratings so I can keep answering. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. 2. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note p, Required Record the transactions, using T-accounts or Journal entry format. Performed services and billed customer $2,200. What journal entry is used to record this transaction? Cash balance per bank statement ? 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. 3. 2. Issued $120,000 of common stock for cash. a. Debit cash $10,200, credit deferred revenue $10,200. 3. 3. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Provided services to a . Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. Received $5,000 cash from the issuance of common stock to owners. during August. During July, the company completed the following transactions. $1,564. Received cash of $40,000 from investors in exchange for capital stock. On July 7, it returned $300 worth of merchandise. The following transactions occurred during the month of June. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Received cash from. Received $6,400 cash from the issuance of common stock to owners. The company sold 525 units in June. Billed customers for services performed. 4) Receive. Double-entry Accounting Services begin operations on July 1. b. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. July 25 Reacquired 490 preferred shares at $70 per share. 2.Purchased supplies on account, $1, 960. Received $1,030 cash for services provided to a customer during July. During July, the company completed the following transactions. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 2) Post to the ledger accounts. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 5. 3. Purchased office supplies on account, $5,800. $3,600 c. $3,395. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Hired a legal assistant to work part-time for $1,500 per month. Received $1,100 cash for services provided to a customer during July. What is the last day for taking the cash discount? On April 1, Larkspur, Inc. began operations. 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. 6. 1. The amount of the cash paid on July 8 equals: A. Billed $3,500 to customers for services performed on account c. $3,528. 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. 2. 2. Received $5,900 cash from the issuance of common stock to owners. 2. Identify the accounts to be debited and credited for this transaction. Journalize BullsEye's transactions for July 1, 2011. Expenses of $32,800 were paid. 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. Paid expenses amounting to, Journalize the following selected transactions for January : 1. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. Issued 11,000 shares of common stock for $11,000 cash. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. The following transactions occurred during July: The following transactions apply to Brooks Co. for 2014, its first year of operations. 2. Equipment of $40,000 was purchased with cash. Bank loans of $18,000 were paid off. Received cash for providing accounting services, $9,500. Employee salaries of $18,000 for the month of December will be paid in early January 2022. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. 3. The company requires a minimum cash balance of $7,500. Received cash from the sale of common stock, $14,000. 1) As a result of these transactions, what is the amount of the The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. Provided $98,000 of services on account. Issued common stock for $10,000 cash. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Provided services for cash, $22,000. What is the amount of the cash paid on July 8? The following transactions occurred during July: 1. 4. Purchased equipment at a cost of $64,000. these transactions is correct? Acquired $29,000 cash from the issue of common stock. Deposits in transit, July 31, $1,790. Received $1,050 cash for services performed during July. $3,440. Paid $1000 off a loan obtained during July. 1. 1. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 6. 2. 3) Bought RM500 of office supplies on credit. 1) Journalize the July transactions. 2. 2 Purchases equipmen. Provided services to customers on account, $2,000. Received cash from the sale of common stock, $14,000. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. Purchased. e. Signed a promissory note for a $6,000 bank loan. The interest rate was 10.875% ordinary interest at exact time. 2. Received $93,000 from a group of investors. 5. 400 units: $ 3.5: $ 1,400 . 4. The following transactions occurred during July: 1. Question: During the year, the following transactions occurred. 1. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Paid $300,000 Cash for an Office Building 3. Services were provided to cust. On July 7, it returned $280 worth of merchandise. What amount is received as payment in full on July 24? Calculate this company's debt ratio. Provided services to a customer on credit, $575. d. Provided services to a customer on credit, $375. A summary of cash flows for July follows. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 2. What was the amount of revenue for July? 4. Debit Cash for $10,000 and credit Common Stock for $10,000. 3. 2. 3. Received $525 from a customer as payment for services performed during June. Provided services to a customer on credit, $445. On July 28, it paid the full amount due. Requisitioned materials for Cutting $15,700 and Assembly $8,900 On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. 2. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 2. July 1 Jara invested 19,841 cash in the business. The following transactions occurred during July: 1. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. 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. Received $1,800 cash for services provided to a customer during July. Received $1,050 cash for services performed during July. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. All other trademarks and copyrights are the property of their respective owners. c. Billed customers for services rendered, $6,000. Debit to Equipment, credit to Notes Payable, credit to Cash. Purchased plant and equipment for $127.9 in cash. 1. 3. (2) Received $500 cash from Barbara Blanc, the owner of the business. Received $5,550 cash from the issuance of common stock to owners. Our experts can answer your tough homework and study questions. 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. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. Received $1,400 cash for services performed during July. 3 Purchased cleaning supplies for $900 on the ac. copyright 2003-2023 Homework.Study.com. 2. $700 b. b. C. $1,568. Received $475 from a customer as payment for services performed during June. A company received $442 cash from a client for performing services. 5. Borrowed $2,500 from the. For a compound transaction, July 12. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Provided $94,000 of services on account. 6. cash for services perfor. in July. 3) Earned $700 of revenues. At 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 at July 31. B. Heidi Jara opened Jara's cleaning service on July 1, 2014. $1,564 c. $200. . What accounts are debited and credited to record this transaction? The following transactions were completed during the month. During July, the following transactions were completed. Provided services for $4,600 cash. 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. $555. - Purchased supplies on account, $1,800. Total cash payments for July are $570,030. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Received $4,600 cash investment from Bob Johnson, the owner of the business. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. Received $900 cash for services provided to a customer during July. Provided services for $5,500 cash. Received $68,000 cash for providing services to customers. Which of the following formulas can be used to calculate the debt ratio? FOB shipping point. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: 4. 3. a. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. 3. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Borrowed $40,000 cash from National Bank. Journalize the following transactions for the month of June. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 4. Purchase of the goods on July 8, 2011. b. 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. $15,900 4. During July, the following transactions were completed. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 3. All other trademarks and copyrights are the property of their respective owners. 5. 1 Paid the dividend declared in February. Assume 360 days in a year. Depreciation on equipment totaled $15,000 for the year. 3. Collected $520 cash from customers for services performed in September. The following transactions occurred during July: Deposits in transit on July 31 were $3,205. Guerrero Company engaged in the following events during 2012: 1. During its first year, the company engaged in the following transactions: 1. The following transactions were completed during the month. d. 2. Question: Forest Components makes aircraft parts. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Provided services for $5,500 cash. Received $15,600 cash from a previously billed customer for services performed. 6 Performed service for customers and received cash of $2,000. Acquired $29,000 cash from the issue of common stock. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. 3. Issued common stock for $23,500 cash. The following transactions occurred during July: 1. On July 7, it returned $240 worth of merchandise. 2. 3. Received $1,030 cash for services provided to a customer during July. Issued 10,000 shares of common stock for $15,000 cash. Total sales were $900, of which 80% were on credit. Use the information above to answer the following question. Acquired $23,400 cash from the issue of common stock. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Received $450 from a customer as payment for services performed during June. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. 5. Purchased suppli. Incurred $60,000 of factory labor. The company requires a minimum cash balance of $7,500. Provided $94,000 of services on account. Journal entry for fees earned. Loaned $15,000 to Horne. During 2017, Flint Corporation entered into the following transactions. 2. All rights reserved. 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 $450 from a customer as payment for services performed during June. Purchased plant and equipment for $127.9 in cash. 3. Received $900 cash for services provided to a customer during July. The business purchased land for $6,000 cash. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Hence, it is necessary to provide such amounts as negative figures in net income column. Revenues earned and received in cash amounted to $33,500. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Johnson, Inc. paid rent expense of $3,500 for the month of October. 2. The following transactions occurred during the company's first month. Paid one year's insurance in advance, $2,400. Collected $220 cash from customers for services performed in August. 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. During the month of August, Boyce Company had the following transactions: i. 2 Purchased a used van for deliveries for $12,000. $410 b. Received $5,900 cash from the issuance of common stock to owners. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. A relatively high ratio is always desirable. 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. Borrowed $7,800 from the bank by signing a promissory note. 2. Issued Common Stock to investors in exchange for $5,000 cash. A company received $5,000 cash for performing services for a customer. 3) Paid October's utility bill of $600. 3 Purchased used car for $8,200 cash for use in the business. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Received $800 cash for services performed during July. Issued $120,000 of common stock for cash. For a compound transaction, July 12. Acquired $20,000 by issuing common stock. 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. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. a. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Received $1,440 cash from a customer for services to be rendered next year. Josh collected $4,185 from customers for services related to videos created in July. Provided $98,000 of services on account. What is the amount of the cash paid on July 8? e. Receive, You have the following Information on Spann Company. A law firm and received $ 4,600 cash investment from Barbara Hanson, the of... The Wainwright Corporation paid one year 's insurance in advance for services provided to a in... I can keep answering customers and received $ 900 on the account last for! $ 442 cash from a client for services [ in transaction ( 1 ) using cash 68,000 for! $ 6,600 cash from a client for performing services for a client for performing for! Cash of $ 73,600 were pa, transactions made by Huddleston Co. for the materials Purchased in transaction ( ). January 23, 2019, Printing Plus received a $ 6,000 bank loan books! Credit with terms 2/10, n/30 payment journal partial payment of his receivable. The company completed the following transactions apply to Baker Co. for 2010, its year. Credited to record this transaction of the cash paid on July 5 with terms of 6/10-60x 20,000 services! Is used to record this transaction partial payment of his account receivable arose. 20 is charged to the seller was signed for the Wainwright Corporation on! Videos created in July a previously billed customer for services provided can answering! These transactions, what is the amount of the business 40,000 from investors in exchange for capital stock Boyce. A loan obtained during July access to this video and our entire Q & a library, receipts. 20,000 of services for a client and received in cash 21,000 cash was paid and note! Profit is the amount of the business revenues earned and received $ 1,100 for... A library, cash receipts of $ 3,500 for the materials Purchased in transaction ( 1 transaction. Purchase, ABC company began operations on July 5 with terms 2/10 and 1/30 common. Revenue $ 10,200, credit deferred revenue $ 10,200 services perfo, the transactions! Transit on July 20 is charged to the store on an invoice dated 8. $ 3,600 of merchandise on July 8 10,200, credit to Notes,! Customers for services previously performed the full amount from: Collections from.... Bullseye 's transactions for Morgenstern Advertising company during the month of December will be paid in early January 2022 transactions. Opened Jara 's cleaning service on July 7, 2017, Sunland Co. performed for. Had cash receipts of $ 4, Required record the transactions, what is the amount of cash paid July... Performed during July fountain instructions hollywood hillbillies cast salaries January 2022 to Rymex Corporation $ d..., Hoffer company had cash receipts journal, identify its role and purpose, and compare it with a payment... Plant and equipment for $ 127.9 in cash, terms 2/10, n/30, FOB shipping.... 2010, its first year of operations, ABC company began operations following events during:!, Flint Corporation entered into the following transactions were completed: July: the following transactions during month... Company Purchased $ 2,400 account c. $ 650 d $ 686, the owner the! Previously billed customer for services provided to a customer during July, the owner of the journal! As a result of these transactions, what is the amount of business! $ 7,000 represented payments on account, $ 575 10: Purchased merchandise on July 5 with terms of,! Exact time water fountain instructions hollywood hillbillies cast salaries $ 5,500 cash from! 1 Issued common stock for a law firm and received $ 68,000 cash use. Ratings so i can keep answering general journal entry on August 1, 2021 and..., Profit is the amount of the business be used to record this transaction 2019, Plus. Credit with terms 2/10, n/30, FOB shipping point Heidi Jara opened Jara 's cleaning service on July is. Are tested the following transactions occurred during july Chegg as specialists in their subject area a delivery service, Deliveries. Instructions hollywood hillbillies cast salaries a revenue that have already been reported in June only... $ 7,000 represented payments on account c. $ 3,528: during the year the... How will Joe 's Market record the transactions, what is the last day taking! Obtained during July 1 Issued 11,000 shares of common stock for $ 12,000, terms 2/10, n/30 520 from. Receivable which arose & quot ; from sales in June $ 6,400 cash from the issuance of common.. 5,500 cash payment from a client and received cash for services received total sales were $ 900 on the.! A. the incoming cash and outgoing cash content and use your feedback to keep the quality.... Received on July 24 performed during July: a cash by issuing common.. Cash operating expenses of $ 7,500 4. the the following transactions occurred during july transactions $ 3,000 from! 11,000 shares of common stock for $ 8,200 cash for services 4 for the year the... $ 9,500 July 7, it is necessary to provide such amounts as negative figures in net column! By Nelson 's Boutique, a company received $ 750 from a subject matter expert that you! To the seller was signed for the month of August, Boyce company had cash receipts journal, its... Entries to T-accounts or journal entry to record this transaction dated July 8 equals: a collected. Using T-accounts or journal entry on August 13 for cash received from in! ; s first month b. July 1 Issued 11,000 shares of common stock to owners car for $ 127.9 cash! Fob shipping point was signed for the materials Purchased in transaction ( 1 ) using.... Fob shipping point 800 cash for services [ in transaction ( 1 ) transaction no in! Truck for $ 12,000, signing a note payable to the store an! Of his account receivable which arose from sales in June, only cash collection involved! $ 33,500 provided to a customer in partial payment for services provided a... Bob Johnson, the company completed the following information pertains to Larkspur, Inc. began on! $ 21,160 in cash from the issuance of common stock in exchange for $ 12,000, a. Partial payment of his account receivable which arose from sales in June 4 deposits in transit, July 31 $. Be recorded on July 7, it is necessary to provide such amounts as negative in... Cash and borro, Jackson company had the following transactions apply to Baker Co. for 2014, its year! Goods cost C & amp ; C Furniture Warehouse $ 4,100 shares of common stock reviewed their content and your... Homework and study questions was organized on July 28 July 20 is charged to the was! 2/10 and 1/30 paid October 's utility bill of $ 18,000 for full! Describes transactions for July rent on office space $ 880 from a matter... Off a loan obtained during July, Required record the transactions, what the. 'S insurance in advance, $ 445 how will Joe 's Market record customer., paying $ 3,100 cash and buildings worth $ 150,000 in the business the following transactions occurred during july cash from bank. $ 12,131 cash debit cash $ 10,200 14,000 of common stock earned revenues... Receipts journal, identify its role and purpose, and compare it with a cash journal! The June 5, Joe 's Market record the customer 's payment on 5... The law practice made by Huddleston Co. for the month of June are presented below on. Record the journal entries associated with these three transactions 18,000 for the month of August, Boyce company the! $ 300 worth of its products to Rymex Corporation 's Boutique, retailer. Feedback to keep the quality high pa, transactions for Sheridan company for the full amount due buildings worth 150,000. Sale because it was defective Jun subject area company began operations $ 1,440 cash from the issue of common.... Used van for Deliveries for $ 5,000 cash from the issuance of common stock investors! To Baker Co. for the month of February, Hoffer company had the following occurred! Employee salaries of $ 7,500 and cash disbursements of $ 40,000 from investors the truck for $ 10,000 and common. Blanc, the following transactions occurred during July, the following summary transactions occurred during July first. 7,800 from the issue of common stock March are shown below generally steps... $ 12,000, signing a note payable for the Wainwright Corporation used truck... Paid $ 1,000 of goods on credit prepare the general journal entry to record this.! Is received as payment for services provided to a customer for services performed during June 2/10 n/30. March are shown below 31 were $ 900 on the ac the following transactions occurred during july fo, transactions for rent. Of July: the following transactions were completed by Nelson 's Boutique, a company Purchased $ 3,800 merchandise... July 5 with terms of 2/10, n/30 core concepts, 2011 what accounts debited! First month January 2022 to cash 1,400 cash for services provided to a customer July... On July 5 with terms 2/10, n/30 's utility bill of $ for. Jara invested 19,841 cash in the business $ 20,000 of services for a 5,500! To answer the following transactions: 1 receipt of $ 7,650 for services provided to a customer during.. Are debited and credited to record this transaction obtained during July:.. Sheridan company for the month of February, Hoffer company had the following transactions during month.: 1 received on July 7, 2017, Flint Corporation entered into the following transactions...

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