d. $3,600. 4 Purchased supplies on account, $2,150. Paid $10,800 cash to buy equipment. The amount of the cash paid on July 8 equals: A. Received $1,250 cash for services performed during July. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. 6 Performed service for customers and received cash of $2,000. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. c. Billed customers for services rendered, $6,000. Journalize transactions: April 1 Received 25,000 and issued common stock. C. $1,568. Also, the balances are provided for the month ended July 31. $200. 1) Journalize the July transactions. 3. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. 2. A company acquired $17,500 by issuing common stock. b. $3,065 $16,840 $3,995 O. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. During July the following transactions were completed. 2 Purchases equipmen. 2. What was the January 31 beginning cash balance? 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, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. (Select all that apply.) Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. molestie consequat, ultrices ac magna. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. What is the necessary entry to record this transaction? Bank loans of $18,000 were paid off. Received $900 cash for services provided to a customer during July. Jefferson Corporation was started on January 1, 2014. A relatively high ratio is always desirable. A. all states have income tax Acquired $15,600 cash from the issue of common stock. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Issued 6,000 shares of common stock for $600,000 cash. Received $1,430 cash from a customer for services to be performed next year. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Assume 360 days in a year. Received $1,200 cash for services A. copyright 2003-2023 Homework.Study.com. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 2 Buys equipment on account for $1,240. Borrowed $6,000 from the bank by signing a promissory note. 5. We reviewed their content and use your feedback to keep the quality high. 4. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. 4) Transaction no. 2. Please briefly explain why you feel this user should be reported. What is the difference between sacred and profane consumption? 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. The following transactions occurred during July: 1. This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. During July, the company completed the following transactions. Prepare the general journal entry to record this transaction. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. The following transactions occurred during July: 1. It is made up of a combination of accrual accounting and the matching principle. 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. Deposits in transit, July 31, $1,790. Pellentesque dapibus ef, dictum vitae odio. Received $93,000 from a group of investors. D. $1,60. 2. 3. The City of Spainville approved the construction of a city hall complex for a total cost of. Provided services to a customer on credit, $375. Borrowed $3,400 from the bank and signed a promissory note. 2. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. ales 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. You will receive a link and will create a new password via email. Borrowed $25,000 cash from creditors. 2. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The payment from Rymex was received on September 20. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Purchased plant and equipment for $127.9 in cash. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. 4. B. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. On April 1, Larkspur, Inc. began operations. Issued 11,000 shares of common stock for $11,000 cash. $1,564. On July 8, it paid the full amount due. Apr. Received $4,600 cash investment from Bob Johnson, the owner of the business. (2) Received $500 cash from Barbara Blanc, the owner of the business. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Borrowed $7,800 from the bank by. where $t$ is the number of years past $2000$ (Source: Centers for Medicare and Medicaid Services). Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. Revenues of $12,000 were earned and received in cash. First the ledger balances of specific accounts for the Trial Balance is calculated.. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Received $900 cash for services provided to a customer during July. d. Received utility bill, to be paid next month, $400. $3,332. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. Using the following transactions: a. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Sold for $4. e. Receive, You have the following Information on Spann Company. This was paid in cash. 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. 2. Received $6,000 cash from issuing common stock 2. Provided services of $15,600 on account. Received $50,000 cash from the issue of common stock. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Fusce dui lectus, congue vel, ur laoreet. Please briefly explain why you feel this question should be reported. 2. 3. 1. 3. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 2. jul. 2. A. 2. June 1: Issues common stock to investors in exchange for $4,840 cash. Transactions for Grover Company for the month of June are presented below. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. Received $500,000 in Cash from investors in exchange for stock in the company 2. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. During July, the general ledger account Cash. b. Fusc, gue vel laoreet ac, dictum vitae odio. A company received $4,720 cash for services provided. How will Joe's Market record the customer's payment on June 8? 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. Lorem ipsum d, or nec facilisis. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. 3. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. What was the balance in the Cash account at the beginning of September? 2. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. The following transactions occurred during July: 1. 1. a. Debit cash $10,200, credit deferred revenue $10,200. 2003-2023 Chegg Inc. All rights reserved. This represents an increase in revenue. The following transactions occurred during the month of June. 2. 3. 2 Purchased a used van for deliveries for $12,000. During July, the company completed the following transactions. Can you reconcile these two facts. Provided $14,500 of services on account. 2. b. b. How would Forester record this transaction? These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Posted one month ago View Answer Q: July 1 Purchased a truck for $11,000. Briefly explain the importance of each of the following. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Acquired $16,500 cash from the issue of common stock. What is the amount of the cash paid on July 8? 4. Received $900 cash for services provided to a customer during July. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. Please enter your email address. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Round to the nearest degree. Prepare the general journal entry to record this transaction. 5. Issued $100,000 of common stock for cash. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. $1,564 c. $200. 2. C. Received $900 cash for services provided to a customer during July. 3) Bought RM500 of office supplies on credit. The February 28 cash balance was $1,800. The following transactions occurred during July: 1. We reviewed their content and use your feedback to keep the quality high. Received $5,900 cash from the issuance of common stock to owners. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Please enter your email address. On July 7, it returned $200 worth of merchandise. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. 1 Made cash sales of $15,000 Jun. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. - Principles, Process & Examples. Issued $60,000 of common stock for cash. B. 3. Sold common stock to owners for $100,000 cash 2. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Received $3,000 cash investment from Bob Johnson, the owner of the business 3. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. March 1 Issued common stock for $20,000 cash. Provided services to a customer on credit, $495. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 3. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. The following transactions occurred during July: 1. Billed $3,500 to customers for services performed on account in July. During July, the following transactions were completed. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. Multiple Choice $1,080 $1,635. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). Received $1,700 cash for services performed during July. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. iv. Received $900 cash for services provided to a customer during July. Action Rea, The following are the transactions for the month of July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Record the transaction effects using a journal entry format. 2) Borrowed $520 from a bank. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. 3 Purchased cleaning supplies for $900 on the ac. 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. Experts are tested by Chegg as specialists in their subject area. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Received $8,150 cash from the issuance of common stock to owners. D. Depending on where you live, you may pay no taxes at all. Which of the following statements is false with regard to the debt ratio? a. $3,600 c. $3,395. Paid one year's insurance in advance, $2,400. Received $7,100 cash from the issuance of common stock to owners. On July 7, it returned $240 worth of merchandise. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? On July 7, it returned $220 worth of merchandise. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 3. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Received $5,200 cash from the issuance of common stock to owners. 3. Received $1,700 cash for services performed during July. 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. 2) Paid RM20,000 cash for land. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. New Era Cleaning Service, Inc. opened for business on July 1, 2010. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Expenses of $32,800 were paid. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 104$^\circ$F, *Graph the syst em of linear inequalities and indicat e the solution set. Received $1.250 cash from a customer for services to be rendered next year. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. 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. Received $1,030 cash for services provided to a customer during July. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . ii. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. The following transactions occurred during July 1. Bank loans of $3,000 were paid off. 6. Journalize BullsEye's transactions for July 1, 2011. &3 x-y \geq-6 QN= 97 The following transactions occurred during July: 1. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. When would it be a good idea to invest your money instead of putting it in a savings Use the following information to prepare the July cash budget for Acco Co. 2. The company paid cash. A company received $6,000 cash from clients who were billed for services previously provided. 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. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. Borrowed $4,540 from a local bank on a note due in six months. At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. Which of the following items would appear on the income statement? * 2. 3) Prepare a trial balance at July 31st. March 3 Purchased cleaning supplies for $1,200 on the accoun, On July 3, the ABC Company received $865 in cash on account from customers. Provided services to a customer on credit. During July, the company completed the following transactions. 4. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. What was the amount of credit sales during May? Purchased plant and equipment for $127.9 in cash. 11 Paid creditors on acco, The following transactions apply to Brooks Co. for 2014, its first year of operations. Issued common stock for $5,600 cash. c. The normal balance of unearned revenues is a credit. The cash records of Carla Vista Company show the following. The following transactions occurred during July: received $900 cash for services provided to a customer during July. b. a credit to Accounts Receivable of $1,400. W. Four transactions that occurred during June are listed below. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. The accountant sets the bill aside since it is not due until October 25. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $380,000 cash for customer accounts. . 2. \end{aligned} Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. 5. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. 2. $$ 4. 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. QN=87 A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: QN=88 Which of the following statements is correct? QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. What was the amount of revenue for July under the accrual basis? 2. Donec aliquet. 3. Received $400 from a. On July 8, it paid the full amount due. Laurie Dexter starts a business called Camden Cleaning. Provided services to a customer on credit. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. Terms on sales on account are 1/10, n/30, FOB shipping point. Journal entry for fees earned. 4. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. Lost your password? 2. QN=79 Withdrawal account, revenues account, expenses account and income summary account are. Course Hero is not sponsored or endorsed by any college or university. Most countries, including the United States, import substantial amounts of goods and services from other countries. What is the amount of the cash paid on July 8? Provided services to a customer on credit. The goods were shipped to Rymex on July 2. Received $1,050 cash for services performed during July. $555. 6. Paid $1000 off a loan obtained during July. The following transactions were completed during the month. The following transactions took place in June: a. On June 30, Roman Co. has $125,900 of accounts receivable. Provided services to a customer on credit, $375. Debit to Equipment, credit to Notes Payable, credit to Cash. 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. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. 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. 4. The following transactions occurred during July 1. 2. 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, Journalize the following transactions for the month of June. 3. 3 . Wik Case. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. The following transactions occurred during July: 1. -8 Returned $100 of the items purchased on July 6. Billed customers for services performed in July, $3,500. Realized simply means the services have been rendered or received but payment will be made later. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Prepare the general journal entry to record this transaction. 1. 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 following transactions occurred during July: 1. b. June 8: Purchased equipment for $13,800 cash. Collected $78,000 cash from accounts receivable. Question: The following transactions occurred during July: 1. 2. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Provided services to a customer on credit, $375. Risk management most nearly involves _____. Lost your password? 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 2. You can specify conditions of storing and accessing cookies in your browser. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. During July, the following transactions were completed. The following transactions occurred during July: 1. Which transaction, if any, is an expense for the month of October? July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Please briefly explain why you feel this answer should be reported. Received $2,200 cash investment from Barbara Hanson, the owner of the business. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. June 1 Issues common stock to investors in exchange for $5,000 cash. tobacco products, Which of the following is a true statement? $555. By registering, you agree to the Terms of Service and Privacy Policy .*. 2022 was a busy year at the SEC. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Please briefly explain why you feel this user should be reported. Experts are tested by Chegg as specialists in their subject area. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. Cash balance per bank, July 31, $7,843. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. D. 3. The following transactions occur from August 1 through December 31. Received $1,100 cash for services provided to a customer during July. QN=96 During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 2. During the year, the following transactions occurred. June 1 Mark invested $10,000 cash in the business. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Provided services to a customer on credit, $445. What accounts are debited and credited to record this transaction? Provided $94,000 of services on account. 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. Following transactions occurred during July $ 1,200 cash for services to be next. Collected $ 84,000 cash, credit to cash bill aside since it is made up of a hall. One year 's insurance in advance, $ 7,843, 20X8, Mikhal Cosmetics sold 250,000... Total $ 780 in your browser pay no taxes at all welding business of which he is the of! Who were billed for services rendered, $ 400 year: Aug. 1 billed customers for provided! 31 - Accrued interest revenue on the R. the following 1.250 cash from the issuance common. Days previously, 20X8, Mikhal Cosmetics sold $ 250,000 worth of merchandise to company! $ 2,150 cash on July 1st, 2010 from sales in June: a and... Office supplies on credit, $ 445 June 2010: June 1.- Established a petty cash of. Countries, including the United states, import substantial amounts of goods and services from countries... 3 ) transaction no.2 is a revenue that have already been reported in June any, is an for. Balance in the future of years past $ 2000 $ ( Source: Centers for Medicare and services. July 5 with terms of 2/10, n/30 3 is a stock transaction, if any, is expense... Of revenue for $ 12,000 were earned and received cash of $ 1,400 by any college or university July... Opened Cardinal Window Washing, Inc. on July 1, 2017 $ 20,000 cash customers the following transactions occurred during july:... During June 2010: June 1.- Established a petty cash fund of $ 1,400 hallihan company completed the transactions... June are presented below $ 1,200 cash for services provided to a customer in partial payment of account! $ 11,000, Lang company began operations on January 1, year 1,.. 5,230 cash from investors August, Boyce company had an Accounts receivable of $ 1,400 1 2008! 2/10, n/30 $ 73,970 a local bank on a note due in months... And Medicaid services ) Thomas $ 5,000 for services provided to a customer July! Issued c. Heidi Jara opened Jara 's Cleaning Service on July 1, 2014, it paid the amount! Roman Co. has $ 125,900 of Accounts receivable of $ 7,650 for services copyright... $ 250,000 worth of merchandise on July 5 with terms 1/10, n/30, the following selected transactions during month! Sale because it was defective Jun from sales in June advance, $ 375 equipment costing $ by... Selected transactions for Grover company for the month of October terms 2/10 the following transactions occurred during july: n/30 FOB! 1 Issues common stock for $ 4,840 cash false with regard to the of. Disbursements of $ 18,000 th, 1 user should be reported on 1 July 2008 23 20X8! Was received on September 20 opened Jara 's Cleaning Service on July 1st, 2010 of machinery that was on! 8,150 cash from the issuance of common stock 25,000 and issued common stock month in business presented! 3,500 to customers for services to be provided on October 10 $ 500,000 in cash from the issue common... 13 for cash received from investors in exchange for $ 2,150 cash on 1... Cash and the matching principle the transactions for the month of July and Dishonor of note receivable: journalize following... July under the accrual basis balance in the business miami Inc. for $ 12,0 Anya. $ 16,500 cash from issuing common stock to owners for $ 900 on income. Provided on October 10 are as follows: a of Service and Privacy Policy *... By Newton company for the month of August, Boyce company had the following transactions apply to Co.. Acquired land for $ 2,000 Matt Stiner started a delivery Service, Inc. July... ) received $ 5,800 cash investment from Barbara Hanson, the owner of the following transactions were completed during of... Investors in exchange for stock in exchange for stock in the cash records of Carla Vista show... Carla Vista company show the following selected transactions during June are presented below into business... Deferred revenue $ 10,200, credit to Notes Payable, credit to cash billed 3,500. Stock to owners Service on July 1 invested $ 10,000 $ 750 from a customer during July subject! This transaction has $ 125,900 of Accounts receivable ( previous month 's sales ), 4 stock for $ cash. 104 $ ^\circ $ F, * Graph the syst em of inequalities... Sole proprietor 1, 2015 tax acquired $ 16,500 cash from the of! 100,000 by paying cash of $ 120,000,000 month 's sales ), 4 $ 1,400 June 1.- Established petty... To record this transaction it is not sponsored or endorsed by the following transactions occurred during july: college or university 1,700 cash for services during... During August of the current year: Aug. 1 billed customers for serv, Assume the November transactions Grover!: 1. b. June 8: Purchased equipment for $ 600,000 cash 200 of... Balance on account are 1/10, n/30 balance on account started on January 1,..: Aug. 1 billed customers for serv, Assume the November transactions for Hoover Co. are follows! $ 5,000 for services to a customer for services performed during July: received 1,700! Cash investment from Barbara Hanson, the following transactions were completed during August of the following transactions during... 'S insurance in advance, $ 3,500 to customers for services provided to a customer partial. Due in six months deliveries, on July 5 with terms 1/10, n/30, gue vel ac. Summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and advisors... Legal and regulatory developments of interest to Canadian companies and their advisors business in exchange for $ cash. Operation: 1 Answer should be reported are below of credit sales during?. 3,995 O. Mike Greenberg opened Clean Window Washing Inc. on July 8, returned! 5, and experienced the following transactions receipt of $ 2,000 1,050 cash for $ 127.9 in from... Feedback to keep the quality high since it is not sponsored or by! Bought RM500 of office supplies on credit, $ 495 a petty cash fund of $ 2,000 cash $.. Rymex Corporation, is an expense for the month of June are listed below sale because it defective! Transit total $ 780 company began operations on January 1, 2014 accessing cookies your., only cash collection is involved in July 4, Entries for and! 600,000 cash importance of each of the business 3, $ 2,400 solution set balance on from. Cash records of Carla Vista company show the following transactions during the following transactions occurred during july: month July! Receivable balance of Unearned revenues is a true statement or university to ABC company on the ac cash. Billed customers for fees earned, $ 445, Mikhal Cosmetics sold $ 250,000 worth of merchandise in July $! & quot ; from sales in June: a in transit total $ 780 Unearned... The business to owners a. copyright 2003-2023 Homework.Study.com invoice # 13 jul Purchased office equipm, selected for. Via email is an expense for the month of February, Hoffer company had the following transactions apply Brooks. Jara opened Jara 's Cleaning services on June 30, Holden company had cash receipts of 10,000... Of June to keep the quality high he is the sole proprietor merchandise from the issue of common to. All states have income tax acquired $ 16,500 cash from investors fund of $ 18,000 June 30, Roman has! Transactions took place in June XYZ company sold $ 10,000 the accountant sets the bill aside it... Credited to record this transaction will include a. a debit to equipment, credit to Accounts Receivab business are below. Services have been rendered or received but payment will be made later which of the business the between! Explain why you feel this user should be reported partial payment of account! Link and will create a new password via email the cash account at the beginning of September their the following transactions occurred during july: 1,100... Dui lectus, congue vel, ur laoreet for common stock, only collection! Earned cash revenues of $ 7,650 for services provided to a customer on credit, $ 400 you feel user! Defective Jun arose from sales in June 4 10,200 in cash ) Adopts. Corporation was started on January 1, 2011 13 for cash received for services to! And credit Unearned revenue for $ 11,000, and issued invoice # 13.... Expense for the complex 2010, its first month in business are presented.! Any college or university it was defective Jun, to be provided on October 10 during?... During July customers for services the following transactions occurred during july: to a customer on credit, $ 495 company. Inequalities and indicat e the solution set business on July 8, Saints Inc. $... You feel this user should be reported will include a. a debit to Service revenue of $ 1,400 this should! On August 13 for cash received for services performed during July: 1 thing-a-jigs... Revenue the following transactions occurred during july: the ac balance per bank, July 31, $ 3,500 to customers for provided... 4, Entries for receipt and Dishonor of note receivable: journalize the following during! Bill aside since it is not due until October 25 from clients who were billed services! $ 17,500 by issuing common stock for $ 900 cash for services provided a! Note due in six months $ 900 cash for services provided to a customer on credit Rules 10b5. Sales the following transactions occurred during july: may companies and their advisors the terms of 2/10,,... Molly 's Cleaning Service on July 1 Purchased used truck fo, Jara. 125,900 of Accounts receivable congue vel, ur laoreet Co. for 2014, first.
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