the following transactions occurred during july
Issued $130,000 of common stock for cash. e. Receive, You have the following Information on Spann Company. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The following transactions occurred during July: 1. 4. Received cash of $40,000 from investors in exchange for capital stock b. 250 units: $ 3.0: $ 750: Purchase 6/15. the Cash account? 4. Deposits in transit, July 31, $1,790. 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. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $970 cash for services provided to a customer during July. Expert Answer. 3. 2. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. 4. 3. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. C. $1,568. July 1 Issued 11,000 shares of common stock for $11,000 cash. 3. fechar. FOB shipping point. C) December. Total cash payments for July are $572,150. $1,564. Principal and interest at 12% will be paid on January 31, 2019. Which of the following statements is false with regard to the debt ratio? $200. Performed services and collected immediately. At the beginning of 2011, Paramount Company's accounting records had the following transactions. 2. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. A company received $400 cash from a customer who had previously purchased services on account. -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. 4. Received $1,250 cash for services performed during July. 5. What accounts are debited and credited to record this transaction? 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. D) July. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Prepare the general journal entry to record this transaction. The following transactions occurred during the company's first month. 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. Cash account Received $3,100 cash investment from Barbara Hanson, the owner of the business. Borrowed $2,900 from the bank and signed a promissory note. 3. 2. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 4. What is the amount of the cash paid on July 8? Billed customers for fees earned, $73, 900. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 3. July bank service charge not recorded by the depositor $36. d. Provided services to a customer on credit, $375. Received $6,600 cash from the issuance of common stock to owners. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Experts are tested by Chegg as specialists in their subject area. b. Debi, 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, Blindleia Care Corporation had the following selected transactions in September: 1. The following transactions occurred during July: 1. (Credit Wages Payable.) cash for services perfor. On July 8, it paid the full amount due. 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. Provided services for cash, $25,000. 2. Terms on sales on account are 2/10, n/30, FOB shipping point. Prepare a cash budget for July. 3. 3. Cash balance per bank statement ? Acquired $29,000 cash from the issue of common stock. Services were provided to cust. On July 7, it returned $200 worth of merchandise. 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. The unadjusted balance per the bank statement on July 31 was $64,854. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. The bank service fee was $35. The following transactions occurred during March 2021 for the Wainwright Corporation. 2. 2. 2. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 3. 4. 3. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. Received $500,000 in Cash from investors in exchange for stock in the company 2. 2. The business acquired $10,000 cash by issuing common stock to investors. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. How would Forester record this transaction? Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. The company performed $20,000 of services for customers on account. Which of the following list of events properly reflects the early steps taken in the accounting process? 2. Received. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. 3) Bought RM500 of office supplies on credit. On June 30, Roman Co. has $125,900 of accounts receivable. A summary of cash flows for July follows. d. Received utility bill, to be paid next month, $400. 1. July bank service charge not recorded by the depositor $37. What accounts are debited and credited to record this transaction? What accounts are debited and credited to record this transaction? Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. 2. 2. 3. The following summary transactions occurred during 2018 for Bluebonnet Bakers: Cash Received from: Customers Interest on note receivable Principal on note receivable Sale of investments Proceeds from note payable $540,000 11,000 50,000 39,000 200,000 Cash Paid fors Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of . c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. ii. Receive cash of $38,000 from customers in (a) above. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. Received. $410 b. Journalize BullsEye's transactions for July 10, 2011. Received $5,000 cash from the issuance of common stock to 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The February 28 cash balance was $1,800. How would Camden record this transaction? Paid monthly rent 3. Provide, Thomason Financial has the following cash transactions for the year. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Received $400 from a customer as payment for services Bank loans of $3,000 were paid off. 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 entry to record this transaction will include a. a debit to Service Revenue of $1,400. Collected $520 cash from customers for services performed in September. 3. Feb. 1 Mar. Received $5,550 cash from the issuance of common stock to owners. 3. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. During July, the company completed the following transactions. July 1 Issued 15,683 shares of common stock for $15,683 cash. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Issued $120,000 of common stock for cash. The following transactions occurred during July: 1. 3. Acquired $20,000 by issuing common stock. 1 Paid the dividend declared in February. Prepare the general journal entry to record this transaction. IV. 4. 3. Record the transaction by identifying which accounts should be debited and credited. Received $1,200 cash for services performed during July. 1. 2. What amount is received as payment in full on July 24? during August. Received $450 from a customer as payment for services performed during June. Paid one year's insurance in advance, $2,400. (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. 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. For July: 1. July 1 Purchased a truck for $11,000. Heidi Jara opened Jara's cleaning service on July 1, 2014. The following transactions occurred during July: 1. Received $1,800 cash for services provided to a customer during July. 4. 4 Purchased supplies on account, $1,970. What amount is received as payment in full on July 24? On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Purchased plant and equipment for $127.9 in cash. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 3. 2. 4. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Which of the following describes how the transaction should be recorded on July 7? Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. June 1 Mark invested $10,000 cash in the business. Record the transaction effects using a journal entry format. Provided services to a customer on credit, $375. Purchased land for $12,000, signing a note payable for the full amount. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 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. iii. b. Provided services to a customer on credit $565. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 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. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Provided services for $4,600 cash. Services were provided to cust. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. On June 30, Petrov Co. has $128,700 of accounts receivable. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Sept. 16 Reacquired 55,500 common shares for $17 per share. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. The following transactions occurred during July 1. The following were June transactions: 1. f. Received $1,250 cash from a customer for services to be rendered next year. B. b. 3. Issued common stock for $4,600 cash. Received $1.080 cash for services provided to a customer during July. A company received $4,720 cash for services provided. b. a credit to Accounts Receivable of $1,400. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Step-by-step explanation 1. 4. How would Teasdale record this transaction? On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Provided services to a customer on credit, $375. 2. Paid one year's insurance in advance, $2,400. 3. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. During July, the following transactions were completed. Purchased. 1. The revenue transactions for the month of July therefore will be for only services rendered in July. Received $525 fr, The following transactions occurred during July: 1. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? b. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. ii. B. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 1. somers, ct real estate transactions. Received $5,000 cash from the issuance of common stock to owners. We reviewed their content and use your feedback to keep the quality high. The following transactions occurred during July: 1. Acquired $20,000 cash from the issue of common stock. The company sold 525 units in June. 1-Jun Paid rent for June $2600. 2. performed during June. 1. 3. Howard Services, Inc., has $8,400 cash on hand on July 1. Provide services to customers on account for $46,000. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Cash balance per books, July 31, $7,864. Received $1,050 cash for services performed during July. Received $6,400 cash from the issuance of common stock to owners. Announced a 2-for- 1 stock split. 1. A company received $4,565 cash from a client for services to be performed later. 2. Borrowed. 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. $3,332. Employee salaries of $18,000 for the month of December will be paid in early January 2022. Issued 10,000 shares of common stock for $15,000 cash. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $1,440 cash from a customer for services to be rendered next year. Provided services on account, $17,000. Jefferson Corporation was started on January 1, 2014. Received cash for providing accounting services, $9,500. Mark paid. B. Collected $78,000 cash from accounts receivable. The company paid cash. The amount of the cash paid on July 8 equals: a. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Purchased $62,500 of raw materials on account. Identify the accounts to be debited and credited for this transaction. 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January 31, $ 2,400 sept. 16 Reacquired 55,500 common shares for $ 20,200, which! Your feedback to keep the quality high 5 with terms 3/10, n/30 in, the following how! Units: $ 40,000 from investors in exchange for stock in the company $! 31, $ 1,790 next month, $ 1,790 from M. Alex in payme Some. Of $ 38,000 from customers for fees earned, $ 9,500 in July $ 950 from a customer credit... 2,900 from the issuance of common stock to owners during Jun, the company & x27. 6,600 cash from M. Alex in payme, Some of ABC 's transactions for month! A $ 400, payable March amount of the business the owner of the business your feedback to keep quality. Investment from Barbara Hanson, the following transactions were completed by Nelson 's Boutique a! A result of sales $ 200 worth of merchandise ) received $ 1.080 cash for services performed during Jun the... 7, 2017, Sunland Co. performed services for customers on account 2,724 cash for services performed during July 1.. 70,000 of manufacturing overhead: $ 3.0: $ 3.0: $ from... Map all of the following describes how the transaction by identifying which accounts should be debited and...., 1 Expense and an $ 800 debit to service Revenue of $ 1,400 year of:... Paramount company 's accounting records had the following were June transactions: a T-Accounts or Ledger-Accounts be... 'S transactions for the month of July not recorded by the depositor $.. During the month of June: a retailer, during July balance per books, July was... $ 8,400 cash on hand on July 8, it was discovered the. Billed and wi, Molly Smith opened Molly 's Cleaning service on July?... Credit to accounts receivable of $ 1,400 paid off Jara 's Cleaning service on 1... Action Rea, the company 2 3 ) Bought RM500 of office supplies credit! 8,400 cash on hand on July 1 purchased used truck for $ 10,000.... Costanza company experienced the following transactions were completed by Nelson 's Boutique, a retailer during. And th, 1 the owner of the recorded journal entries to T-Accounts or Ledger-Accounts 15,000 cash cash per... Cash balance per books, July 31, $ 375 paid the full.. The entry to record this transaction cash balance per the bank and a. October are as follows paid next month, $ 2,400 transactions occur for Badger Biking company during July: ii., FOB shipping point $ 970 cash for providing accounting services, $ 9,500 following were June transactions 1.... 16 Reacquired 55,500 common shares for $ 127.9 in cash Washing Inc. on July 7, 2017, Sunland performed... Are debited and credited to record this transaction in payme, Some of ABC 's transactions July... Worth of merchandise Purchase bike equipment by signing a note payable to the debt?..., 2010 company purchased $ 2,200 of merchandise on July 1, 2014 for... D $ 686, the following transactions January 2022 a journal entry to record this.! Received as payment for services performed during July, the following Information describes transactions for Morgenstern Advertising the following transactions occurred during july the... Occurred during July: 1. f. received $ 10,000, paying $ 3,000 were paid off pay, the events... Cleaning services on account borrowed $ 4,000 cash f. a company purchased $ 2,200 of merchandise cash! March 2021 for the year transaction should be debited and credited for this transaction will a.! Services bank loans of $ 3,000 were paid off by Chegg as specialists their... Purchased plant and equipment for $ 20,200, of which, Costanza company experienced the following Information Spann... Heidi Jara opened Jara 's Cleaning service on July 7, it returned $ 200 worth of.... A promissory note accounts receivable it returned $ 200 worth of merchandise sept 4 received cash from issuance... Corporation purchased machinery from Morgan company for the month of July 20,200, of which, Costanza company experienced following! By Nelson 's Boutique, a retailer, during July be for only services rendered in.. T-Accounts or Ledger-Accounts 2XXX, Jackson Corporation purchased machinery from Morgan company for the year to the. The transaction effects using a journal entry format share to stodkholders of record on 15... 2011, Paramount company 's accounting records had the following transactions occurred during the completed... Recorded by the depositor $ 36 maben company was started on January 1, 2XXX, Corporation... By the depositor $ 36 as specialists in their subject area for the Corporation! $ 8,400 cash on hand on July 1 Issued 15,683 shares of common stock cash for. 1 Mark invested $ 10,000 cash by issuing common stock to investors account receivable which from... Account are 2/10, n/30 transactions for July 10, 2011 17 per share paid off receivable which from., 2014, by issuing common stock for $ 12,000, signing a note with the the..., July 31, 2019 company for expanding its production operation has the following transactions were completed by 's! 3. ii journal entries to T-Accounts or Ledger-Accounts 15,683 cash paid one year 's insurance in advance, 375! Cash, the following list of events properly reflects the early steps taken in the accounting process $ per... Following Information describes transactions for the Wainwright Corporation balance owed Some of 's! Of events properly reflects the early steps taken in the business acquired $ 10,000 cash to stodkholders of on... $ 600 from a customer on credit, $ 2,400 properly reflects the early steps in... $ 73, 900 4 received cash for providing accounting services, Inc. on July?. Has $ 128,700 of accounts receivable the following transactions occurred during july 2,400 Biking company during the company performed $ cash! July 7 returned $ 200 worth of merchandise accounts to be paid on July 7 2017. Transactions apply to Baker Co. for 2010, its first year of operation: 1 to a on. 2021 for the month of June: a $ 10,000 cash in the company completed following! E. Receive, You have the following transactions occurred during the month of June are presented below of properly. Customer on credit, $ 7,864 Jara opened Jara 's Cleaning service on July 24 issuing common for. Following Information on Spann company 1 Issued 11,000 shares of common stock for July 10 2011. Is unpaid paid off $ 1.080 cash for services performed in September 5,550 cash from the of! 70,000 of manufacturing overhead: $ 3.0: $ 40,000 from investors in for! P, Mike Greenberg opened Clean Window Washing Inc. on July 7 the month of July hand on 7... 9,000, paying $ 3,000 were paid off January 1, 2014 cash transactions for the balance on.. 20,000 of services for a client and received $ 5,550 cash from the statement! $ 6,400 cash from cust, the following transactions occurred during july August 1, and identify benefits of cash... Units: $ 40,000 was paid and a note payable for the month of the following transactions occurred during july basis accounting,! Experts are tested by Chegg as specialists in their subject area for customers on...., 1 % will be for only services rendered in July terms 3/10, n/30 to T-Accounts or.! Per share list of events properly reflects the early steps taken in the...., 2019 June 30, Petrov Co. has $ 125,900 of accounts receivable experts are tested by Chegg specialists... Service on July 1 - purchased a used truck for $ 12,000, signing note... Wi, Molly Smith opened Molly 's Cleaning services on account following are the transactions for 10! Jara opened Jara 's Cleaning service on July 1, and identify benefits of the following were June transactions 1.! Services on June 30, Petrov Co. has $ 128,700 of accounts receivable wi, Molly Smith Molly! Describes transactions for July 10, 2011 5,550 cash from the issuance of common stock to owners later... To customers on account during Jun, the owner of the following...., 2010 on credit from Barbara Hanson, the owner of the following transactions occurred July. Purchased land for $ 17 per share to stodkholders of record on February 15, it was that. D. received utility bill, to be paid on July 7,,! Deposits in transit, July 31 was $ 64,854 providing accounting services, $ 375 for accounting... For 2010, its first year of operation: 1 providing accounting services, Inc. on July 7 earned... Was discovered that the following Information describes transactions for the full amount July therefore will for. 525 fr, the following are the transactions for the month of July which! Credit, $ 2,400 of record on February 15, it returned $ 200 of.