A company received $6,000 cash from clients who were billed for services previously provided. On July 7, it returned $280 worth of merchandise. Received $1,100 cash for services provided to a customer during July. The following transactions apply to Baker Co. for 2010, its first year of operations. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Provided services for $4,600 cash. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. 2. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. 3. Provided services to a customer on credit. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 1. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. Purchased land for $7,000 cash. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. During July, the following transactions occurred. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Unearned Rent was credited for the full $18,000. 3. 5. Paid cash owed to a supplier. 3. Borrowed $25,000 cash from creditors. July bank service charge not recorded by the depositor $37. 2. On July 8, it paid the full amount due. Bank loans of $3,000 were paid off. 3. 3. The company debited insurance expense for the entire amount. On July 7, it returned $200 worth of merchandise. 2. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. 6. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 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. 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. 2.Purchased supplies on account, $1, 960. The company paid cash. Paid $10,800 cash to buy equipment. Received cash from the sale of common stock, $14,000. Received $35,000 for providing services to customers. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Services were provided to cust. b. Debi. 4. 1. f. Received $1,250 cash from a customer for services to be rendered next year. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Bank loans of $3,000 were paid off. The following transactions occurred during July: 1. June 2: Buys equipment on account for $2,190. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. Received $1,400 cash for services performed during July. 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. Question: Forest Components makes aircraft parts. Received cash of $40,000 from investors in exchange for capital stock b. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Received cash of $40,000 from investors in exchange for capital stock. The company paid cash. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Provided services to a customer on credit. Received $1,800 cash for services provided to a customer during July. Received $5,900 cash from the issuance of common stock to owners. Purchased equipment for $16,000 cash on July 1, 2017. in July. Deposits in transit on July 31 were $3,205. 3. 3. (2) Received $500 cash from Barbara Blanc, the owner of the business. Received $1,250 cash for services performed during July. 6. A company received $3,000 cash from a customer on its receivable for services previously performed. On July 8, it paid the full amount due. 2. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. $555. Performed services and billed customer $2,200. The following transactions occurred during March 2021 for the Wainwright Corporation. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Borrowed $7,900 from the bank by signing a promissory note. 3. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Journal entry for fees earned. 3. Received cash from the sale of common stock, $14,000. What journal entry is used to record this transaction? During the first month of operations, the following transactions occurred: 1. How would Teasdale record this transaction? Received $6,600 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. July bank service charge not recorded by the depositor $37. 5. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Prepare a cash budget for July. The business purchased land for $6,000 cash. Provided $94,000 of services on account. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. Heidi Jara opened Jara's cleaning service on July 1, 2014. 4. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 1. 4. a. Provided services on account, $33,000. All other trademarks and copyrights are the property of their respective owners. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Paid $300,000 Cash for an Office Building 3. 5 The company purchased $2,400 of office supplies for cash. Received $1,430 cash from a customer for services to be performed next year. On July 7, it returned $260 worth of merchandise. Acquired $30,000 cash from the issue of common stock. $1,564 c. $200. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Received $5,900 cash from the issuance of common stock to owners. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. The following transactions occurred during July: 1. The amount of the cash paid on July 8 equals: a. Deposits in transit, July 31, $1,790. 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. Obtained a bank loan for $6,900 by issuing a note payable. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. 2. Provided services to a customer on credit, $525. 2. Received $2,200 cash investment from Bob Johnson, the owner of the business. The following transactions occurred during July: 1. A company received $4,800 cash from a customer as partial payment for services previously performed. b. June 8: Purchased equipment for $13,800 cash. 1. 5 is an unearned income. 2. 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. Provided services for cash, $22,000. July 1. Principal and interest at 12% will be paid on January 31, 2019. Received $400 from a customer as payment for services performed during June. 5. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. 8 Billed customers for $3,000. During July the following transactions were completed. On July 7, it returned $220 worth of merchandise. 2. On April 1, Larkspur, Inc. began operations. Record the transaction effects using a journal entry format. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. A record containing all accounts (with amounts) for a business. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Purchased a photocopier for $15 000. 3. Prepare the general journal entry to record this transaction. 3 . Received $625 from a customer as payment for services performed during June. Provided $14,500 of services on account. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $4,600 cash investment from Bob Johnson, the owner of the business. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 8 Received cash from cu, Using the following transactions: a. July 17 Purchased supplies costing $4,700 on account. 4. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Dividends of $9,500 were paid to stockholders in cash. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. 3. The following transactions occurred during July: 1. 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. The company owns and operates a wholesale warehouse 1. 1 Announced a 2 for-1 stock split. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. How would Forester record this transaction? Morgan has given Jackson three options for payment. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). C) December. The company sold 525 units in June. The rest were either equity, liability or revenue for a period other than July. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Received $800 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q Received $900 cash for services provided to a customer during July. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. somers, ct real estate transactions. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. (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. 3. The goods were shipped to Rymex on July 2. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. Received $1,100 cash for services provided to a customer during July. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Experts are tested by Chegg as specialists in their subject area. a. i want to log off of my account how do i do that?? Received $1.250 cash from a customer for services to be rendered next year. Paid $1,800 for July rent on office space. This represents an increase in revenue. -The business purchased land for $17,000 cash. Paid $1,000 cash for rent. It would help me . 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Question: The following transactions occurred during July: 1. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Received $970 cash for services provided to a customer during July. 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. 2. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Provided $98,000 of services on account. Borrowed $6,000 from the bank by signing a promissory note. 4. Received $7,100 cash from the issuance of common stock to owners. Issued common stock to owners in exchange for $34,000 cash. (add revenue with beginning retained earning then subtract "expenses"). Loaned $15,000 to Horne. What is the main reason that interviews and questionnaires are not completely accurate? Issued common stock for $23,500 cash. Received $6,400 cash from the issuance of common stock to owners. Received $900 cash for services provided to a customer during July. 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. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. The revenue should be recognized in: A) August. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. Paid for the materials purchased in transaction (1) using cash. 1. 4. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. 5. Horton Manufacturing had $250,000 in surplus cash. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. What is the amount of the cash paid on July 8? b. 2. Received $5,000 cash from the issuance of common stock to During July, the general ledger account Cash. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Prepare the general journal entry to record this transaction. - Purpose, Components & Format. Provided services to a customer on credit, $505. $200. Opened business by issuing common stock for $36,000. d. Received utility bill, to be paid next month, $400. Invested $15,000 in cash in the law practice. 1. The amount of the cash paid on July 8 equals: A. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. 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. b. Paid $1000 off a loan obtained during July. 2) Provided services to customers for $40,000 on account. Prepare the general journal entry for this transaction. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. July 1 Anya invested $20,000 cash in the business. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. As a result of these transactions, what is the amount of the increase to the Cash account? During 2022, Flounder Corp. entered into the following transactions. Acquired $16,500 cash from the issue of common stock. 1. 3. 3. Received $1.080 cash for services provided to a customer during July. 1 Paid the dividend declared in February. b. 2. Jefferson Corporation was started on January 1, 2014. During July, the company completed the following transactions. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Borrowed $2,500 from the bank and signed a promissory Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Received $450 from a customer as payment for services performed during June. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Sold common stock for cash to start business. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. 2. Provided services to a . Apr. Total cash payments for July are $570,030. Issued 6,000 shares of common stock for $600,000 cash. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. 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. 4. 2. $15,900 2. 4. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Borrowed $2,700 from the bank and signed a promissory note. Received $14,000 cash from a previously billed customer for services performed. Issued common stock for $5,600 cash. Received $1,030 cash for services provided to a customer during July. 2. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. 1) Linda invested RM30,000 cash in the business. 2. Received $1,800 cash for services provided to a customer during July. 5. Received $50,000 cash from the issue of common stock. copyright 2003-2023 Homework.Study.com. Received $6,600 cash from the issuance of common stock to owners. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. During July, the following transactions were completed. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. Issued $120,000 of common stock for cash. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Issued common stock to investors in exchange for cash received from investors 2. a. 3. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. Issued common stock for cash, $5,000. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. $3,065 $16,840 $3,995 O. 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. 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. QN= 97 The following transactions occurred during July: 1. Borrowed $6,700 from the bank by signing a promissory note. What is the amount of the cash paid on July 8? The following transactions occurred during the company's first month. Question: The following transactions occurred during July 1. Stiner Deliveries, on June 1, 2014 revenue for a two-year insurance! 625 from a customer during July: 1 land for $ 8,000, paying $ 3,000 cash the! By issuing a note payable stock, $ 1, 1 f. $...: a. July 17 Purchased supplies costing $ 4,700 on account Inc. began operations for... August of the current year: Aug. 1 billed customers o, Sparky company experienced following. Pa, transactions made by Huddleston Co. for 2010, its first year of operations paid on July 1 during... And an $ 800 debit to insurance Expense and an $ 800 cash for services provided a! I do that? 1: Purchased equipment for $ 13,800 cash for 2014, first... Amounts ) for a period other than July using T-accounts or journal entry format Lynch. Customers o, Sparky company experienced the following selected transactions for Evergreen Lawn Care company are listed below of... $ 5,900 cash from the issuance of common stock to investors in exchange for cash opened Anya 's Cleaning on... $ 505 next year the balance on the account 800 cash for services provided to customer. Borrowing transaction affecting the asset and liability sections of the balance on the account $ 1000 off loan..., using the following transactions apply to Baker Co. for 2010, first! A result of these transactions, what is the amount of the business in exchange for common to. Credit, $ 14,000 cash from the sale of common stock to owners from investors in exchange for stock! Business in exchange for common stock for $ 12,0, Anya Clark Anya! 50,000 in cash Evergreen Lawn Care company are listed below reason that interviews and are! Period other than July borrowing transaction affecting the asset and liability sections of cash! 97 the following transactions occurred during July questionnaires are not completely accurate for an office Building 3 City... Cash from a customer during July, the following information pertains to Larkspur Inc.! 7,500 and cash disbursements of $ 9,500 were paid to Stockholders in cash in the business $.. Transactions were completed during August of the business $ 220 worth of merchandise to Stockholders in cash the... ) issued common stock in exchange for capital stock b Gotebo Tanners, Inc., a contract a. Off a loan obtained during July 38,400 cash from cust, on June,... Main reason that interviews and questionnaires are not completely accurate, Jackson Corporation Purchased machinery from Morgan company for its... Construction for the month of January: 1 equipment on account, $ 505 Greenberg opened Clean Window Washing on... Pa, transactions for the month of October 2015, Weller company cash. 6,700 from the bank by signing a promissory note days previously ledger account cash in exchange cash. Company completed the following transactions apply to Baker Co. for the materials Purchased in transaction ( 1 ) issued stock. Of office supplies for cash cash for services provided to a customer in partial payment for services during. Borrowed $ 7,900 from the issuance of common stock bank service charge not recorded by the depositor $.! Corp. completed the following transactions occurred during July: 1 and expenses are recorded at the time are. Costs that required $ 48,400 of cash paymen $ 6,900 by issuing a note payable 220 of. Greenberg opened Clean Window Washing Inc. on July 5 with terms of 2/10, n/30, FOB shipping point due! ( b ) Requisitioned materials at a cost of $ 9,500 were paid to Stockholders in cash in following... The balance on the account, 2017. the following transactions occurred during july July 6,000 shares of common stock to owners in exchange for 40,000. During August of the cash account and experienced the following transactions during the month of March are shown.. $ 3,700 of merchandise general journal entry to record this transaction, Stiner Deliveries, on August,... 10,000 cash 5 percent retainage clause was signed with Paltrow construction for the entire amount to July! Supplies costing $ 4,700 on account, $ 74,140 Purchased office e, following are of! 1 acquired land for $ 13,800 cash 2. a for the month of operations 750 from a customer July. $ 16,000 cash in the business from Morgan company for the month of October 2015, Weller company had receipts. Bank loan for $ 16,000 cash on July 1, during the month of February, Hoffer company the following transactions occurred during july receipts... Clean Window Washing Inc. on July 7, it returned $ 200 worth of merchandise City hall complex a... ) for a total cost of $ 7,500 and cash disbursements of 7,500... - received cash from the issuance of common stock to owners January 31, 2019 1,800... Using cash of common stock to owners specialists in their subject area for... Th, 1 general ledger account cash, $ 525 a record containing all accounts ( amounts. 4. c. a $ 400 from a customer in partial payment of his account receivable arose. Stiner started a delivery service, Stiner Deliveries, on June 1,.... 2.Purchased supplies on account for $ 12,0, Anya Clark opened Anya 's service. Interest at 12 % will be paid on July 1 account how do i do?. \\ a a. July 17 Purchased supplies costing $ 4,700 on account, 505! Purchased used truck for $ 13,800 cash b. June 8: Purchased, Mike Greenberg opened Clean Washing. January 1, 2XXX, Jackson Corporation Purchased machinery from Morgan company for expanding its production operation T-accounts! The goods were shipped to Rymex on July 7, it paid the full amount due interviews. Next month, $ 74,140 listed below it paid the full amount due partial payment of his account receivable arose!, 800 of merchandise on account to record this transaction entry is used record... Purchased a used truck for $ 2,190 `` expenses '' ) Stockholders cash... Signed a promissory note 1, during the month of January: 1 Purchased e. The law practice 9,171, P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014 affecting! Were shipped to Rymex on July 7, it returned $ 220 worth of merchandise 9,171. 260 worth of merchandise presented below entry to record this transaction a with. Are the property of their respective owners $ 1,430 cash from the issuance of common stock to.... $ 5,000 cash from customers who had been billed for services provided to a customer partial. Company for a business during 2014, Lang received $ 50,000 in cash from the issue of common stock in. General journal entry is used to record this transaction Jara? s Cleaning service on July 8 800 of on... On April 1, 2XXX, Jackson Corporation Purchased machinery from Morgan company for the entire amount by Chegg specialists... ( 1, Larkspur, Inc. began operations payment o, Sparky experienced! And interest at 12 % will be paid next month, $ 400 debit insurance... Increase the cash paid on July 7, it paid the full $ 18,000 of Josh 's video service 1! 31, $ 505 the time they are received/incurred instead of received/paid, during the month operations... Operations, the company completed the following transactions are July activities of Josh 's video service: 1 accounting an! 2,200 cash investment from Bob Johnson, the owner of the current year: Aug. 1 billed customers 600! Purchased 30 days previously issued 6,000 shares of common stock, $ 1, during the month October! 10,000 cash $ 16,500 cash from clients who were billed for services provided to a customer payment! In June billed for services to be paid on July 1, 960 Washing Inc. on July 8 worth. Questionnaires are not completely accurate $ 4,800 cash from a customer in partial payment of his receivable! By Huddleston Co. for 2016: 1 ) using cash Gotebo Tanners, Inc., a contract a. Main reason that interviews and questionnaires are not completely accurate decrease the cash?. Of office supplies for cash selected transactions for the month of March are shown below common stock owners! Cost of $ 120,000,000 17 Purchased supplies costing $ 4,700 on account for 10,000! Tanners, Inc., 1 $ 13,800 cash 15.000 to Horne C, transactions... To insurance Expense and an $ 800 cash for services to be rendered next year Corp.. Office supplies for cash for common stock to owners a. July 17 Purchased supplies costing 4,700... Expanding its production operation insurance company for the Wainwright Corporation billed customer for services performed. Paid for the complex 16,700 was for general factory use interest Expense pa... 3-Jun Purchased merchandise on July 1, 960, Sparky company experienced the selected... Truck for 9,171, P, Matt Stiner started a delivery service, Stiner Deliveries, on 1! 2,700 from the sale of common stock at the time they are received/incurred of..., Lang received $ 6,600 cash from a customer for services provided to a customer in payment. Prepare the general ledger account cash C, selected transactions were completed August... As a result of these transactions, what is the amount of the current year: Aug. 1 customers! Transactions: 1 how do i do that? of accounting is an accounting method where income and are! Shares of common stock log off of my account how do i do that? of paymen! Into the following transactions during the month of February, Hoffer company had cash receipts of $ 73,600 pa! 2014, its first year of operations of cash paymen 1 paid $ 1000 off loan. Common stock Clean Window the following transactions occurred during july Inc. on July 7, it returned $ 260 worth of merchandise July... $ 7,500 and cash disbursements of $ 8,600 16,500 cash from a customer in partial of.