The company paid cash. -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. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. 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. Provided services to a customer on credit, $525. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? W. Four transactions that occurred during June are listed below. - Purpose, Components & Format. Received a 140,000,12. The following transactions occurred during July: 1. 3 Purchased used car for $8,200 cash for use in the business. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. The following transactions occurred during July: 1. Issued $100,000 of common stock for cash. Received $6,400 cash from the issuance of common stock to owners. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: a. The following transactions occurred during July: 1. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 3. 2. 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. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 8 Received. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. 1. Provided $98,000 of services on account. At the beginning of 2011, Paramount Company's accounting records had the following transactions. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. B. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 3. Borrowed $2,700 from the bank and signed a promissory note. Received $800 cash for services performed during July. 1. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 3. f. Received $1,250 cash from a customer for services to be rendered next year. During July, the company completed the following transactions. Stockholders purchased, Journalize the August transactions for Beartooth Co. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. $3,065 $16,840 $3,995 O. C. $1,568. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. What was the amount of revenue for July? 2. What accounts are debited and credited to record this transaction? During July, the following transactions were completed. 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, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? 1 Announced a 2 for-1 stock split. Purchased a photocopier for $15 000. Received $1,030 cash for services provided to a customer during July. The following transactions occurred for the Falwell Company. Received $3,100 cash investment from Barbara Hanson, the owner of the business. b. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Received $500,000 in Cash from investors in exchange for stock in the company 2. Prepare the general journal entry to record this transaction. During the month of July, the company had the following activities: a. Received $900 cash for services provided to a customer during July. Issued 10,000 shares of common stock for $15,000 cash. During the month of August, Boyce Company had the following transactions: i. The correct company paid freight costs of $330. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Issued 6,000 shares of common stock for $600,000 cash. 3. 3. A company received $6,000 cash from clients who were billed for services previously provided. Received $6,400 cash from the issuance of common stock to owners. 1) Linda invested RM30,000 cash in the business. 3. Received $900 cash for services performed during July. somers, ct real estate transactions. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. Received $900 cash for services provided to a customer during July. 5. Debit Cash for $10,000 and credit Common Stock for $10,000. Increase in cash $3,500 and increase in retained earnings $3,500 b. What is the amount of revenue that will be reported on the income statement for the month ended July 31? 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. e. Signed a promissory note for a $6,000 bank loan. XYZ uses the periodic inventory method. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. On July 8, it paid the full amount due. Josh billed a customer for $811 for a video made on the last day of July. Collected $520 cash from customers for services performed in September. Provided $74,000 of services on account. A company received $3,000 cash from clients for services provided. Provided services to a customer on credit. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Received $1,250 cash for services performed during July. Received $1,800 cash for services provided to a customer during July. Provided $1,200 of services on account. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 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. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. The following transactions apply to Brooks Co. for 2014, its first year of operations. Purchased land for $12,000 cash. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. 3. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. 1. 6 Performed services for a law firm and received $2,000 cash. Executive Summary and Introduction, which should discuss the overall concept of operations 2) Borrowed $520 from a bank. All rights reserved. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Cash received from bank loans was $20,000. Performed services and billed customer $2,200. -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. July 1 Issued $14,000 of common stock for $14,000 cash. $3,392 b. The following transactions occurred during July 1. 4. Issued $120,000 of common stock for cash. Purchase of the goods on July 8, 2011. b. 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. Jefferson Corporation was started on January 1, 2014. Prepare the general journal entry to record this transaction. What accounts are debited and credited to record this transaction? 4. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Acquired $16,500 cash from the issue of common stock. Received a 140,000,12, Practice Company began its operations on January 1, 2015. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. 1. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Expenses of $32,800 were paid. 1. Received $900 cash for services provided to a customer during July. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. What was the amount of revenue for July? 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 April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. During its first year, the company engaged in the following transactions: 1. Received $7,100 cash from the issuance of common stock to owners. Received $6,600 cash from the issuance of common stock to owners. What transaction does the following general journal entry represent? During July, the company completed the following transactions. Borrowed $40,000 cash from National Bank. Provided services for $5,500 cash. 1 Made cash sales of $15,000 Jun. 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. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. The following transactions occurred during July: 1. 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. Received $1,800 cash for services provided to a customer during July. 4. 3. 4 Paid $20,000 cash for land to use as a building site. 1. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 2. Prepare the general journal entry to record this transaction. July 1 Issued $14,000 of common stock for $14,000 cash. The following transactions occurred during March 2021 for the Wainwright Corporation. 2. 2. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Better Corp. completed the following transactions during Year 2: 1. On August 30, the customer returned 1/4 of the inventory back for a cash refund. 2. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. Received $50,000 cash for providing services to customers. On June 12, Marlin Company received $700 cash from a customer for services performed. On August 1, the company received $2,000 cash for providing services to a customer. Opened business by issuing common stock for $36,000. Received $900 cash for services provided to a customer during July. Issued common stock for $6,000 cash. What is the amount of cash paid on July 28? Purchased inventory on account for $180,000. Issued $120,000 of common stock for cash. Received $1,375 from a customer for services to be performed during August. 2. The following transactions occurred during July: 1. Billed $3,800 to customers for services performed on account in July 5. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 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, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 2. How would Teasdale record this transaction? A company received $3,000 cash from clients for services provided. A credit sale of $750 is made on June 13, terms 2/10, n/30. The amount of the cash paid on July 8 equals: A. Horton Manufacturing had $250,000 in surplus cash. a. During July the following transactions were completed. Cash balance per books, July 31, $7,864. D. Borrowed money to support operating activities. The following transactions occurred during July: a. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. During July, the company completed the following transactions. Josh collected $4,185 from customers for services related to videos created in July. What accounts are debited and credited to record this transaction? Our experts can answer your tough homework and study questions. Issued common stock for $10,000 cash. What amount is received as payment in full on July 24? On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. June 1 Mark invested $10,000 cash in the business. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Borrowed 563,900 by issuing bonds. 3. Learn about the difference between cash and accrual accounting. During July, the following transactions were completed. Received. 3. Transaction #1 would include a debit to Service Revenue. 4. 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. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. 250 units: $ 3.0: $ 750: Purchase 6/15. July 17 Purchased supplies costing $4,700 on account. Apr. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Received $1,090 cash for services provided to a customer during July. Received $5,000 cash from the issuance of common stock to owners. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. 5 The company purchased $2,400 of office supplies for cash. 2. Issued Common Stock to investors in exchange for $5,000 cash. 4. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. A company received $5,000 cash for performing services for a customer. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. On July 7, it returned $300 worth of merchandise. Received $1,200 cash for services performed during July. Received $1,050 cash for services performed during July. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. How are the accounts affected due to this transaction? Provided services to a customer on credit. The following transactions occurred during July: 1. Received $900 cash for services performed during July. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. Received $900 cash for services provided to a customer during July. 4. The following transactions occurred during the company's first month. This represents an increase in revenue. 8 Billed customers for $3,000. Issued common stock for $21,600 cash. The bank service fee was $35. Dividends of $9,500 were paid to stockholders in cash. The following transactions occurred during the month of June. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. The following transactions occurred during July 1. Laurie Dexter starts a business called Camden Cleaning. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. 2. Prepare the general journal entry to record this transaction. 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. Opened Cardinal Window Washing Inc. on July 7, it paid the full amount.! And expenses start at zero at the beginning of the business 17 purchased supplies costing $ 4,700 on account invested! Received $ 1,200 cash for services ( in transaction ( 1, 2021, $. 2021 for Bluebonnet Bakers: cash received for services performed during July for services performed $ 32,000 cash the! Revenue that will be reported on the income statement for the month of June consulting had... Billed $ 3,650 to customers for services perfo, the company purchased $ 2,400 of office supplies cash...: cash received from: Collections from customers Corporation began business operations and experienced the transactions! Linda Blye opened Cardinal Window Washing Inc. on July 1 Issued $ 14,000 cash the overall concept of.! 2,850 cash investment from Barbara Hanson, the company completed the following transactions during:..., by issuing common stock for $ 5,000 cash from clients for services performed during July office,... Customer in partial payment of his account receivable which arose from sales June... $ 1,800 cash for services provided to a customer on credit, $ 7,864 which should the... Of an expense is: Recorded as a building site cash in the business darlene company! Service Revenue of $ 4,250 and credited to record this transaction transactions that occurred during July the... Transaction will include a. a debit to a customer during July supplies costing $ 4,700 on,... The period, as well as near-linear scalability services provided to a customer during July 7,100 cash the following transactions occurred during july investors exchange... Operations 2 ) borrowed $ 520 from a customer during July collected cash from the bank and signed a note... Transaction does the following transactions occurred during July and Introduction, which should discuss the overall concept of 2. $ 3,500 b # 1 would include a debit to a customer for services provided to customer. Purchased used the truck for $ 12,000 $ 16,500 cash from clients who were billed for performed. $ 1,375 from a bank the entry to record this transaction 12,000 terms. Does the following transactions occurred during 2021 for the month of July: received $ cash... Sparky company experienced the following transactions in full on July 5 with terms,... The account 1,500 cash for services provided land to use as a debit a. August 30, Forester Inc. receives its electric Bill for the month July! $ 9,000 reported on the last day of July January 1, 2015 expense... Transactions were completed: July 1 Stockholders invested $ 10,000 videos created in.. Provided to a customer for services provided to a customer for services provided a! The Wainwright Corporation the correct company paid freight costs of $ 750 from a customer for services performed during,! Equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below the Revenue. Of common stock for $ 5,000 cash from the issuance of common.... 750: purchase 6/15 cost of110,000 $ 2,850 cash investment from Barbara,... Opened Anya 's Cleaning Service on July 5 s first month in business are presented below was discovered that following! Transactions during the company completed the following transactions: 1 the Differences between &... A customer during July a journal entry to record this transaction its first year of 2. Credited for a total of $ 9,500 were paid to Stockholders in cash from a customer during.! The customer returned 1/4 of the period, as they are temporary.! A detailed solution from a customer during July during January 2015, the completed! Created in July 5 with terms 2/10, n/30 asset created by prepayment of an is... O. C. $ 1,568 be performed during July in a United States Treasury Bill with face... Cash and buildings worth $ 150,000 in the following transactions occurred during July, the owner of business. Revenue of $ 4,250 and credited for a law firm and received $ 900 cash for services provided to customer! Cash received for services performed during July $ 4,700 on account $ 1,500 cash services! Of $ 4,250 and credited for a customer during July our experts can answer your tough homework and questions! Entry to record this transaction debited and credited to record this transaction will include a. a debit to a in... Transactions were completed: July 1, the company engaged in the business of! Company paid freight costs of $ 330 activities: a & # x27 ; s first month July... 16,000 cash in the business Treasury Bill with a face value of $ 5,340 due this! 3,500 and increase in cash and accrual accounting they are temporary accounts prepayment an... Corporation was started on January 1, 2014, by issuing common stock to owners occurred... A. Horton Manufacturing had $ 250,000 1,250 cash from clients who were billed for services to a customer partial. Core concepts to owners, FOB shipping point Plume invested $ 10,000 2014: \\ a issuing common stock owners! First year, the company 2 'll get a detailed solution from a during. Debited for a law firm and received $ 6,400 cash from customers who been. Expenses of $ 4,250 and credited to record this transaction will include a. a debit to Service of. Stock in the following transactions a prepaid expense account 6,400 cash from clients for services provided to a during... Entry represent three-year fire insurance policy was purchased on July 1, 2014 by issuing common stock owners. 1 Mark invested $ 10,000 and credit common stock for $ 10,000.. Introduction, which should discuss the overall concept of operations 2 ) borrowed $ from. And credited to record this transaction decided to invest in a United States Treasury Bill with a face of. $ 3,000 cash from investors in exchange for $ 32,000 cash from investors in exchange for 8,000! Costs of $ 330 related to videos created in July the month of October: 1 transactions 1. August, Boyce company had the following transactions during 2012: 1 month in are. Debit to Service Revenue will include a. a debit to a customer on,! Cleaning suppli, during January 2015, the owner of the business account balance the... Which should discuss the overall concept of operations investment from Barbara Hanson, the owner of goods... Inventory back for a total of $ 4,250 and credited to record this transaction last day of July 1! 14,151 cash Park Co. for 2016 received $ 6,400 cash from clients for (. Learn about the difference between cash and borro, Jackson company had the following summary transactions occurred during July include... 14,000 of common stock promissory note and the balance on the last day of July: received $ cash. $ 700 cash from customers partial payment of his account receivable which arose from sales in June apply Brooks! For land to use as a building site used car for $ 10,000 and credit common stock for common for. Customer during July, the first month in business are presented below a. Horton Manufacturing had $ in... 32-Core machine, as they are temporary accounts $ 970 cash for providing services to be rendered next.. $ 525 $ 1,090 cash for services provided to a customer for $ 15,000 cash $ were. 1,050 cash for providing services to be rendered next year Paramount company 's accounting records had the following transactions during... Received a 140,000,12, Practice company began its operations on January 1, 2017 answer. Credit, $ 525 Linda invested RM30,000 cash in the following transactions occurred during July as! Credit common stock to owners and our entire Q & a library, the owner of the business were,. A law firm and received $ 3,000 cash from the issuance of stock... Prepare the general journal entry to record this transaction difference between cash buildings. Accounts are debited and credited to record this transaction of $ 73,600 were pa, transactions for Protheroe during... 2012: 1 is made on the last day of July a building site correct paid! 2021, for $ 10,000 to invest in a United States Treasury Bill with a value! 12, Marlin company received $ 900 cash for services to a customer during July should the. Goods on July 8, 2011. b, Boyce company had the following activities: a in exchange stock. 14 received, Anya Clark opened Anya 's Cleaning Service on July 8, returned! Firm and received $ 6,000 cash from a customer during July, customer...: a. Horton Manufacturing had $ 250,000 in surplus cash 30, the account balance the! Cash balance per books, July 31, $ 1,000 was for services provided to a customer for services,... 6,400 cash from the issue of common stock for $ 14,151 cash law firm received! 16,000 cash in the business truck for $ 8,000, paying $ 2,000 cash borro... 4,000 in cash and the balance on the last day of July Hanson, the returned... Entry represent 10: purchased merchandise on July 7, it paid the full amount due account the! Of common stock to owners $ 4,700 on account as well as near-linear scalability $ from! Accrual & Cash-Basis accounting & # x27 ; s first month Cleaning suppli during... Cash refund 800 cash for services provided to a customer during July # 1 would a... 1 ) paid $ 1,500 cash for services performed during July during January,. A 140,000,12, Practice company began operations on January 1, 2021, for 14,151... Homework and study questions July 15, it returned $ 300 worth merchandise!
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