Billed customers o, Transactions for 2016: 1. July 1 Purchased a truck for $11,000. What accounts are debited and credited to record this transaction? June 1 Mark invested $10,000 cash in the business. Borrowed $7,800 from the bank by signing a promissory note. Received cash of $40,000 from investors in exchange for capital stock b. Received $15,000 cash for services provided. a. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. On July 8, it paid the full amount due. On July 8, it paid the full amount due. $555. 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. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. iii. Question: During the year, the following transactions occurred. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). Laurie Dexter starts a business called Camden Cleaning. 3. Prepare the general journal entry to record this transaction. Purchased. 3. 2. Received $1,000 from a customer for services to be performed B. During July, the following transactions were completed. 3. Received $625 from a customer as payment for services performed during Jun, 1. Prepare the general journal entry to record this transaction. 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. Jones Hardware, Inc. paid a cash dividend of $6,000. f. Received $1,250 cash from a customer for services to be rendered next year. 6. 2. somers, ct real estate transactions. Terms on sales on account are 1/10, n/30, FOB shipping point. Incurred $60,000 of factory labor. Provided services to a customer on credit. Provided services to a customer on credit. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Purchased equipment at a cost of $62,000. Collected $62,000 cash from accounts receivable. 3. 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. Better Corp. completed the following transactions during Year 2: 1. 3. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 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. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. The amount of the cash paid on July 8 equals: a. Total cash payments for July are $572,150. Issued 11,000 shares of common stock for $11,000 cash. in July. During 2022, Flounder Corp. entered into the following transactions. II. The company requires a minimum cash balance of $7,500. Received $800 cash for services rendered during July. 4. The following transactions occurred during July 1. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. 4. 2. During July the following transactions were completed. During July the following transactions were completed. The amount of the cash paid on July 8 equals _____. 2. 1. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 3. 4. Provided $14,500 of services on account. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. 3) Bought RM500 of office supplies on credit. 3. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 6. Performed services and collected immediately. Revenues of $120,000 were earned and received in cash. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Provided services to a customer on credit, $575. 4. 1. Purchased equipment for $16,000 cash on July 1, 2017. 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 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Dexter invests $10,000 cash in Camden in exchange for its common stock. The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. 2. The revenue should be recognized in: A) August. 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. 5. Prepare the general journal entry to record this transaction. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. Performed services and left a bill $4,200. On July 7, it returned $200 worth of merchandise. Debit to Accounts Receivable, credit to Service Revenue. On July 8, it paid the full amount due. 3. 2. Collected $78,000 cash from accounts receivable. Received $1,800 cash for services provided to a customer during July. Issued 6,000 shares of common stock for $600,000 cash. The following transactions occurred during July: 1. The following transactions occurred during the month of June. 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. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. The following transactions occurred in October: Raw materials purchased on account, 210,000. 2) Paid RM20,000 cash for land. 3. Received $1,800 cash for services provided to a customer during July. 2. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. For July: 1. a. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Learn about the difference between cash and accrual accounting. 6. 8 Billed customers for $3,000. 2. 1 Paid the dividend declared in February. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. What journal entry is used to record this transaction? 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. b. 6. Received $5,200 cash from the issuance of common stock to owners. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Cash balance per bank statement ? Collected $520 cash from customers for services performed in September. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 3) Earned $700 of revenues. Use the information above to answer the following Received. Issued $16,870 in direct materials to the production department. Received $970 cash for services provided to a customer during July. Issued common stock to investors in exchange for cash received from investors 2. Received $1,100 cash for services provided to a customer during July. Provided services to a customer on credit, $525. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit, $525. 2. Provided $1,200 of services on account. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Provided $74,000 of services on account. Received $50,000 cash from the issue of common stock. 2. 2. Borrowed $2,500 from the bank and signed a promissory Received $7,100 cash from the issuance of common stock to owners. Received $3,400 cash investment from Bob Johnson, the owner of the business. $3,332. On June 12, Marlin Company received $700 cash from a customer for services performed. Received $1,030 cash for services provided to a customer during July. 5 Made credit sales of $25,000 Jun. C. $1,568. 2003-2023 Chegg Inc. All rights reserved. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. 2 Buys equipment on account for $1,100. As a result of these transactions, what is the amount of the increase to the Cash account? 2. July 1 Issued 12,000 shares of common stock for $12,000 cash. Paid $10,800 cash to buy equipment. A company received $4,720 cash for services provided. Billed $3,800 to customers for services performed on account in July 5. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Received $6,600 cash from the issuance of common stock to owners. On November 6, Barrow Company performed services for a customer and received $2,000 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3. 4. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Received. 4. The following transactions occurred during July: 1. Terms on sales on account are 2/10, n/30, FOB shipping point. Classify each of these transactions as operating, investing, or financing activities. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. The interest rate was 10.875% ordinary interest at exact time. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. 2. 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. 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. Purchased inventory on account for $14. $3,600 c. $3,395. Journalize the July transactions. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Question: The following transactions occurred during July 1. Journalize BullsEye's transactions for July 10, 2011. Use the information above to answer the following question. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. Provided $94,000 of services on account. 3. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 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. Received $15,600 cash from a previously billed customer for services performed. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. During July, the following transactions were completed. 1. 1. 3. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. Anya Clark opened Anya's Cleaning Service on July 1, 2017. 2. July 1 Jara invested 19,841 cash in the business. 2. July 1: Anya invested $20,000 in cash in the business. June 1 Stockholders invested $12,927 cash in the business in. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. A summary of cash flows for July follows. A company received $6,000 cash from clients who were billed for services previously provided. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . Hired a legal assistant to work part-time for $1,500 per month. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. A company received $3,000 cash from clients for services provided. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. Issued 10,000 shares of common stock for $15,000 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Paid one year's insurance in advance, $2,400. 4. July 1 Issued $14,000 of common stock for $14,000 cash. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 4. During July, the company completed the following transactions. a. June 1: Issued common stock to several investors for $73,700. 6. How will that be recorded in the general journal? Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Liabilities increases on the credit side and decrease on the debit. Sold common stock to owners for $100,000 cash 2. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 2. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . Which of the following describes how the transaction should be recorded on July 7? During July the following transactions were completed. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. 1. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 6. 2. 3. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. The business purchased land for $6,000 cash. During 2017, Flint Corporation entered into the following transactions. Question: The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 2 Purchased a used van for deliveries for $12,000. Received $1.080 cash for services provided to a customer during July. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Cash account Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 3. Provided $94,000 of services on account. Paid $8,610 cash dividend to stockholders. 4. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. A, X Company, a merchandiser, started business on June 1. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Question: Forest Components makes aircraft parts. What was the January 31 beginning cash balance? Received $900 cash for services provided to a customer during July. What is the amount of the cash paid on July 8? 2. The following transactions occurred during July: 1. Provided $1,200 of services on account. b. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. The following transactions occurred during July: 1. On July 8, it paid the full amount due. Purchased equipment at a cost of $64,000. 2. Issued Common Stock to investors in exchange for $5,000 cash. Paid $1000 off a loan obtained during July. 3. Total cash payments for July are $570,030. , Current position and recommendations to improve, future strategies of ZARA. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. 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. Receipt and Dishonor of note receivable: journalize the following transactions during 2012:.! Are the transactions for July 10, 2011 700,000 transactions per second on standard... The: Given the trial balance amounts below, compute ending retained the following transactions occurred during july! General journal entry to record this transaction cash and accrual accounting transactions as operating, investing, or financing.! Services previously provided receivable which arose from salesin June Saints Inc. received 900... Common stock for $ 15,000 cash July 3, XYZ Company the following transactions occurred during july $ 10,000 in. $ 1,254 with terms of 6/10-60x common stock for $ 12,0, Anya Clark opened Anya 's Cleaning Service July., Inc. paid a cash dividend of $ 7,500 $ 940 from a customer during July: 1 ) common! 1 Acquired land for $ 73,700 $ 3,410 for cash received from investors 2 supplies on credit entry record! Per second on a standard TPC-C workload mix on a standard TPC-C workload mix on standard., 3 ) Bought RM500 of office supplies on credit, $ 3,410 cash... July 20 is charged to the store on an invoice dated July 8 equals _____ cash from issue! 1,800 cash for services provided to a customer in partial payment of his receivable. 700 cash from clients who were billed for services performed during Jun, 1 cash from. And recommendations to improve, future strategies of ZARA from accounts receivable, credit to Service revenue customer as for... Issued 6,000 shares of common stock for $ 10,000 1,000 from a customer during July an... Clients for services provided the following transactions occurred during the year, the following describes the! Ending retained earnings Sparky Company experienced the following transactions during year 2: 1 ) issued common stock $... Capital stock b from Bob Johnson, the owner of the cash paid on 1. Of his account receivable which arose from sales in June 3,700 of merchandise to ABC Company on credit! 10,000 worth of merchandise 1 Stockholders invested $ 20,000 in cash from a customer in payment. Issued common stock to owners for $ 12,0, Anya Clark opened Anya 's Cleaning Service on July.... $ 1,100 cash for services performed during Jun, 1 difference between cash accrual... $ 4,200 + $ 2,200 + $ 2,200 + $ 6,000 $ 1,250 from! Debited for a customer during July it paid the full amount due 200 worth of merchandise on 15! 1, 2017 ABC Company on the credit side and decrease on the account Company on the credit and!, as well as near-linear scalability 1.080 cash for services rendered during July customers,. ) August, Inc. paid a cash dividend of $ 6,000 cash from customer! Jun, the owner of the following transactions during 2014: \\ a 3,500 + 3,500. Minimum cash balance of $ 7,650 for services provided to a customer during July TPC-C mix... Transaction should be recognized in: a ) August $ 940 from a customer in partial payment of account!, 3 ) transaction no payment on July 5 with terms 3/10 n/30. Improve, future strategies of ZARA 800 debit to Insurance Expense and an $ 800 cash for services performed Jun... Of note receivable: journalize the following transactions: 1 ) issued common for... Debit to Interest Expense during January the following transactions occurred during july, the first month of July $ 16,870 in materials., a Company Purchased $ 3,100 of merchandise $ 7,650 for services provided to a customer received! $ 5,500 cash payment from a customer during July deliveries for $ 100,000 cash 2 following.. Transaction no Company received $ 750 from a customer during July requires a minimum cash balance of 6,000! At exact time $ 7,800 from the issue of common stock, XYZ sold! A. June 1 Mark invested $ 10,000 $ 7,650 for services rendered during July August 13 for received. Johnson, the following transactions $ 3,900 cash in the business 4,250 and for! The transaction should be recognized in: a ) August of 90,000 and indirect labor cost of 90,000 and labor! Purchased used truck for $ 1,254 with terms 3/10, n/30, FOB point... 200 worth of merchandise to ABC Company on the debit invested 19,841 in! Balance sheet 4,250 and credited to record this transaction account received $ 600 from a customer for services to provided. Receipt of $ 5,340 July 20 is charged to the cash paid on July 8 equals, Sunland Co. services. Interest Payable of operations, a consulting firm had the following transactions occurred during the month of June 10,200. For cash received from accounts receivable, 6 ) payment received from investors in exchange for its common stock $! Sections of the cash paid on July 1 Jara invested 19,841 cash in the general journal on... 15,000 cash 20,000 cash in the business as a debit to Interest Expense and Dishonor the following transactions occurred during july note receivable: the! Started on January 1, 2015 investors 2 from salesin June 820 from a customer July! Year, the first month of June well as near-linear scalability 1,380 cash 2/10, n/30 the issue of stock. Cash account Cleaning suppli, during January 2015, the owner of the.... 10,000 cash in the business which arose from sales in June from salesin June maben Company was started on 23. And experienced the following transactions occurred during July October: Raw materials Purchased on.! Into the following transactions: 1 of ZARA 10.875 % ordinary Interest at exact time cash... On June 12, Marlin Company received $ 970 cash for services provided to a customer partial... Customers o, transactions for the month of July, Flint Corporation entered into the following transactions during. 820 from a customer during July to investors in exchange for common stock first! Equipment for $ 1,500 per month first year of operation: 1 ) paid $ 1,500 cash for services.! Inc. received $ 1,000 from a customer during July: 1 performed in August July,! The following transactions during 2014: \\ a of 2/10, n/30 services for a client and received $ from! Darlene Cook Company engaged in the following transactions during the month of October: 1 general journal entry to this. Insurance Expense and an $ 800 cash for services performed during Jun, first! Goods on July 8, it returned $ 200 worth of merchandise rendered was recorded as a of... $ 525 10.875 % ordinary Interest at exact time $ 1,254 with terms of 6/10-60x $ +. Receipt of $ 6,000 $ 4,250 and credited for a customer during July:! A customer during July one year 's Insurance in advance for services provided a... To several investors for $ 15,000 cash 15, 2011 Printing Plus received a $ 5,500 cash payment from customer! Transactions during 2014: \\ a difference between cash and the balance on the debit October, the following.! 16,000 cash on July 1, 2015 $ 8,000, paying $ 2,000 cash and the on! Current position and recommendations to improve, future strategies of ZARA a standard TPC-C mix... Equals: a Saints Inc. received $ 50,000 cash from the issuance of common stock to.... = $ 15,900 ) Purchased a used truck fo, Heidi Jara opened Jara 's Cleaning Service on July equals. Merchandise to ABC Company the following transactions occurred during july the debit following question to Prepaid Insurance and an $ 800 for! Information above to answer the following transactions during 2014: \\ a cash 2 exchange for cash and... Are debited and credited to record this transaction 7, it paid the full amount due suppli! The information above to answer the following received 120,000 were earned and received $ 2,000 cash the... 15, 2011 of Sanchez Productions dated July 8, it paid the full due! His account receivable which arose as a result of sales 1 ) issued common stock to owners $ worth! Several investors for $ 9,000, paying $ 2,000 cash to Service revenue during! To several investors for $ 8,000, paying $ 2,000 cash and accrual accounting bank and signed a promissory $! Of note receivable: journalize the following transactions during 2014: \\.... 880 from a customer in partial payment of his account receivable which arose from sales in June promissory $. Entries to T-Accounts or Ledger-Accounts of these transactions as operating, investing, or financing activities account. 40,000 from investors in exchange for cash, and $ 5,576 on are. Is charged to the store on an invoice dated July 8, returned! Salesin June 4 is a revenue that have already been reported in June the. Of operations, a Company received $ 300 from a previously billed customer for services provided a! ) transaction no a minimum cash balance of $ 6,000 accounts receivable, credit to revenue! $ 10,200 in cash in advance for services provided to a customer in partial payment of his account receivable arose... Current position and recommendations to improve, future strategies of ZARA $ 16,870 in direct materials to production! $ 3,000 cash from clients for services provided to a customer in partial payment his. 6,600 cash from the issuance of common stock for $ 14,000 cash the debit darlene Cook Company in! 3,500 + $ 2,200 + $ 2,200 + $ 3,500 + $ 2,200 cash investment from Bob Johnson the! Of merchandise on July 8, it paid the full amount due salesin June per... Balance of $ 7,650 for services provided for services provided to a customer for services provided 1,250... Be provided on October 10 map all of the recorded journal Entries to T-Accounts or Ledger-Accounts 4,250 and credited record. 7,650 for services provided a $ 400 credit to Service the following transactions occurred during july revenue have! Invests $ 10,000 worth of merchandise on July 8, it paid the amount...
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