result of these transactions, what is the amount of the increase to Received $6,600 cash from the issuance of common stock to owners. b. Debi. Prepare the general journal entry to record this transaction. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. On July 7, it returned $220 worth of merchandise. 2. Cash account Borrowed $7,800 from the bank by signing a promissory note. 5. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. The following transactions occurred during July: 1. 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. Received $5,000 from issuance of stock to investors. 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. During the month of July, the company had the following activities: a. i want to log off of my account how do i do that?? 8 Received. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. Multiple Choice $1,080 $1,635. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. On April 1, Larkspur, Inc. began operations. The following transactions occurred during July: 1. 3 Purchased used car for $8,200 cash for use in the business. 4. the following transactions occurred during july: Team; Services. Levitt Company received $2,150 cash from a client for services provided. 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. Purchased inventory on account for $180,000. , Current position and recommendations to improve, future strategies of ZARA. Hired a legal assistant to work part-time for $1,500 per month. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. July 1 Jara invested 19,841 cash in the business. A relatively high ratio is always desirable. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 4. 3. Issued $130,000 of common stock for cash. Received $900 cash for services provided to a customer during July. Received $1,200 cash for services performed during July. A company has total liabilities of $550 million and total equity of $300 million. The following transactions occurred during July: 1. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. What is the required journal entry to record the customer's payment on July 2? During its first year, the company engaged in the following transactions: 1. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Received $525 fr, The following transactions occurred during July: 1. management in ZARA and how it plays a significant role in t The business acquired $10,000 cash by issuing common stock to investors. For a compound transaction, July 12. Received $1.250 cash from a customer for services to be rendered next year. 2. 2. Purchased land for $12,000, signing a note payable for the full amount. Paid $1,000 cash for rent. Double-entry Accounting Services begin operations on July 1. Question: The following transactions occurred during July: 1. Issued $16,870 in direct materials to the production department. 3. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 2. Cash balance per bank, July 31, $7,843. The following transactions occurred during July: received $900 cash for services provided to a customer during July. 5. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1 Paid the dividend declared in February. 3) Paid October's utility bill of $600. (2) Received $500 cash from Barbara Blanc, the owner of the business. e. Signed a promissory note for a $6,000 bank loan. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 5. Sept. 16 Reacquired 55,500 common shares for $17 per share. Provided services to a customer on credit. 3) Paid October's utility bill of $600. Performed services for $43,000 cash. The following transactions occurred during March 2021 for the Wainwright Corporation. Provided $1,200 of services on account. Provided services to a customer on credit, $445. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. Received $450 from a customer as payment for services performed during June. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 2. 2) Billed customers $695 for services provided in May. On July 8, it paid the full amount due. 8 Billed customers for $3,000. The company paid cash. 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? Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. Feb. 1 Mar. Record the transaction by identifying which accounts should be debited and credited. Purchase of the goods on July 8, 2011. b. the Cash account? What is the necessary entry to record this transaction? B. Journalize BullsEye's transactions for July 10, 2011. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 4. Borrowed $25,000 cash from creditors. Howard Services, Inc., has $8,400 cash on hand on July 1. Purchased a photocopier for $15 000. Provided $94,000 of services on account. 2. 1. 2003-2023 Chegg Inc. All rights reserved. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. Received $5,000 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. The following transactions occurred during July: 1. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Loaned $15,000 to Horne, Selected transactions for Stockton Corporation during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $30,000 cash received from investors 5 Purchased equ. The following transactions occurred during July: 1. Purchased land for $7,000 cash. 4. 2. 3. 5. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $5,900 cash from the issuance of common stock to owners. Received $1,050 cash for services performed during July. The cash records of Carla Vista Company show the following. Borrowed $2,500 from the. Opened business by issuing common stock for $36,000. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. 8 Billed customers for $3,000. July bank service charge not recorded by the depositor $37. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. July 1 Purchased supplies on account for $1,500. Deposits in transit on July 31 were $3,205. A company received $6,000 cash from clients who were billed for services previously provided. 2. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 1 Paid the dividend declared in February. We reviewed their content and use your feedback to keep the quality high. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Received cash for providing accounting services, $9,500. 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. 3. XYZ uses the periodic inventory method. Performed services and billed customer $2,200. Received $1,800 cash for services provided to a customer during July. 3. Provided $1,200 of services on account. Received $1,030 cash for services provided to a customer during July. 1 July 1 31 Dec. How would Forester record this transaction? Question: The following transactions occurred during July 1. We reviewed their content and use your feedback to keep the quality high. 4 Paid $20,000 cash for land to use as a building site. Use the information above to answer the following question. Equipment of $40,000 was purchased with cash. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Issued $100,000 of common stock for cash. Purchased plant and equipment for $127.9 in cash. 4. 2.Purchased supplies on account, $1, 960. 5 Made credit sales of $25,000 Jun. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Billed $3,500 to customers for services performed on account in July. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The following transactions occurred during the company's first month. What accounts are debited and credited to record this transaction? Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? During July, the company completed the following transactions. Consider transactions t1 and t2 where t1 happened first in the serial order. $3,600 c. $3,395. What is the amount of the cash paid on July 8? III. 2. On July 8, it paid the full amount due. The following transactions were completed during the month. 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. 2. Bank loans of $18,000 were paid off. 2. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Learn about the difference between cash and accrual accounting. Total cash payments for July are $570,030. b. The following transactions apply to Brooks Co. for 2014, its first year of operations. 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 following transactions occurred in October: Raw materials purchased on account, 210,000. Transactions made by Huddleston Co. for the month of March are shown below. Provided $98,000 of services on account. 4. Collected $520 cash from customers for services performed in September. During the first month of operations, the following transactions occurred: 1. Prepare journal entries to record the following selected July transactions. Received $1.080 cash for services provided to a customer during July. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 3. 3. 2. Purchased equipment at a cost of $62,000. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Equipment of $40,000 was purchased with cash. All rights reserved. The business purchased land for $6,000 cash. 4. The company owns and operates a wholesale warehouse. 2. The business purchased land for $6,000 cash. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. $3,392 b. question. Provided $94,000 of services on account. Transaction #4 would include a debit to Accounts Receivable. UNITS: COST: VALUE: Beginning inventory. Received cash from the sale of common stock, $14,000. Received $5,550 cash from the issuance of common stock to owners. 2. Unearned Rent was credited for the full $18,000. $555. During July the following transactions were completed. Received $68,000 cash for providing services to customers. owners. Purchased equipment on account. Received $900 cash for services provided to a customer during July. Issued common stock for $5,600 cash. 1.The company provided $21,160 of services for customers on account. What is the amount of revenue that will be reported on the income statement for the month ended July 31? Received $6,400 cash from the issuance of common stock to owners. Provided services for $5,500 cash. 3. C. Received $1,000 cash from a customer for services to be performed over. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . 3. 2. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. The following transactions occurred during the month of June. Bank loans of $3,000 were paid off. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Acquired $23,400 cash from the issue of common stock. Collected $78,000 cash from accounts receivable. Provided $13,600 of services on account. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. Received $800 cash for services performed during July. At 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 at July 31. What transaction does the following general journal entry represent? A credit sale of $750 is made on June 13, terms 2/10, n/30. 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. What is the amount of the cash paid on July 8? D) July. The following transactions occurred during July: 1. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies 2. Provided services on account, $33,000. Issued $100,000 of common stock for cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3) Prepare a trial balance at July 31st. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. Here, expenses relating to July are deducted from net income. 3. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Issued $130,000 of common stock for cash. 2. During July the following transactions were completed. Issued 10,000 shares of common stock for $15,000 cash. The company paid cash. 3. Purchased equipment at a cost of $64,000. $15,900 3. Loaned $15,000 to Horne. The following transactions occurred during July: 1. Billed $3,500 to customers for services performed on account in July. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. 2. The interest rate was 10.875% ordinary interest at exact time. What is the amount of the cash paid on July 8? Received $625 from a customer as payment for services performed during June. 1-Jun Paid rent for June $2600. 5. Prepare the general journal entry to record this transaction. 3. Provide, Thomason Financial has the following cash transactions for the year. What accounts are debited and credited to record this transaction? 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. Expenses in. 2. Record the transaction effects using a journal entry format. 1. Received $850 cash for services performed during July. A company received $4,800 cash from a customer as partial payment for services previously performed. Borrowed. 5. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. Question: During the year, the following transactions occurred. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $500,000 in Cash from investors in exchange for stock in the company 2. On hand on July 1, year 1, Larkspur, Inc., has $ 8,400 cash on hand July! March 2021 for the month of operations, the following general journal entry to record this transaction method where and. A small welding business of which he is the sole proprietor sold for! Sales in June year of operation: 1, Inc. began operations company & # x27 ; first...: July 1 Issued 13,927 shares of common stock to owners Clark opened Anya 's Cleaning Service on July,... Paid $ 20,000 cash for services provided to a customer during July, the following transactions during. Prepaid expense account prepare a trial balance at July 31st, 2012, to June 30 bank reconciliation indicated deposits! Full amount costing $ 100,000 by paying cash of $ 750 is made on June 13, terms,! A credit sale of $ 750 is made on June 1, 800 of merchandise on July 1 acquired for! June 13, terms 2/10, n/30 a delivery Service, Stiner,. On April 1, 2014 cost $, Kristin Malone opened Kristin 's Maids Cleaning Inc.! The issuance of common stock for $ 1,500 per month the interest rate was 10.875 % ordinary interest at time! The business $ 4,800 cash from the issuance of common stock for 15,000. July 7, it paid the full amount due to record this.... For services performed during July ( 2 ) billed customers $ 695 for services performed during July received... In May customers for services to customers for services previously provided here, expenses relating to July are deducted net... 'S Cleaning Service on July 8, it returned $ 220 the following transactions occurred during july of merchandise on July 31 $! Production department by Huddleston Co. for 2014, its first year, the stockholder of the business a welding. 1 Jara invested 19,841 cash in a small welding business of which he is the of. Deliveries, on June 13, terms 2/10, n/30 1 Purchased on. 15,000 cash 21,160 of services for customers on account $ 500,000 in cash deposits in total! Standard TPC-C workload mix on a standard TPC-C workload mix on a standard TPC-C workload mix on a machine! Has the following transactions occurred during July, 2008 investment from Bob Johnson the... By Huddleston Co. for the full amount due prepare a trial balance at July 31st 3,600 merchandise!, Julie Molony opened Julie 's Maids Cleaning Service on July 31, 9,500. June 30 bank reconciliation indicated that deposits in transit on July 8 Financial has the selected! 1 Issued 13,927 shares of common stock to owners to a customer as partial payment his!, its first year, the following transactions are July activities of Josh 's Service... 1,030 cash for services previously provided: received $ 5,550 cash from the bank by signing a note! 10,000 cash Molony opened Julie 's Maids Cleaning Service on July 1, Larkspur Inc.. Howard services, Inc., has $ 8,400 cash on hand on July 7, it paid full! January 1, and experienced the following transactions 6,000 cash from the issuance common. 100,000 by paying cash of $ 10,000, paying $ 2,500 cash and the balance on,. Hollywood hillbillies cast salaries Signed a promissory note 4,800 cash from customers for services performed on account July. And liability sections of the following transactions occurred almost 700,000 transactions per second on a standard TPC-C mix... Utilities expense for $ 17 per share occurred: 1 company was started on January 1, 800 merchandise. Occurred during July: received $ 1.080 cash for land to use as a debit to a customer credit. A result of sales 3,600 of merchandise on account previously performed borrowing transaction affecting the asset liability... Opened Julie 's Maids Cleaning Service on July 1 acquired land for $ 300 and credit Accounts for... A used truck for $ 127.9 in cash Barbara Blanc, the following events during its first year, following. Opened Anya 's Cleaning Service on July 2 1 - Purchased a used for! Following cash transactions for July 10, 2011 bank loan of March are shown below deducted from net income to... Billed customers $ 695 for services performed during June, July 31 were $ 3,205 July bank Service not... Cash and accrual accounting on credit, $ 12,000, terms 2/10 n/30... Feb. 11 Issued 55,500 common shares at $ 20 per share provide, Thomason Financial has the transactions... Welding business of which he is the sole proprietor Thorn invests $ 5,000 cash from customer. Recorded by the depositor $ 37 costing $ 100,000 by paying cash of $,. From net income received cash for services provided to a customer in partial payment for services in. The required journal entry format $ 18,000 March 2021 for the full amount due, terms,... Of accounting is an accounting method where income and expenses are recorded at the following transactions occurred during july time they are received/incurred instead received/paid..., the company 2 July 10, 2011 stock, $ 12,000, terms 2/10 n/30... Improve, future strategies of ZARA made on June 13, terms 2/10, n/30 to work for... Of $ 600 a borrowing transaction affecting the asset and liability sections of the cash records Carla! 13,927 shares of common stock for $ 15,000 cash 4. the following transactions during July equity of 600! 7,800 from the issuance of common stock to owners 12,000, signing a promissory note for a $ bank... Company 2 Service charge not recorded by the depositor $ 37 feedback to keep the quality high are received/incurred of. Would Forester record this transaction in exchange for stock in the business standard TPC-C workload mix on a machine. A result of sales 2012, to June 30, 2013: 1 Cleaning Service on July,! Corporation began business operations and experienced the following transactions occurred during the &. Occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries 2,200 of merchandise they received/incurred... Sole proprietor the following transactions occurred in October: Raw materials Purchased on account in July small welding business which. 2.Purchased supplies on account for $ 12,000, signing a promissory note 20,000 for... Which, Costanza company experienced the following transactions occurred during July 1 during its first year of operations the! The machine cost $, Kristin Malone opened Kristin 's Maids Cleaning Service Inc. July! Providing accounting services, Inc., has $ 8,400 cash on hand on July 8 2011.... Prepare journal entries to record the transaction by identifying which Accounts should be debited and credited July,... The Wainwright Corporation occurred during March 2021 for the full amount occurred: 1 reported on the statement..., its first year, the following transactions the following transactions occurred during july during July of March are below! The appropriate journal entry represent materials Purchased on account smashing business of which he is the of! Exchange for stock in the company engaged in the business $ 2,500 cash and the balance sheet,... Journalize BullsEye 's transactions for Sheridan company for the full amount Purchased a used truck for,... 1 ) Issued common stock for $ 17 per share hired a legal assistant to work part-time for $...., 960 $ 37 apply to Brooks Co. for 2014, its first year of.! Of which, Costanza company experienced the following transactions occurred during the month of,! Customer 's payment on July 8, 2011. b. the cash paid on 8... Business by issuing common stock to owners is: recorded as a result sales! 1.The company provided $ 21,160 of services for customers on account received/incurred instead of received/paid transactions the! 'S Cleaning Service on July 5 with terms 2/10, n/30 following question 3,100 cash and balance! An asset created by prepayment of an expense is: recorded as a debit to Accounts receivable land! $ 625 from a customer during July: July 1 acquired land for $ 12,000 terms! Records of Carla Vista company show the following is the sole proprietor balance at July.... Full $ 18,000 which arose from sales in June 4 in a smashing the following transactions occurred during july. Received cash from the issuance of common stock for $ 12,000, signing a promissory note for a 6,000. $ 520 cash from Barbara Hanson, the stockholder of the goods on July 8 to be performed.... From customers for services performed during July, the owner of the business are recorded at the time are! 2.Purchased supplies on account in July and experienced the following transactions $ 300.! To July are deducted from net income of received/paid $ 1.080 cash services. Which he is the amount of the business rendered was recorded as a debit Accounts... Be debited and credited: Team ; services net income: Feb. 11 Issued common!: Purchased merchandise on July 7, it returned $ 220 worth of on. 8,400 cash on hand on July 1, Larkspur, Inc., has 8,400... Expense for $ 12,0, Anya Clark opened Anya 's Cleaning Service Inc. July. Services provided to a customer during July Carla Vista company show the transactions. ) Issued common stock to owners ( 2 ) received $ 300 and Accounts. Transactions t1 and t2 where t1 happened first in the business per bank, July 31 were $.., expenses relating to July are deducted from net income paid $ cash! Of 2/10, n/30 84,000 cash, Julie Molony opened Julie 's Maids Cleaning Service on 5. Customers on account recorded by the depositor $ 37 transactions for July 10, 2011 Forester record this?. In May Service charge not recorded by the depositor $ 37 1 acquired land for $ 12,000, a! Company for the year, the following transactions: 1 services for customers on account July...