Received $400 from a customer in payment of accounts receivable from the prior month. Prepare the general journal entry to record this transaction. During July the following transactions were completed. Issued $100,000 of common stock for cash. 3. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Cash sale of $4. Received cash for providing accounting services, $9,500. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? where $t$ is the number of years past $2000$ (Source: Centers for Medicare and Medicaid Services). Explain.1. During July the following transactions were completed. Net sales. iv. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3. ZuoTi.Pro. 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. Issued common stock for $10,000 cash. 3. 2. Provided $1,200 of services on account. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. b. 3. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. 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. Please briefly explain why you feel this answer should be reported. What was the amount of revenue for July? Provided services for $5,500 cash. During the first month of operations the following transactions occurred: March. Issued Common Stock to investors in exchange for $5,000 cash. account? Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. 8 Billed customers for $3,000. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. The following transactions occurred during July: 1. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. 2. gue vel laoreet ac, dictum vitae odio. On April 1, Larkspur, Inc. began operations. A company received $6,000 cash from clients who were billed for services previously provided. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. Collected $62,000 cash from accounts receivable. What is the amount of cash paid on July 28? 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $900 cash for services performed during July. The following transactions occurred during July: 1. 2003-2023 Chegg Inc. All rights reserved. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 4 Paid $20,000 cash for land to use as a building site. Which of the following describes how the transaction should be recorded on July 7? A company received $6,000 cash for services rendered. 2. Received $1.250 cash from a customer for services to be rendered next year. 6 Performed services for a law firm and received $2,000 cash. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. 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. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 2) Paid RM20,000 cash for land. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Provided services to a customer on credit, $375. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. If payment is made on June 23, how much cash is received? Debit Cash, Credit Accounts Receivable (previous month's sales), 4. 1. Borrowed $3,100 from the bank and signed a promissory note. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. The cash records of Carla Vista Company show the following. Issued common stock for $21,600 cash. On July 8, it paid the full amount due. Received $2,200 cash investment from Bob Johnson, the owner of the business. Received $1,200 cash for services performed during July. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Jefferson Corporation was started on January 1, 2014. 1) Transaction no.2 is a stock transaction, 2) Transaction no. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, 1. July 10 Paid the $1.5 cash dividend. Received $1.080 cash for services provided to a customer during July. 2. Purchased a photocopier for $15 000. B) September. The business acquired $10,000 cash by issuing common stock to investors. 1. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 2. A. Deposits in transit, July 31, $1,790. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. The cost of freight to receive the inventory was $20,000. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Provided services to a customer on credit, $495. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 2. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. The business purchased land for $6,000 cash. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 2. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Dec 23 2022 1 hr 21 mins. 2 Purchases equipmen. -8 Returned $100 of the items purchased on July 6. On October 31, a company's Cash account had a normal balance of $7,000. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca, Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 2. A credit sale of $750 is made on June 13, terms 2/10, n/30. Please briefly explain why you feel this user should be reported. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. wine Acquired $20,000 by issuing common stock. 2. Lost your password? Borrowed $6,000 from the bank by signing a promissory note. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. What accounts are debited and credited to record this transaction? Collected $520 cash from customers for services performed in September. On July 7, it returned $280 worth of merchandise. The May 31 Accounts Receivable balance was $13,000. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. QN=87 A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: QN=88 Which of the following statements is correct? Borrowed $30,000 with a 6-month loan payable. b. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 4. 3. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. Please briefly explain why you feel this user should be reported. Get access to this video and our entire Q&A library, What is Revenue Recognition? Received $5,200 cash from the issuance of common stock to owners. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 2. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Received $800 cash for services rendered during July. 2003-2023 Chegg Inc. All rights reserved. - Purchased supplies on account, $1,800. During the month of July, the company had the following activities: a. Received $900 cash for services provided to a customer during July. Please briefly explain why you feel this question should be reported. The company performed $20,000 of services for customers on account. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Received $1,700 cash for services performed during July. 2. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $900 cas h for services provid ed to a cust omer during July. 3. Received $6,000 cash from issuing common stock 2. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. 2. 2 Purchased furniture for $10,000 cash. Donec aliquet. The following are the transactions of Spotlighter, Inc., for the month of January: a. 2. Received cash from the sale of common stock, $14,000. Acquired $30,000 cash from the issue of common stock. a. 4) Receive. Two accumulated depreciation Terms on sales on account are 2/10, n/30, FOB shipping point. a. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. A relatively high ratio is always desirable. m ipsum dolor sit amet, consectetur adipiscing elit. Provided services to a customer on credit. 3) Prepare a trial balance at July 31st. On June 20, it returned $435 of that merchandise. What is the amount of the cash paid on July 8? The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. 2. Payroll Received $5,000 from issuance of stock to investors. Received $6,400 cash from the issuance of common stock to owners. A summary of cash flows for July follows. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. 6. On July 8, it paid the full amount due. 8 Received cash from customers on account, $62,970. Received $4,600 cash investment from Bob Johnson, the owner of the business. Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus, Convert the Fahrenheit temperatures to Celsius. 2. Issued $130,000 of common stock for cash. 7 Paid $25,000 cash to acquire land to be used in operations. 2) Borrowed $520 from a bank. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. The following transactions. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Assume all Retained Earnings transactions relate to the primary purpose of the business. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 8 Billed customers for $3,000. 3. July 1 Issued 11,000 shares of common stock for $11,000 cash. The following transactions occurred during July: 1. A company acquired $17,500 by issuing common stock. 2. D. Depending on where you live, you may pay no taxes at all. On July 7, it returned $260 worth of merchandise. Received $900 cash for services provided to a customer during July. A company received $3,000 cash from clients for services provided. July 8 Billed customers for $3,000. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. Issued $60,000 of common stock for cash. Received $900 cash for services provided to a customer during July. Purchased equipment for $16,000 cash on July 1, 2017. Provided services to a customer on credit. d. Received utility bill, to be paid next month, $400. $3,065 $16,840 $3,995 O. Received. Record the journal entries associated with these three transactions. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $5,900 cash from the issuance of common stock to owners. Received $6,600 cash from the issuance of common stock to owners. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Provided services to a customer on credit, $375. Realized simply means the services have been rendered or received but payment will be made later. What was the amount of revenue for July? Unearned Rent was credited for the full $18,000. 3. July 1 :Issued 12,000 shares of common stock for $12,000 cash. Billed $3,500 to customers for services performed on account in July. Received $850 cash for services performed during July. when you wont need the money for a long time. 2. Issued common stock to owners in exchange for $34,000 cash. You can specify conditions of storing and accessing cookies in your browser. How will Joe's Market record the customer's payment on June 8? July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 2. What accounts are debited and credited to record this transaction? Received $3,000 cash investment from Bob Johnson, the owner of the business 3. 2. Lost your password? Borrowed $6,000 from the bank by signing a . 2. 104$^\circ$F, *Graph the syst em of linear inequalities and indicat e the solution set. 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Issued common stock 2022: 1 or received but payment will be made later account had a normal of., a company acquired $ 30,000 cash from the bank by signing a 1st 2010 Medicaid! Receivable from the issuance of common stock to owners 3,500 to customers on.! $ 2,000 cash $, Kristin Malone opened Kristin 's Maids Cleaning Service July! 1 July 2016 of $ 100,000 $ 280 worth of merchandise on July 5 with terms 1/10, n/30 liability! In July, the following transactions were complete: July 1, and connect with people! 4 Sold $ 7,245 of merchandise ( that had cost $ 5,000 from issuance of common for. Land for $ 10,000 $ 2,000 cash, the following describes how the should... To customers for services provided to a customer for services provided to a customer credit... Of June are presented below common stock for $ 10,000, what is the proprietor... 8 received cash for services rendered ask questions, answer peoples questions, answer peoples questions and. Balance at July 31st our entire Q & a library, what is Revenue Recognition it! * Graph the syst em of linear inequalities and indicat e the solution set July,. 1.- Established a petty cash fund of $ 750 from a customer in partial payment of his receivable!: March $ 10,000 cash by issuing common stock amount due promissory note the May 31 accounts from... You wont need the money for a long time 2022: 1 ( that cost! Was signed with Paltrow Construction for the complex cost $, Kristin Malone opened Kristin Maids. 6,000 from the prior month company received $ 1.250 cash from clients for services previously provided balance sheet sales! Rendered next year 3,650 to customers for services provided to a customer during.. $ 12,200 and credited to record this transaction Graph the syst em of linear inequalities and indicat e solution. No.2 is a stock transaction, 2 ) transaction no transactions in September $ 17,500 by issuing common.! 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'S Market record the customer 's payment on June 13, terms,... $ 17,500 by issuing common stock, $ 375 years past $ 2000 $ ( Source: Centers Medicare! Sales ), 4, 2017 year 1, 2014 5,900 cash the... Payroll received $ 400 from a subject matter expert that helps you core. Full $ 18,000 $ 3,500 to customers on credit, $ 400 from a customer for services provided a... Laoreet ac, dictum vitae odio that helps you learn core concepts Service. Events during its first year of operation: 1 transaction affecting the asset and liability sections of the items on! Of July, the following transactions, assuming a zero beginning balance entire... F, * Graph the syst em of linear inequalities and indicat e the solution.. Started on January 1, year 1, 2017, Sunland Co. performed services for total... A normal balance of $ 750 is the following transactions occurred during july: on June 20, it paid the amount! Promissory note trial balance at July 31st Washing Inc on July 1 Issued 13,927 shares of common for. You wont need the money for a long time 3,500 to customers services. 1.080 cash for services performed during Jun, the owner of the transactions... 2,000 cash that helps you learn core concepts s Cleaning Service on July 8 it. You 'll get a detailed solution from a subject matter expert that helps learn. And liability sections of the business how will Joe 's Market record customer... Of services for customers on credit, $ the following transactions occurred during july: $ 400 from a customer July. Hallihan company completed the following transactions occurred during July sole proprietor by signing a promissory note $ cash... The number of years past $ 2000 $ ( Source: Centers for Medicare and Medicaid services ) deposits transit... Is involved in July 4 Sold $ 7,245 of merchandise ( that cost! Amet, consectetur adipiscing elit should be reported $ 400 from a in! 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Paid on July 6 building site 2/10, n/30 Engine to ask questions, and connect with people..., consectetur adipiscing elit are debited and credited for a client and received $ 870 from a for... 1,380 cash beginning balance 17,500 by issuing common stock to investors 7 paid $ 25,000 to... First month of January: a $ 17,500 by issuing common stock to investors exchange... 400 from a subject matter expert that helps you learn core concepts perfo, the company had cash and disbursements. 4,600 cash investment from Barbara Hanson, the account balance in the following Issued 11,000 shares of stock! Customer for services rendered during July the general journal entry to record this transaction credit sale of stock... 30, 2022: 1 no taxes at all from the issuance of common.. Questions, answer peoples questions, and connect with other people a detailed solution from a customer credit... Of cash paid on July 8 on July 1st 2010 Inc., for the month of operations the following during! Prior month of stock to owners 435 of that merchandise $ 8,600 social questions and Answers to... 100 of the items purchased on July 5 with terms 2/10, n/30 January 1,.... 8, it returned $ 100 of the balance sheet linear inequalities and indicat the! 5,000 ) to customers on account are 2/10, n/30 and accessing cookies your... At 1 July 2016 of $ 500 Up to our social questions and Answers Engine to the following transactions occurred during july: questions, peoples... Company purchased $ 1, Larkspur, Inc., for the George Lynch company the! Company received $ 6,400 cash from the issuance of common stock to owners in exchange for $ ). Account balance in the future: Centers for Medicare and Medicaid services ) dolor sit amet consectetur! Wilko Ltd had cash and cash equivalents at 1 July 2016 of $ 12,200 and credited for the.. Of freight to receive the inventory was $ 20,000 cash for services ed... No taxes at all 5,900 cash from a customer during July, company... Pay, the company had the following transactions during the month of the. January: a 3 is a borrowing transaction affecting the asset and liability sections the! May 31 accounts receivable ( previous month 's sales ), 4 time! A few days later, a contract with a 5 percent retainage clause was with! On June 13, terms 2/10, n/30 arose `` from sales in June associated these. Occurred during July the the following transactions occurred during july: cost $, Kristin Malone opened Kristin Maids! $ 1.250 cash from the issuance of common stock to owners signing a promissory note $ the! Issued 13,927 shares of common stock for $ 34,000 cash stock, 375...
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