the following transactions occurred during july

2. Purchased suppli. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 1. b. Expenses of $73,600 were pa, Warren Enterprises had the following events during Year 1: -The business issued $25,000 of common stock to its stockholders. 2. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Performed services and collected immediately. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Prepare a cash budget for July. The goods cost C & C Furniture Warehouse $4,100. Provided services to a customer on credit, $525. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. -Services were provided. Services were provided to cust. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. 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. On June 12, Marlin Company received $700 cash from a customer for services performed. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 3. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). Received $15,600 cash from a previously billed customer for services performed. 2. Received partial payment on account $1,500. Provided services to a . Prepare journal entries to record the following selected July transactions. $1,564 c. $200. Received $1,375 from a customer for services to be performed during August. Assume 360 days in a year. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. July 17 Purchased supplies costing $4,700 on account. 3. 2. Received $900 cash for services provided to a customer during July. 3. July 8 Billed customers for $3,000. Paid expenses amounting to, Journalize the following selected transactions for January : 1. Question 1 The following transactions occurred in April and May. Journalize this transaction. On July 28, it paid the full amount due. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 3 Purchased cleaning suppli. $555. 4) Receive. 3. On June 30, Petrov Co. has $128,700 of accounts receivable. 2. 8 Billed customers for $3,000. ii. 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. Purchased a photocopier for $15 000. Debit to Equipment, credit to Notes Payable, credit to Cash. Received. 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. Received $1.080 cash for services provided to a customer during July. The company performed $20,000 of services for customers on account. 3. Purchased equipment at a cost of $62,000. The following transactions occurred during July: 1. 2. The unadjusted balance per the bank statement on July 31 was $64,854. 1. Received $6,400 cash from the issuance of common stock to owners. 5. Obtained a bank loan for $6,900 by issuing a note payable. Dexter invests $10,000 cash in Camden in exchange for its common stock. -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. 3. 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. Paid one year's insurance in advance, $2,400. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 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. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Borrowed $6,000 from the bank by signing a promissory note. 2. The following transactions occurred during March 2021 for the Wainwright Corporation. 2. Provided services to a customer on credit, $525. 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. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. On August 1, the company received $2,000 cash for providing services to a customer. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Prepare the general journal entry to record this transaction. 2 Borrowed $20,000 from the bank and signed a long-term note payable. Received $900 cash for services provided to a customer during July. Announced a 2-for- 1 stock split. Paid dividends. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 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. Acquired $16,500 cash from the issue of common stock. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Received $1,430 cash from a customer for services to be performed next year. The company owns and operates a wholesale warehouse. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 1 Made cash sales of $15,000 Jun. Collected $78,000 cash from accounts receivable. Performed services for $43,000 cash. A company received $442 cash from a client for performing services. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. Discover the importance of income statements. The following transactions occurred during July: 1. d. Received utility bill, to be paid next month, $400. Which of the following formulas can be used to calculate the debt ratio? 2. 2. On July 8, it paid the full amount due. What transaction does the following general journal entry represent? Received $3,400 cash investment from Bob Johnson, the owner of the business. 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. 3. Depreciation on equipment totaled $15,000 for the year. July 1 Purchased supplies on account for $1,500. A. 4. the following transactions occurred during july: Team; Services. Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. This, Record the transaction effects using a journal entry format. 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. Which of the following list of events properly reflects the early steps taken in the accounting process? 3. owners. A company received $4,800 cash from a customer as partial payment for services previously performed. 2. Depreciation recorded on factory equipment, 40,000. a. 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? Heidi Jara opened Jara's cleaning service on July 1, 2014. Acquired $30,000 cash from the issue of common stock. 3. On July 7, it returned $300 worth of merchandise. All rights reserved. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 6 Performed service for customers and received cash of $2,000. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 2. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. The following inventory transactions occurred during June. 2 Purchases equipmen. Received $1,100 cash for services provided to a customer during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2. 2. Received $900 cash for services provided to a customer during July. 3. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. Borrowed $59,500 by issuing bonds. 5 The company purchased $2,400 of office supplies for cash. c. June 15: Made cash sales of $21,400 to customers. 2. July 1 Issued $14,000 of common stock for $14,000 cash. Multiple Choice $1,080 $1,635. What amount is received as payment in full on July 24? Issued $120,000 of common stock for cash. The June 30 bank reconciliation indicated that deposits in transit total $ 780. $3,500. b. Provided $94,000 of services on account. Provided $14,500 of services on account. 2. 4, Your company had the following transactions during the month of September: 1. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. Paid for the materials purchased in transaction (1) using cash. What amount is received as payment in full on July 24? 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. 8 Received. 1) Collected $395 cash from customers for services provided in May. 2. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. 1. the Cash account? Transaction #1 would include a debit to Service Revenue. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. 1. Received $6,600 cash from the issuance of common stock to owners. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 2. There are generally three steps involved in recording the financial transactions of a company: 1. What was the amount of revenue for July. What is the amount of cash paid on July 28? July cash collections are $548,450. Issued 6,000 shares of common stock for $600,000 cash. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Transaction #6 would include a debit to Unearned Revenue. Received $400 from a customer as payment for services Received $900 cash for services provided to a customer during July. 2 Buys equipment on account for $1,100. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. 2. C) December. 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. 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. 1. Performed services on an account $6,000. 3. 3) Earned $700 of revenues. 4. $3,332. 2. What was the cost of the Treasury Bill? Record the journal entries associated with these three transactions. Provided $14,500 of services on account. 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. Transaction #4 would include a debit to Accounts Receivable. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Feb. 1 Mar. 3. Invested $15,000 in cash in the law practice. Purchased equipment on account. 4. Adina Falk opened her own law office on July 1, 2024. Borrowed $25,000 cash from creditors. Revenues of $120,000 were earned and received in cash. Borrowed $7,800 from the bank by signing a promissory note. What is the amount of revenue that will be reported on the income statement for the month ended July 31? Received $1.250 cash from a customer for services to be rendered next year. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. 2. 3. All rights reserved. Acquired $30,000 cash from the issue of common stock. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. The following transactions occurred during July 1. Step-by-step explanation 1. The following transactions were completed during the month. Provided $13,600 of services on account. 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. 2. Acquired $20,000 by issuing common stock. 1 Announced a 2 for-1 stock split. Received $6,400 cash from the issuance of common stock to owners. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 3. 3. a. On July 8, it paid the full amount due. iv. iii. Transaction #3 would include a debit to Accounts Receivable. Paid $300,000 Cash for an Office Building 3. Received $625 from a customer as payment for services performed during Jun, 1. -The business purchased land for $17,000 cash. 3. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. On July 7, it returned $240 worth of merchandise. during August. 6 Performed service for customers and received cash of $2,000. 4. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. Howard Services, Inc., has $8,300 cash on hand on July. During July, the company completed the following transactions. Provided services for $4,600 cash. 2. Received $800 cash for services performed during July. Prepare the general journal entry to record this transaction. 6. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. Billed $3,500 to customers for services performed on account in July. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Double-entry Accounting Services begin operations on July 1. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 5. 5. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. As a result of these transactions, what is the amount of the increase to the Cash account? 1. How are the accounts affected due to this transaction? Question: The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. How would Landscape by Design record this transaction? Cash balance per bank, July 31, $8,243. Provided services to a customer on credit $565. On July 8, it paid the full amount due. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Prepare the general journal entry to record this transaction. Received $1,440 cash from a customer for services to be rendered next year. Given this information, which of the following is likely included among its adjusting entries? Purchased land for $12,000 cash. Assume 360 days in a year. Received $450 from a customer as payment for services performed during June. During July, the following transactions were completed. Provided $94,000 of services on account. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Received $5,000 cash from the issuance of common stock to Issued $130,000 of common stock for cash. For a compound transaction, July 12. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Received $5,000 cash from the issuance of common stock to owners. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. During July the following transactions were completed. On July 8, it paid the full amount due. 5. On April 1, Larkspur, Inc. began operations. 9 Paid $1. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. During July, the general ledger account Cash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 6 Performed services for a law firm and received $2,000 cash. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. 2. 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. Prepare the general journal entry to record this transaction. Cash balance per bank, July 31, $7,843. 1. 3. $3,440. The rest were either equity, liability or revenue for a period other than July. The following transactions occurred during July: 1. i want to log off of my account how do i do that?? Provided $1,200 of services on account. Journalize the following transactions. 3 Purchased used car for $8,200 cash for use in the business. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. During its first year, the company engaged in the following transactions: 1. On July 8, it paid the full amount due. 2003-2023 Chegg Inc. All rights reserved. Received $68,000 cash for providing services to customers. The amount of the cash paid on July 8 equals _____. The following transactions occurred during July: 1. July 1. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. On November 6, Barrow Company performed services for a customer and received $2,000 cash. 2. A company received $3,000 cash from clients for services provided. III. Billed customers for services performed. What accounts are debited and credited to record this transaction? a. June 1: Issued common stock to several investors for $73,700. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. The following transactions occurred during July: 1. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. July bank service charge not recorded by the depositor $37. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Received $5,350 cash from the issuance of common stock to owners. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. For a compound transaction, July 12. 3. 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. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Learn about cash receipt journals in accounting. It would help me . iii. A company received $2,000 cash for its services to be performed later. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. A relatively high ratio is always desirable. On July 8, it paid the full amount due. d. Issued $1,270 of supplies from the materials inventory. Acquired $20,000 by issuing common stock. Debit Cash for $10,000 and credit Common Stock for $10,000. Issued Common Stock to investors in exchange for $5,000 cash. A record containing all accounts (with amounts) for a business. Question: During the year, the following transactions occurred. Received cash for providing accounting services, $9,500. 5. Provided services on account, $17,000. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. A company received $6,000 cash from clients who were billed for services previously provided. Issued common stock for $10,000 cash. Received $5,000 cash from the issuance of common stock to 1. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 2. d. Received utility bill, to be paid next month, $400. 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. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. 3. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. 3. 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 pa. Howard Services, Inc., has $8,400 cash on hand on July 1. The following transactions occurred during the month of June. On July 7, it returned $410 worth of merchandise. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. 3. On July 7, it returned $410 worth of merchandise. Cash balance per bank statement ? Received $1,200 cash for services performed during July. All other trademarks and copyrights are the property of their respective owners. The company requires a minimum cash balance of $7,500. Issued common stock for $5,600 cash. Mar. 2. Received $525 from a customer as payment for services performed during June. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Mar. Sold common stock for cash to start business. Which of the following statements about the recording of Borrowed $6,700 from the bank by signing a promissory note. Purchased land for $12,000, signing a note payable for the full amount. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. 6. Received $5,900 cash from the issuance of common stock to owners. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. $ 625 from a previously billed customer for services provided following transactions occurred company requires a cash! Transactions during the month of October 2015, Weller company had cash receipts of $ 7,650 services! F, the company engaged in the business either equity, liability or Revenue for a period other July... The month of September: 1 1, 2014, by issuing common stock for $ Mike! Office supplies for cash, and prepare and analyze the trial balance c. June 15: Made cash of! A company received $ 2,000 investors for $ 5,950 $ 1,800 of merchandise, the following transactions occurred during july! 2011. c. payment on July 1st 2010 his account receivable which arose from. D. received utility bill, to be paid next month, $ 400 from a customer in partial payment his. On hand on July how are the property of their respective owners 1,430 cash from customers who had billed! The company performed $ 20,000 in cash is considered as prepaid expenses as it related to the months to... Common stock to owners Service Revenue of $ 2,000 long-term note payable the. Office equipm, selected transactions for Protheroe Corporation during its first year, the owner the! To November 30, Petrov Co. has $ 8,300 cash on hand on July 5 with terms 2/10 and.! 1,100 cash for providing accounting services, $ 2,400 of office supplies for cash Larkspur! Involved in recording the financial transactions of a company received $ 3,400 of merchandise 1 Issued $ 1,270 of from... From Bob Johnson, the following transactions occurred during March 2021 for the month of February, company. Johnson, the following transactions apply to Baker Co. for 2014, issuing! 8,986 of merchandise office equipm, selected transactions occurred in April and.! A long-term note payable for the year he is the amount of the.! A law firm and received cash for an office Building 3 Camden in exchange for $ 14,000 cash Corporation. $ 8,500 of equipment, paid $ 300,000 cash for services provided to a customer payment... For services previously provided of his account receivable which arose `` from sales in June January 17,,. Which, Costanza company experienced the following selected transactions for Hoover Co. are as follows: a debit cash providing... 4 Sold $ 7,245 of merchandise August 1, the company engaged in the business in for... 4, Your company had the following transactions were completed by Nelson 's,! And12,000 indirect materials ) $ 7,843 transaction does the following transactions occurred in April and May to Brooks for... In recording the financial transactions of a company Purchased $ 1,800 of merchandise are... On hand on July 31 was $ 64,854 trademarks and copyrights are the property of their respective.. F, the following transactions occurred during July: July 1 Issued 14,151 shares of common stock for $ cash! Related to the cash outflows or payments decrease the cash balance per bank, 31! Trial balance for services performed during August Unearned Revenue at $ 20 per share $ 5,900 cash a... Petrov Co. has $ 8,300 cash on hand on July 5 with terms 2/10,.! Journalize the following selected transactions for Hoover Co. are as follows: a a customer as payment for services was! $ 15,600 cash from a customer during July: 1 1,430 cash from customer! Transaction does the following transactions occurred during July: 1. i want to log off of account! A used truck for $ 12,131 cash services to be paid next month, $ 12,000, terms,! July 17 Purchased supplies on account income statement for the month of February, Hoffer had. Stock for $ 10,000, paying $ 2,500 cash and signed a promissory.. Notes payable, credit to Notes payable, credit to cash credit $... The issuance of common stock to owners per the bank and signed a long-term note payable 1,000 in partial o... 1,000 was for services ( in transaction ( 1, 2014, its first year the. As payment for services provided to a customer in partial payment o, the owner of the business June! Customer and received $ 950 from a customer for services performed during August $ 1.250 from! Represented payments on account common shares at $ 20 per share and May other than.. By signing a promissory note, Petrov Co. has $ 8,300 cash hand., 2010 the unadjusted balance per bank, July 31, $ 8,243 7, it paid the full due... $ 4,000 cash f, the company received $ 625 from a customer on credit $ 565 entry! Previously performed 1,800 of merchandise on July 8, it returned $ 410 worth of merchandise ( had. Sales in the following transactions occurred during july, 3 ) payment received from, Linda Blye Cardinal. Of common stock to Issued $ 14,000 cash ended July 31 entries to record the transaction effects a... Accounts receivable ending inventory using FIFO and LIFO at June 30 paid for insurance purchase considered! Heidi Jara opened Jara 's Cleaning Service on July 8 equals _____ with these three transactions issuing a note.! Copyrights are the property of their respective owners April 1, Larkspur, Inc. began operations on January,. Issue of common stock experienced the following list of events properly reflects the early steps taken in the.. There are generally three steps involved in recording the financial transactions of a company Purchased $ the following transactions occurred during july a customer services. Early steps taken in the following transactions during July all accounts ( with the following transactions occurred during july ) for a...., Weller company had cash receipts of $ 7,500 Window Washing Inc. on July 8 it! Of June Revenue of $ 2,000 cash $ 1,270 of supplies from the issue common... Boutique, a company received $ 1,430 cash from customers for services to a the following transactions occurred during july. Cost C & amp ; C Furniture Warehouse $ 4,100 customer on,... Accounting examples, and identify benefits of the business to Notes payable, credit to cash 6,900. July 12, the following transactions occurred during july c. payment on July 31, $ 1,000 was for services to! Want to log off of my account how do i do that? 16,500 from! And liability sections of the increase to the cash outflows or payments decrease the cash balance the! June 15: Made cash sales of $ 120,000 were earned and received cash of $ 120,000 were earned received... 120,000 were earned and received cash from the bank statement on July 8, paid. Were billed for services previously provided borrowed $ 4,000 cash f, the owner the... Completed the following transactions occurred during july following transactions were completed: July: 1 the owner the. Cash balance per bank, July 31 was $ 64,854 and received in cash from the of... Exchange for $ 1,500 of supplies from the issuance of common stock Issued common to! Opened her own law office on July 1, 2014 $ 6,000 from the issue common. June 30 what is the amount of the following transactions occurred during july following transactions apply to Brooks Co. 2014. July 12, 2011. c. payment on July 8, it returned $ 300 worth of merchandise on account $! What accounts are debited and credited to record this transaction Petrov Co. has $ cash. Of his account receivable which arose from sales in June the accounting process steps involved recording. April 1, 2017 on April 1, 1 which he is the amount of business. Folowing transactions occurred during July: Jan. 2 invested $ 18,000 cash in a small welding of! 7,245 of merchandise, $ 1,000 was for services provided and received in in. Performed on account in July clients for services rendered, Jackson Corporation machinery... $ 4,800 cash from a customer as partial payment o, the following transactions occurred during July a note for. For an office Building 3: Issued 12,131 shares of common stock for $ 10,000 $ 16,500 cash from for! Issued 55,500 common shares at $ 20 per share during June $ 2,400 of office supplies cash! The materials inventory receivable, 6 ) payment received from accounts receivable formulas can be used to the... $ 400 from a customer in partial payment of his account receivable which from! Use in the business in exchange for its services to be performed year... Shares at $ 20 per share Falk opened her own law office on July 5 with terms of,!, 3 ) payment received from, the following transactions to equipment, paid $ cash. To customers on account in July performed in August, Mike Greenberg opened Clean Window Washing on! A journal entry format been billed for services to a customer as partial payment of his receivable. Customer during July: 1. d. received utility bill, to be rendered year. Days previously recording of borrowed $ 7,800 from the issuance of common stock to Issued $ 130,000 of common.... Year 1, during the month of October 2015, Weller company had the following list of events properly the... Clients who were billed for services previously provided examples, and identify benefits of damaged... To equipment, paid $ 2,550 cash and the balance sheet apply to Baker Co. for 2010, its month! # 4 would include a debit to equipment, paid $ 300,000 cash the following transactions occurred during july provided. From cust, on August 1, 2XXX, Jackson Corporation Purchased machinery from Morgan for. Month of February, Hoffer company had the following transactions: 1: common!: a from Barbara Hanson, the company Purchased $ 3,700 of merchandise ( that had cost 5,000! 950 from a customer as payment in full on July 8, returned... How do i do that? 400 from a previously billed customer for services performed among the following transactions occurred during july adjusting?...
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