c. $3,528. 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. a. What accounts are debited and credited to record this transaction? Journalize the transaction. Received $6,400 cash from the issuance of common stock to owners. business accounting the following transactions occurred for donaldson inc. during the month of july. Sold common stock to owners for $200,000 cash. Please briefly explain why you feel this question should be reported. 2. tax A. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. The business acquired $10,000 cash by issuing common stock to investors. If a period-end inventory amou nt is reported in error, it can c ause a misst atement in all of the following ex cept. Issued 10,000 shares of common stock for $15,000 cash. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Revenue recognition states that revenue is recorded when it is realized, or realizable and earned, as opposed to received. Which transaction, if any, is an expense for the month of October? June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. A summary of cash flows for July follows. when you wont need the money for a long time. QN=92 Wisconsin Rentals purchased office supplies on credit. 3. (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. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. 2. Issued $120,000 of common stock for cash. The payment from Rymex was received on September 20. You will receive a link and will create a new password via email. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. The following transactions occurred during July: 1. Received $1,090 cash for services provided to a customer during July. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 2 Buys equipment on account for $1,100. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 3. Borrowed $3,100 from the bank and signed a promissory note. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. All other trademarks and copyrights are the property of their respective owners. 2 Purchased $800 of office supplies on account. During July, the company completed the following transactions. Provided services to a customer on credit . a. 4. All other trademarks and copyrights are the property of their respective owners. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. B. debit Cash, $865; credit Accounts Payable, $865. 4. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 2) Paid RM20,000 cash for land. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. The first general entry will be the account depreciation. Debit Accounts Receivable; Credit Service Revenue. Journalize transactions: April 1 Received 25,000 and issued common stock. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. 7 Paid $25,000 cash to acquire land to be used in operations. June 1 Mark invested $10,000 cash in the business. Received $1,050 cash for services performed during July. Bateer Company established a $50 petty cash fund on July 1. Journalize the following transactions. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. 3. XYZ uses the periodic inventory method. July 1 Issued $14,000 of common stock for $14,000 cash. Received $1,250 cash for services performed during July. Billed customers for services performed in July, $3,500. 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. July 9 Sold $20,000 of accounts receivable to Main Bank. 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, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. 2. 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 $900 cas h for services provid ed to a cust omer during July. 2. c. a debit to Cash of $1,400. Received $7,100 cash from the issuance of common stock to owners. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 3. Sold for $4. Received $900 cash for services provided to a customer during July. The amount of the cash paid on July 8 equals: a. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. Received $380,000 cash for customer accounts. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 2. $700 b. Received $3,000 cash investment from Bob Johnson, the owner of the business 3. 2. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Issued common stock for $21,600 cash. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, During March the following transactions were completed. Our experts can answer your tough homework and study questions. Received $900 cash for services provided to a customer during July. Journalize this transaction. On April 23, ABC Company purchased inventory for $40,000 cash. 3. Cash sale of $4. Received $850 cash for services performed during July. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 3. What amount is received as payment in full on July 24? A. all states have income tax The following are the transactions of Spotlighter, Inc., for the month of January: a. 3.The co, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. What was the amount of credit sales during May? On July 28, it paid the full amount due. 2021 MCQ Village. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by 2. 3 Purchased cleaning supplies for $900 on the ac. Received $1,030 cash for services provided to a customer during July. The following transactions occurred during July: 1. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. Received $6,000 cash from issuing common stock 2. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Only transaction #1 and #4 apply to revenue recognition. Journalize the July transactions. b. Transactions made by Huddleston Co. for the month of March are shown below. d. Assets that represent prepayments of future expenses. Lorem ip. b. Received cash of $40,000 from investors in exchange for capital stock. The following transactions occurred during July: received $900 cash for services provided to a customer during July. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Please briefly explain why you feel this user should be reported. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. The cost of freight to receive the inventory was $20,000. 1. Received $450 from a customer as payment for services performed during June. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. During July, the following transactions were completed. 3) Prepare a trial balance at July 31st. W. Four transactions that occurred during June are listed below. Dexter invests $10,000 cash in Camden in exchange for its common stock. The following transactions took place in June: a. Use the following information to prepare the July cash budget for Acco Co. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. You can specify conditions of storing and accessing cookies in your browser. Fusc, gue vel laoreet ac, dictum vitae odio. The May 31 Accounts Receivable balance was $13,000. Explain.1. The following transactions occurred during July: a. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . The following transactions occur from August 1 through December 31. Most countries, including the United States, import substantial amounts of goods and services from other countries. 3. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 2. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. On June 20, it returned $640 of that merchandise. Borrowed $80 from, 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, Debra Company began operations on June 1. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. Laurie Dexter starts a business called Camden Cleaning. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. On July 7, it returned $410 worth of merchandise. 2 Purchased furniture for $10,000 cash. Journalize BullsEye's transactions for July 10, 2011. Billed $4,850 to customers for services performed on account in July. QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Provided services for $4,600 cash. Stockholders purchased, Journalize the August transactions for Beartooth Co. Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? Issued 6,000 shares of common stock for $600,000 cash. July 1 Issued 15,683 shares of common stock for $15,683 cash. 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. On June 20, it returned $435 of that merchandise. Please briefly explain why you feel this question should be reported. A relatively high ratio is always desirable. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. On July 7, it returned $410 worth of merchandise. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $1.080 cash for services provided to a customer during July. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 3. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. QN=80 The account used to record the transfers of assets from a business to its owner is: c. Liabilities created when a customer pays in advance for products or services before the revenue is earned. 8 sold 30 Received $1,200 cash for services performed during July. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. b. 2. Revenues of $120,000 were earned and received in cash. ii. During July the following transactions were completed. 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. On July 8, it paid the full amount due. $3,392 b. 4 Purchased supplies on account, $2,150. Provided services for $5,500 cash. Received $1,200 cash for services By registering, you agree to the Terms of Service and Privacy Policy .*. VIDEO ANSWER: Greetings everyone. Provided services to a customer on credit. 3. Jones Hardware, Inc. paid a cash dividend of $6,000. 2. 4. Received $400 from a customer as payment for services performed during June. $555. $3,600 c. $3,395. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. 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. What was the amount of revenue for July? 4) Transaction no. B) September. 2. July 1: Anya invested $20,000 in cash in the business. What accounts are debited and credited to record this transaction? 5. Also prepare any footnotes to the July 31 financial statements that result from these transactions. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Provided $13,600 of services on account. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. Billed customers o, Transactions for 2016: 1. Which of the following list of events properly reflects the early steps taken in the accounting process? 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 $940 from a customer in partial payment of his account receivable which arose from sales in June. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. In this episode, hear highlights from Congressional testimony that will explain how FTX was able to grow so large while committing blatant fraud, how it's possible that the . Received cash from the sale of common stock, $14,000. Provided services to a customer on credit. A credit sale of $750 is made on June 13, terms 2/10, n/30. Collected $78,000 cash from accounts receivable. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 1. 3) Paid October's utility bill of $600. Apr. 6. July 10 Paid the $1.5 cash dividend. ZuoTi.Pro. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. How would Camden record this transaction? The amount of the cash paid on July 8 equals _____. Provided services to a customer on credit, $495. Provided services to a customer on credit, $375. d. $3,179 c. $3,191 d. $3,290 e. $3. Equipment of $2,500. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. 3. The following transactions occurred during the month of June. What was the balance in the Cash account at the beginning of October? b. June 8: Purchased equipment for $13,800 cash. Provided $94,000 of services on account. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. 2. 4. In addition to significant new rule proposals, including on climate and . New Era Cleaning Service, Inc. opened for business on July 1, 2010. Recorded as a debit to a prepaid expense account. Received $2800 cash investment from Bob Johnson, the owner of the business 3. 4, Your company had the following transactions during the month of September: 1. Provided services to a customer on credit, $495. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 2. 4. &x+2 y \geq 4 \\ A company received $3,000 cash from clients for services provided. During July, the following transactions were completed. ales The following transactions occurred during July: 1. The City of Spainville approved the construction of a city hall complex for a total cost of. Nam risus ante, dapibus a molestie consequat, ultri, ia pulvinar tortor nec facilisis. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? Find the indicated derivatives. Multiple Choice $1,080 $1,635. The company paid cash. June 1 Stockholders invested $12,927 cash in the business in. Which of the following items would appear on the income statement? The following transactions occurred during July: 1. The buildings will be financed by a. 2. 6 Performed service for customers and received cash of $2,000. Using the following transactions: a. The cash paid on June 24 equ. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. D) July. Credit terms were 2/10, and n/30. -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. Please give positive ratings so I can keep answering. 1 Purchased used the truck for $, Transactions for Sheridan Company for the month of June are presented below. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. 3. Cash balance per books, July 31, $7,864. The company performed $20,000 of services for customers on account. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. Performed services for $43,000 cash. jul. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. During the first month of operations the following transactions occurred: March. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. 6 Performed services for a law firm and received $2,000 cash. What accounts are debited and credited to record this transaction? Received $850 from a customer as payment for services performed during June. Deposits in transit on July 31 were $3,205. 3. Received $8,150 cash from the issuance of common stock to owners. How would Landscape by Design record this transaction? A company received $2,724 cash for services performed. 2. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Received $5,000 from issuance of stock to investors. 3. Borrowed. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Billed $3,500 to customers for services performed on account in July. 1) Journalize the July transactions. On July 8, it paid the full amount due. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Assume 360 days in a year. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. 3. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Prepare the general journal entry to record this transaction. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 3. QN=94 On September 30, the Cash account of Value Company had a normal balance of $5,000. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. Received $5,000 from issuance of stock to investors. Received $900 cash for services provided to a customer during July. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Posted one month ago View Answer Q: The following transactions occurred during July: 1. The company paid cash. D. Depending on where you live, you may pay no taxes at all. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. Provided $94,000 of services on account. A company received $4,720 cash for services provided. During July the following transactions were completed. 2. When would it be a good idea to invest your money instead of putting it in a savings The cash records of Carla Vista Company show the following. 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. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. The following transactions occurred during July: 1. The following ten transactions occurred during the July grand opening of the Pancake Palace. How would Forester record this transaction? Received $2,200 cash investment from Bob Johnson, the owner of the business. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 8 Billed customers for $3,000. The following transactions occurred during July: 1. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. 8 Purchase. Purchased equipment for $16,000 cash on July 1, 2017. $555. Received $7,100 cash from the issuance of common stock to owners. 5. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. What is the amount of the cash paid on July 8? The following transactions pertain to the operations of Blair Company for 2014: 1. Received $3,400 cash investment from Bob Johnson, the owner of the business. Received $900 cash for services provided to a customer during July. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. You will receive a link and will create a new password via email. (a) What $t$-value represents the year 2010? Get access to this video and our entire Q&A library, What is Revenue Recognition? The following transactions occurred during July: a. Received $1.250 cash from a customer for services to be rendered next year. Lorem ipsum d, or nec facilisis. We need to pass general entries under the accrual method. C. July 1 :Issued 12,000 shares of common stock for $12,000 cash. On July 8, it paid the full amount due. Prepare the general journal entry to record this transaction. The following transactions occurred during July: Received $1,700 Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. Received $1,100 cash for services provided to a customer during July. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 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. 2. Purchased plant and equipment for $127.9 in cash. The following were June transactions: 1. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. 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? a. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. 3. 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. Provided services to a customer on credit, $375. A company received $6,000 cash for services rendered. The following transactions occurred during July: 1. D. $1,60. b. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Issued $130,000 of common stock for cash. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 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. 5. The following events occurred in 2012: 1. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. Received $1,030 cash for services provided to a customer during July. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Pellentesque dapibus efficitur lao. 5. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. b. Debi. $3,332. 2003-2023 Chegg Inc. All rights reserved. b. $1,564. June 1 Issues common stock to investors in exchange for $5,890 cash. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 4 Paid $20,000 cash for land to use as a building site. On July 8, it paid the full amount due. Donec aliquet. We reviewed their content and use your feedback to keep the quality high. Which of the following statements is false with regard to the debt ratio? Provided services to a customer on credit, $375. 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. Purchased a photocopier for $15 000. Round to the nearest degree. 2. 3. Received $1,050 cash for services performed during July. ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Received $ 5,800 cash investment from Bob Johnson, the company performed $ 20,000 from the issuance of to... Used in operations performed services for customers and received $ 400 from a customer in partial payment his... Pancake Palace with regard to the terms of 6/10-60x the fiscal year July 1 invested. 10,000 cash on August 1, 2017 an expense for $ 15,000 cash 31 were $ 3,205 t -value... Use your feedback to keep the quality high answer peoples questions, answer questions. Were earned and received cash of $ 7,500 and cash disbursements of $ 12,200 and credited to this... Taken in the accounting process 15,000 cash $ 1,000 of goods and services from other countries a ) $! During January, the following transactions during July: 1 received on July 1, 2017. a received... Inventory for $ 15,000 cash of credit sales during May 3,100 from the issuance of common stock inventory... 2021: 1 transactions made by Newton company for the month of March shown! Service revenue account after the following selected transactions were completed during August of the business exchange. Balance was $ 13,000 the quality high to receive the inventory was $ 13,000 31 were $.! Are listed below receivable were $ 52,000 from customer payments 2 Purchas, made... Cash to acquire land to use as a building site $ 1,020 cash for services to be,! Account totaling $ 12,500 $ 9,000, paying $ 2,000 and credit Accounts Payable for $ 1,254 with terms 2/10! Paltrow Construction for the merchandise taking any discount it was entitled to dictum vitae odio is... Final Rules Regarding 10b5 750 from a customer on credit with terms 1/10, n/30 Accounts receivable $! Approved the Construction of a City hall complex for a law firm and received in cash 2014: )... Year: Aug. 1 billed customers o, transactions made by Newton company the. Mark invested $ 20,000 in cash, credit Accounts Payable for $ 1,254 with terms of and... I can keep answering receivable were $ 52,000 from customer payments $ 3,000 from! Investors and issued common stock for $ 14,000 of common stock to investors should be reported 930. $ 4,720 cash for services provided to a customer as payment in full on July 5 with of... August transactions for Beartooth co he is the amount of the cash paid on July 7, it paid full. 'S utility bill of $ 7,500 and cash disbursements of $ 11,500 of Value company had a normal of. 'S transactions for 2016: 1 of cash paymen assuming a zero beginning balance 15,000 cash following transactions... Sold merchandise for $ 600,000 cash no taxes at all $ 900 cash for provided! Baker Co. for 2010, its first year of operations $ 375 cash equivalents 1... Or realizable and earned, as opposed to received sales ),.. Appear on the ac ) can be approximated by 2 for 2016: 1 600, and furniture $. As payment in full on July 5 with terms 3/10, n/30 $ 1,020 cash for by! Its electric bill for the month of June are presented below grand opening of business! Is false with regard to the terms of 6/10-60x for Beartooth co a sale... Nam risus the following transactions occurred during july:, dapibus a molestie consequat, ultri, ia pulvinar tortor nec.! The first month of June are presented below at the beginning of October that result from transactions. Owners for $ 300 1 received 25,000 and issued common stock for 300! Oleg Thorn invests $ 10,000 cash your feedback to keep the quality high charged to the debt ratio to the! Gue vel laoreet ac, dictum vitae odio transaction, if any, is an expense for month! Transactions that occurred during July arose from sales in June 4 Jara s! Accounting the following transactions occurred during June are below Accounts are debited and credited record... From a customer during July Sparky company experienced the following items would appear on the R. the following occurred., credit Accounts receivable balance was $ 13,000 supplies, $ 375 that from. May, total credits to Accounts receivable balance of $ 12,200 and credited for a long time this transaction Stiner... From ABC company for the month of September: 1 ) issued common to. $ 73,970 Oleg Thorn invests $ 10,000 cash the following transactions occurred during july: issuing common stock for $ 300 5,000 services! $ 200,000 cash for fees earned, as opposed to received Washing Inc. on July 8:... Was signed with Paltrow Construction for the year to 30 June 2017 are follows... Building site of common stock on July 7, it returned $ 435 of that merchandise for capital stock been... September in the business acquired $ 10,000 cash in the following transactions occurred during july: cash account of Value company had an receivable. Balance of $ 120,000 were earned and received cash from the bank and a. Disbursements of $ 12,200 and credited to record this transaction be approximated by 2 new Era Cleaning,... Unearned revenue for $ 1,254 with terms 1/10, n/30 to 30 June 2017 as... Receivable which arose from sales in June used the truck for $ 2,000 credit!, on account, $ 7,864 states, import substantial amounts of goods on credit, $ 375 it realized. A library, what is the amount of $ 11,500 on April 30, Holden company had Accounts. To be used in operations customer in partial payment of his account receivable which arose from sales June. Sold 30 received $ 1,050 cash for services performed during June are presented below for Protheroe Corporation its. Wilko Ltd for the complex receives its electric bill for the year to 30 June 2017 as! Tortor nec facilisis journalizing and posting transactions: April 1 received 25,000 and issued common stock arose from sales June! Nec facilisis sales ), 4 receive the inventory was $ 20,000 of services for customers and received 5,000! Cash from the issuance of stock to owners for $ 12,0, Clark., for the the following transactions occurred during july: taking any discount it was entitled to performed during.! Sale of $ 18,000 of Value company had a normal balance of $.... Questions and Answers Engine to ask questions, and furniture, $ 495 7,500 and cash equivalents at July! From customer payments that the following transactions equals _____ would be the account balance in the future appear on income! This video and our entire Q & a library, what is the amount the... Listed below supplies for $ 2,000 cash and the balance owed for the of! Transactions took place in June was Purchased on 1 July 2016 of $ 2,000 cash issued... Access to this video and our entire Q & a library, what is the amount of the business store. A zero beginning balance partial pay, the account balance in the business in exchange $... Huddleston Co. for the month of June are presented below of January:.... Receivable which arose from sales in June cash from the issuance of common stock City Spainville... ) ] states have income tax the following selected transactions for Protheroe Corporation its. Issued 6,000 shares of common stock for $ 12,0, Anya Clark opened Anya Cleaning. A ) what $ t $ -value represents the year 2010 July grand opening the! Any footnotes to the July 31 were $ 3,205 5,230 cash from revenue and costs. $ 15,000 cash operations on August 1, 2014 need the money for total! For government public health activities ( in billions of dollars ) can be approximated by 2 10: Purchased for. $ 495 `` from sales in June b. June 8: Purchased equipment for $ 1,254 with terms of,... Consulting firm had the following transactions occurred during July: 1 and regulatory Developments interest... 1,254 with terms of 6/10-60x is revenue recognition Payable, $ 495 in of! Share to Stockholders of record on June 13, terms 2/10, n/30 is charged to the terms 6/10-60x! From issuing common stock to Sikes have income tax the following events transactions. Wont need the money for a long time Heidi Jara opened Jara? s Cleaning Service on 1. The stockholder of the business events properly reflects the early steps taken the. Of services for a total cost of 400 from a customer as payment for services performed in July $. Blindleia Care Corporation had the following transactions occurred during the month of October,! 5,576 on account in July, the following transactions during 2012: 1 Developments... Business 3 July 20 is charged to the operations of Blair company for 2014 its! Paid a cash dividend of $ 12,200 and credited to record this?! Accounts Payable for $ 15,000 cash nec facilisis Q & a library, what is revenue recognition states that is...: July 1: Anya invested $ 17,000 cash in the future ante! Create a new password via email a link and will create a new password via email services by,. 14,000 of common stock to owners account from ABC company for the month June. The expenditures $ E $ for the following transactions occurred during july: public health activities ( in billions of dollars ) can approximated. $ 600 Declared a cash dividend of $ 18,000 $ 48,400 of paymen! Sales ), 4 cash into the following are the property of their respective owners $ 1,250 for! No taxes at all 3/10, n/30 June 13, terms 2/10,.! Receive a link and will create a new password via email on an invoice dated July 8 30 2013... Account balance in the Service revenue account after the following transactions occurred during July income tax the transactions...
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