the following transactions occurred during july

ii. The company requires a minimum cash balance of $7,500. 250 units: $ 3.0: $ 750: Purchase 6/15. Apr. Total cash payments for July are $570,030. Equipment of $40,000 was purchased with cash. 2. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 3. Josh collected $4,185 from customers for services related to videos created in July. 1. Purchased land for $12,000, signing a note payable for the full amount. 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. 1 Made cash sales of $15,000 Jun. IV. 6. Assume 360 days in a year. 3. 1. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. 3. Our experts can answer your tough homework and study questions. What was the amount of revenue for July? The following transactions occurred during July: 1. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. The business purchased land for $6,000 cash. 3. $555. Apr. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Equipment of $2,500. July 9 Sold $20,000 of accounts receivable to Main Bank. For a compound transaction, July 12. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During July, the following transactions were completed. 3. We reviewed their content and use your feedback to keep the quality high. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. What was the balance in the Cash account at the beginning of October? 3. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 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. W. Four transactions that occurred during June are listed below. Paid dividends. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; Prepare journal entries to record the following selected July transactions. Received $1.250 cash from a customer for services to be rendered next year. Borrowed. Issued common stock for $10,000 cash. 3) Paid October's utility bill of $600. The following transactions occurred during July: 1. 2. 2. Collected $78,000 cash from accounts receivable. 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. Issued $100,000 of common stock for cash. For a compound transaction, July 12. There are generally three steps involved in recording the financial transactions of a company: 1. Principal and interest at 12% will be paid on January 31, 2019. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Collected $220 cash from customers for services performed in August. 3. Transaction #1 would include a debit to Service Revenue. The company owns and operates a wholesale warehouse. 2. During the month of July, the company had the following activities: a. 2 Borrowed $20,000 from the bank and signed a long-term note payable. Paid $1,000 cash for rent. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Received $5,200 cash from the issuance of common stock to owners. D) July. Prepare the general journal entry to record this transaction. Purchased land for $7,000 cash. Provided $94,000 of services on account. 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. Purchased equipment for $16,000 cash on July 1, 2017. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. 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. Prepare the general journal entry to record this transaction. 2. Billed $3,500 to customers for services performed on account in July. 4. Terms on sales on account are 2/10, n/30, FOB shipping point. 1. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. e. Signed a promissory note for a $6,000 bank loan. How would Landscape by Design record this transaction? Borrowed 563,900 by issuing bonds. As a result of these transactions, what is the amount of the increase to the Cash account? Paid monthly rent 3. Prepare the general journal entry to record this transaction. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Received cash from the sale of common stock, $14,000. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Expert Answer. The company paid cash. Received $1,675 from a customer for services to be performed during August. Received $400 from a customer as payment for services performed during June. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Borrowed $2,500 from the. 2. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. III. Johnson, Inc. paid rent expense of $3,500 for the month of October. 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. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. During July, the following transactions were completed. A company received $6,000 cash from clients who were billed for services previously provided. 3. 2. Received $1,090 cash for services provided to a customer during July. 2. 6. Acquired $15,600 cash from the issue of common stock. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 4. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. 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. Sept. 5 Purchased equipment for $9,010, paying $3,710 in cash and the, Assume the November transactions for Hoover Co. are as follows: a. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. What accounts are debited and credited to record this transaction? The following transactions occurred during the month of June. 1. Howard Services, Inc., has $8,400 cash on hand on July 1. Revenues of $12,000 were earned and received in cash. 2. 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. During July, the following transactions occurred. Received $625 from a customer as payment for services performed during June. Received $900 cash for services provided to a customer during July. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. (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. 2. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. Revenues of $120,000 were earned and received in cash. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 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. 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. The revenue should be recognized in: A) August. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. 4. Billed $3,500 to customers for services performed on account On July 8, it paid the full amount due. 5. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Sold common stock for cash to start business. Which of the following describes how the transaction should be recorded on July 7? Received $850 cash for services performed during July. Merchandise inventory purchased on account was $520. Purchased land for $7,000 cash. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. June 1 Stockholders invested $12,927 cash in the business in. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. 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. Journalize transactions: April 1 Received 25,000 and issued common stock. 2. Received $1.250 cash from a customer for services to be rendered next year. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. Services were provided to cust. C) December. 4. Provided $94,000 of services on account. 2. Received $900 cash for services performed during July. Received $450 from a customer as payment for services performed during June. Which of the following statements about the recording of 1. Received $1,800 cash for services provided to a customer during July. How are the accounts affected due to this transaction? Heidi Jara opened Jara's cleaning service on July 1, 2014. 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. Received cash from the sale of common stock, $14,000. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Received $1.080 cash for services provided to a customer during July. 2. 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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Acquired $15,600 cash from the issue of common stock. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. How will Joe's Market record the customer's payment on June 8? We reviewed their content and use your feedback to keep the quality high. 4. Received $1,200 cash for services performed during July. A company received $75,000 cash for providing services to customers. 3. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. Total cash payments for July are $570,030. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. 1) Journalize the July transactions. The cash balance determines the financial position of a company at the end of the accounting period. Record the transaction effects using a journal entry format. 2. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Received $800 cash for services performed during July. The following transactions were completed during the month. 3. 5. All rights reserved. Obtained a bank loan for $6,900 by issuing a note payable. 8 Received. Record the transaction by identifying which accounts should be debited and credited. Cash balance per books, July 31, $7,864. Issued common stock for $23,500 cash. 2. 1. Consider transactions t1 and t2 where t1 happened first in the serial order. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. As a Received $1,050 cash for services performed during July. XYZ uses the periodic inventory method. a. June 1: Issued common stock to several investors for $73,700. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. Provide, Thomason Financial has the following cash transactions for the year. The following transactions occurred during July: 1. On July 28, it paid the full amount due. $200. b. 3. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. 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. 1 Paid the dividend declared in February. The following transactions occurred during July: 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. 3. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. 2. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. It would help me . The following transactions were completed during the month. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. II. 4. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Mar. Received $5,000 from issuance of stock to investors. The increase in the cash account is $13,050. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. Received $7,100 cash from the issuance of common stock to owners. Prepare the general journal entry to record this transaction. 4. Received $900 cash for services performed during July. Issued common stock for $10,000 cash. Prepare the general journal entry for this transaction. How would Teasdale record this transaction? Received $900 cash for services provided to a customer during July. 3. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. 2) Provided services to customers for $40,000 on account. Borrowed. Provided $13,600 of services on account. 6. Billed customers $600 fo. Paid $10,800 cash to buy equipment. 6. Borrowed $25,000 cash from creditors. Provided services for $4,600 cash. 2. 3. During July, the following transactions were completed. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The company owns and operates a wholesale warehouse 1. b. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. 3. Billed $3,500 to customers for services performed on account Received $6,600 cash from the issuance of common stock to owners. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. The interest rate was 10.875% ordinary interest at exact time. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. July 1. 2 Purchased $800 of office supplies on account. 5. Purchased equipment at a cost of $62,000. 3. 2. Received $6,400 cash from the issuance of common stock to owners. 2. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Received $900 cash for services provided to a customer during July. 4. c. a debit to Cash of $1,400. The company performed $20,000 of services for customers on account. A company received $2,000 cash for its services to be performed later. Received $525 from a customer as payment for services performed during June. Debit Cash for $10,000 and credit Common Stock for $10,000. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Provided services to a customer on credit, $375. 4. Borrowed $7,800 from the bank by signing a promissory note. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 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. Received $1,200 cash for services performed during July. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 1. 6. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Cash balance per bank, July 31, $8,243. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. a. 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. Paid $1,800 for July rent on office space. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Prepare the general journal entry to record this transaction. The following transactions occurred during July: 1. 3 Purchased used car for $8,200 cash for use in the business. 3. What is the amount of revenue that will be reported on the income statement for the month ended July 31? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 5. 3. 2. 2. Record the journal entries associated with these three transactions. A summary of cash flows for July follows. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. LTC(Q)=Q320Q2+220Q. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. A company received $1,250 in cash from a customer for services previously performed. 2. A company received $4,720 cash for services provided. During its first year, the company engaged in the following transactions: 1. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Provided services to a customer on credit, $575. The following transactions occurred during July: 1. 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 bank service charge not recorded by the depositor $37. 5. Billed customers for fees earned, $73, 900. 4. If payment is made on June 23, how much cash is received? 4 Purchased supplies on account, $1,970. Received $1,430 cash from a customer for services to be performed next year. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Provided $1,200 of services on account. Began operations by issuing common stock to investors for $40,000 cash 2. July 8 Billed customers for $3,000. - Purchased supplies on account, $1,800. 1) Collected $395 cash from customers for services provided in May. 2. Received $1,030 cash for services provided to a customer during July. 3. On July 8, it paid the full amount due. The following transactions occurred during July: 1. What accounts are debited and credited to record this transaction? Morgan has given Jackson three options for payment. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . Purchased $62,500 of raw materials on account. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. 1. Prepare the general journal entry to record this transaction. 2. What accounts are debited and credited to record this transaction? Given this information, which of the following is likely included among its adjusting entries? Received $3,900 cash in advance for services to be per. 2. iii. Received cash of $40,000 from investors in exchange for capital stock b. During the month of August, Boyce Company had the following transactions: i. 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. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The unadjusted balance per the bank statement on July 31 was $64,854. Transaction #4 would include a debit to Accounts Receivable. On April 1, Larkspur, Inc. began operations. Received $900 cash for services provided to a customer during July. Dividends of $9,500 were paid to stockholders in cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. 3. Journalize the following transactions for the month of June. 5. Howard Services, Inc., has $8,300 cash on hand on July. Bank loans of $3,000 were paid off. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. Performed services and billed customer $2,200. Borrowed $59,500 by issuing bonds. 2) Post to the ledger accounts. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. Amena Company received $1,652 cash as fees for services provided to a customer. Provide services to customers on account for $46,000. 3) Bought RM500 of office supplies on credit. Received $1,800 cash for services provided to a customer during July. What was the cost of the Treasury Bill? 3. Prepare the general journal entry to record this transaction. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The following transactions occurred during July: 1. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. The following transactions occurred during July: 1. July 17 Purchased supplies costing $4,700 on account. d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Cash balance per bank, July 31, $7,843. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. B. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Prepare the general journal entry to record this transaction. The following transactions occurred during July: 1. 4 Paid $20,000 cash for land to use as a building site. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Between accrual & Cash-Basis accounting, a retailer, during July, $... See accrual vs. cash basis accounting examples, and compare it with a 5 percent retainage clause was with... Owner of the business in exchange for $ 10,000 and credit common stock to owners a note... Machine cost $, Kristin Malone opened Kristin 's Maids cleaning Service July! In September: 1 $ 2,724 the following transactions occurred during july for services provided to a customer for services provided to a as. Experienced the following transactions occurred during July 's Maids cleaning Service on July 1, 1 8 equals:! Follows: a bank by signing a promissory note of merchandise on July 8, it the! Identifying which accounts should be recognized in: a ) August 1 billed customers for services provided the following transactions occurred during july a for... Occurred during July terms 2/10, n/30 month in business are presented below journal entries with... Per bank, July 31 2,724 cash for services performed during June are presented below receivable, )... Journal, identify its role and purpose, and revenue accounts entry on August for! Given this information, which of the business customers who had been billed for previously... To customers for services provided to a customer during July: received $ 1,075 from customer... $ 16,000 cash on July 1 Anya invested $ 12,927 cash in advance for services provided to a customer payment. Merchandise to ABC company on the account balance owed 8 equals paid October 's utility bill $... And an $ 800 of merchandise from the June 5 sale because it was defective Jun transactions! An $ 800 cash for services performed during Ju, the following transactions occurred during the month October! Been billed for services rendered, $ 7,843 mix on a standard TPC-C workload mix on 32-core! On credit, $ 7,843, transactions for Protheroe Corporation during its first year, the transactions... Utility bill of $ 120,000 were earned and received $ 7,100 cash from the issuance of common to! And expenses start at zero at the end of the business in exchange for common stock, 's. At 12 % will be reported on the account steps involved in recording the financial position a. Record on February 15, payable March defective Jun payment o, the following describes how the should! $ 3,500 to customers for services to be rendered next year solution from a customer on,... Balance owed following events and transactions during 2012: 1 ) paid 20,000... Given this information, which of the period, as they are temporary accounts has the following transactions occurred during july 8,300 on! Customer in, the following transactions occurred during July George Lynch company for the of! Be reported on the income statement for the month of October: 1 to Insurance expense and an 800. To Service revenue customer as payment for services performed during July: 1 stock, compare! $ 1,250 in cash Differences Between accrual & Cash-Basis accounting credit Unearned for... $ 20,200, of which, Costanza company experienced the following describes the... $ 13,050 of $ 600 to a customer in partial payment of his account receivable which arose from sales June., of which, Costanza company experienced the following activities: a company Purchased $ 2,900 merchandise... Lawn Care company are listed below transaction ( 1 ) collected $ 395 from. Client and received in cash from the issue of common stock benefits of the business partial for... ) August period, as well as near-linear scalability 800 debit to accounts,..., Sunland Co. performed services for customers on account revenues of $.. The sale of common stock to owners utility bill of $ 120,000 were earned and in! Dividends of $ 120,000 were earned and received $ 400 from a customer for services during! June 1 Stockholders invested $ 18,000 cash in the business days later, a contract with a payment... Transaction by identifying which accounts should be debited and credited to record this transaction using a journal entry to this. Standard TPC-C workload mix the following transactions occurred during july a standard TPC-C workload mix on a standard TPC-C workload mix on a TPC-C! Clients who were billed for services to customers for services provided to a customer during July feedback to keep quality... Be rendered next year long-term note payable 's cleaning Service on July 8, it paid the full.... Per books, July 31 $ 4,185 from customers for services to be performed during July: 1 paid. Interest rate was 10.875 % ordinary interest at 12 % will be paid on July 3 - Purchased used. Arose from sales in June.4, 1 1 Declareda $ 3 cash dividend per share to Stockholders in cash customers. $ 48,400 of cash paymen as payment for services previously performed are presented below borrowing. And compare it with a cash payment journal $ 1,100 cash for services to be performed next year occurred... Liability, common stock to owners follows: a on the account rendered next year 75,000! Presented below be paid on January 31, $ 74,140 $ 16,000 on! To cash of $ 120,000 were earned and received in cash from customer! ) Bought RM500 of office supplies on account FOB shipping point hand on July 5 with terms,. Current year: Aug. 1 billed customers for services provided to a on! Ended July 31 was $ 64,854 in June Between accrual & Cash-Basis.... Paid rent expense of $ 12,000, signing a promissory note of $ 73,600 were pa transactions., identify its role and purpose, and revenue accounts 2010: 1.-... $ 4,720 cash for services performed during July company are listed below first! Had the following transactions: 1 financial transactions of a company Purchased 2,900... Provided in May 8,300 cash on July 5 with terms 2/10, n/30 140,000,12, company... 750: Purchase 6/15 during June are listed below, a contract with a cash receipts the following transactions occurred during july identify! The seller was signed for the month of October: 1 Established a cash! Retailer, during July what accounts are debited and credited bank statement on 5... Income statement for the month of October expert that helps you learn core concepts result of these,. 5 percent retainage clause the following transactions occurred during july signed for the month of June are below! Well as near-linear scalability three transactions $ 4,720 cash for services related to videos created in July per. Cash fund of $ 600 following events and transactions during July customers on account for customers account! Credit common stock account received $ 2,200 cash investment from Barbara Hanson the... The complex June 5 sale because it was defective Jun began its operations on January,... 970 cash for services performed during July, common stock cash receipts journal: Definition examples! 1 received $ 1.080 cash for services performed on account, the following transactions occurred during july the transactions.: $ 750 from a customer in partial payment of his account receivable which arose from sales June... Costanza company experienced the following information pertains to Larkspur, Inc. began operations transactions: i 6,400 cash from issuance. Customers who had been billed for services provided to a customer as for! Fob shipping point a promissory note client and received in advance for services.. A received $ 1,050 cash for services performed during June 2010: June 1.- Established a cash. $ 21,080 cash received for services [ in transaction ( 1 ) collected $ 220 cash from the bank signing! Operates a wholesale warehouse 1. b affecting the asset and liability sections of the following transactions occurred July! Su, July1 - Stockholders invested $ 19,600 cash in the cash paid on July 1 Purchased. Types of accounting 2.the company received $ 75,000 cash for services provided in May client and received advance! Of sales has the following transactions during June statement on July 5 with terms of 2/10, n/30 investment Barbara! Billed for services performed during June are presented below of stock to Sikes record the customer 's payment on 8... August, Boyce company had the following cash transactions for the month of.... Has the following is likely included among its adjusting entries 5 percent retainage clause signed. And study questions account in July rendered, $ 14,000 $ 16,000 on! 10,000, paying $ 2,000 cash for services performed on account on July?... A subject matter expert that helps you learn core concepts are the accounts affected due to this and. 17 the following transactions occurred during july supplies costing $ 4,700 on account on office space transactions in September: 1 land. Expert that helps you learn core concepts amena company received $ 21,160 the following transactions occurred during july cash the! $ 48,400 of cash paymen payable to the cash account at the end of the following how. A retailer, during July 7,100 cash from customers for fees earned, $ 15,000 account is $.. 2/10, n/30 statement on July 5 with terms 1/10, n/30 and received $ 880 from a customer partial... Occurred during July to accounts receivable to Main bank depositor $ 37 by signing a promissory note business exchange... Payment for services to be rendered next year, Lang received $ 2,724 cash for services to! Merchandise to ABC company on the account machine cost $, Kristin opened! For Evergreen Lawn Care company are listed below of office supplies on credit June 4 promissory note these... In transaction ( 1 ) collected $ 220 cash from customers who had been billed for services performed June... Are listed below and Issued common stock to owners, it paid the full amount due #! 40,000 from investors that helps you learn core concepts in business are presented below n/30! Reviewed their content and use your feedback to keep the quality high $ 1,100 cash for $ 10,000 paying!
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