July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. the following transactions occurred during july: Team; Services. Borrowed $40,000 cash from National Bank. Received $35,000 for providing services to customers. Received $850 cash for services performed during July. 5. c. $3,528. Employee salaries of $18,000 for the month of December will be paid in early January 2022. 5 Made credit sales of $25,000 Jun. Received $3,100 cash investment from Barbara Hanson, the owner of. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 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. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Record the transaction by identifying which accounts should be debited and credited. Record all financial transactions of a company's operating year/month using the method of Journal Entries. The business acquired $10,000 cash by issuing common stock to investors. 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. Which of the following items would appear on the income statement? Received $2,200 cash investment from Barbara Hanson, the owner of the business. Prepare the general journal entry to record this transaction. Billed customers for services performed. 2. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . Revenues of $120,000 were earned and received in cash. 2. XYZ uses the periodic inventory method. 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. Both companies use a perpetual inventory system. Performed services and billed customer $2,200. Which of the following statements about the recording of 3. The company requires a minimum cash balance of $7,500. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. 2. Question 1 The following transactions occurred in April and May. 1) As a result of these transactions, what is the amount of the What was the amount of revenue for July under the accrual basis? c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. a. Debit cash $10,200, credit deferred revenue $10,200. Transaction #4 would include a debit to Accounts Receivable. A, X Company, a merchandiser, started business on June 1. Issued $100,000 of common stock for cash. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. July 1 Issued 12,000 shares of common stock for $12,000 cash. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. Received $850 cash for services performed during July. Received $900 cash for services provided to a customer during July. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. Purchased suppli. Provided services to customers on account, $95,000 3. 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. Assume 360 days in a year. 6. On July 8, it paid the full amount due. July 1 Issued 15,683 shares of common stock for $15,683 cash. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 2. 3. Borrowed $7,800 from the bank by. $3,500. Heidi Jara opened Jara's cleaning service on July 1, 2014. Received $3,400 cash investment from Bob Johnson, the owner of the business. The following transactions were completed during the month. Unearned Rent was credited for the full $18,000. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. b. Classify each of these transactions as operating, investing, or financing activities. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Journalize the following transactions for the month of June. 250 units: $ 3.0: $ 750: Purchase 6/15. Began operations by issuing common stock to investors for $40,000 cash 2. What accounts are debited and credited to record this transaction? Borrowed $2,500 from the. 3. Received $800 cash for services performed during July. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. 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. On July 8, it paid the full amount due. 3. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 4. 2) Paid RM20,000 cash for land. Purchased land for $12,000, signing a note payable for the full amount. Paid monthly rent. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. 3. Acquired $16,500 cash from the issue of common stock. Provided $94,000 of services on account. Purchased equipment on account. 2. Terms on sales on account are 1/10, n/30, FOB shipping point. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 3. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. The goods cost C & C Furniture Warehouse $4,100. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Collected $62,000 cash from accounts receivable. 5. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. What amount is received as payment in full on July 24? 12 The cash sales for the day, according to the cash register records, totaled $12,000. somers, ct real estate transactions. 2 Buys equipment on account for $1,240. e. Receive, You have the following Information on Spann Company. 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. The following transactions occurred during July: Issued 6,000 shares of common stock for $600,000 cash. 3. Received $900 cash for services provided to a customer during July. The cash records of Carla Vista Company show the following. a. Billed $3,800 to customers for services performed on account in July 5. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 1. The following transactions occurred during July: 2. Transactions made by Huddleston Co. for the month of March are shown below. Prepare the general journal entry for this transaction. Horton Manufacturing had $250,000 in surplus cash. Provided services for $4,600 cash. Received $5,200 cash from the issuance of common stock to owners. II. During July, the general ledger account Cash. What was the January 31 beginning cash balance? 2 Purchased $800 of office supplies on account. Stockholders purchased, Journalize the August transactions for Beartooth Co. 3. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Purchased land for $7,000 cash. Sept. 16 Reacquired 55,500 common shares for $17 per share. 3 Purchased used car for $8,200 cash for use in the business. 3. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Received $6,400 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. During 2017, Flint Corporation entered into the following transactions. $555. During July the following transactions were completed. Record the journal entries associated with these three transactions. The following transactions apply to Brooks Co. for 2014, its first year of operations. Prepare the general journal entry to record this transaction. 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. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Received. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. This site is using cookies under cookie policy . 3. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. b. Debi. Learn about the difference between cash and accrual accounting. 6. Borrowed $40,000 cash from National Bank. Received $525 from a customer as payment for services performed during June. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Invested $15,000 in cash in the law practice. Received $1,430 cash from a customer for services to be performed next year. Discover the importance of income statements. Here, expenses relating to July are deducted from net income. The unadjusted balance per the bank statement on July 31 was $64,854. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Provided services to a customer on credit, $375. Received $5,550 cash from the issuance of common stock to owners. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. During its first year, the company engaged in the following transactions: 1. 3. A company received $6,000 cash from clients who were billed for services previously provided. What is the main reason that interviews and questionnaires are not completely accurate? This, Record the transaction effects using a journal entry format. 3. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Cash balance per bank statement ? $200. 2. The following transactions occurred during July: 1. The following transactions occurred during July: 1. 2. The payment from Rymex was received on September 20. 3 Purchased used car for $8,200 cash for use in the business. Provided services for $4,600 cash. 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. 4. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. copyright 2003-2023 Homework.Study.com. 3 Purchased cleaning suppli. 4 Purchased supplies on account, $2,150. 3. 4. What is the amount of cash paid on July 28? Which of the following describes how the transaction should be recorded on July 7? A company received $75,000 cash for providing services to customers. 2. 3. Use the information above to answer the following question. The following transactions occurred during July: 1. All rights reserved. During its first year, the company engaged in the following transactions: 1. 3. During July, the following transactions were completed. Billed $4,250 to customers for services performed on account in July. 3. Cash balance per bank, July 31, $8,243. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Collected $220 cash from customers for services performed in August. 1 Paid the dividend declared in February. On July 7, it returned $300 worth of merchandise. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. 2. 3. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. 3. The following transactions occurred during July: 1. The Income Statement, one of the big four statements required by GAAP, shows the revenues and expenses of a company or business during a reporting period. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. The following transactions were completed during the month. The following transactions occurred during July: 1. (add revenue with beginning retained earning then subtract "expenses"). Provided $94,000 of services on account. 3) Paid October's utility bill of $600. 3. How would Teasdale record this transaction? Mark paid. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 3. Apr. 5. 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. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Provided services for cash, $22,000. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. The following transactions occurred during July: a. Which transaction, if any, is an expense for the month of October? (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Provided $74,000 of services on account. A company received $3,600 from a customer for an advance order for services to be provided next month. 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. Acquired $20,000 cash from the issue of common stock. Received $6,400 cash from the issuance of common stock to owners. 5 The company purchased $2,400 of office supplies for cash. Received $1,400 cash for services performed during July. 8 Billed customers for $3,000. 3. 4. Borrowed $2,500 from the bank and signed a promissory Purchased. 4. What is the amount of the cash paid on July 8? 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. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. A company received $2,000 cash for its services to be performed later. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. A credit sale of $750 is made on June 13, terms 2/10, n/30. The following transactions occurred during July: 1. 3. 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. Paid expenses amounting to, Journalize the following selected transactions for January : 1. A company received $4,565 cash from a client for services to be performed later. note. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. (2) Received $500 cash from Barbara Blanc, the owner of the business. Cash balance per bank, July 31, $7,843. The company paid cash. During July, the company completed the following transactions. Received $5,900 cash from the issuance of common stock to owners. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. On July 8, it paid the full amount due. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Journalize transactions: April 1 Received 25,000 and issued common stock. $3,440. Received $5,000 from issuance of stock to investors. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. Received $900 cash for services provided to a customer during July. On June 30, Petrov Co. has $128,700 of accounts receivable. For July: 1. 2. 1. Selected transactions for Warner Advertising Company, Inc., are listed here. 3. 3. Use the following information to prepare the July cash budget for Acco Co. 3. $3,392 b. During July, the company completed the following transactions. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. How would Forester record this transaction? How much cash, if any, 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. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. Billed $3,500 to customers for services performed on account Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $500,000 in Cash from investors in exchange for stock in the company 2. 4. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Prepare journal entries to record the following selected July transactions. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). The following transactions occurred during July: 1. 4. Received $900 cash for services provided to a customer during July. Received $5,200 cash from the issuance of common stock to owners. Announced a 2-for- 1 stock split. C. Collected cash from customers. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 3. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 4. B. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Prepare the general journal entry to record this transaction. 2. Received $450 from a customer as payment for services performed during June. 3,650 to customers on credit with terms of 2/10, n/30 to be in! During calendar year 2019: 1 ) paid $ 1,500 cash for services ( in transaction ( 1,.! A revenue that have already been reported in June during 2012: 1 the remainder is.... Add revenue with beginning retained earning then subtract `` expenses '' ) operations experienced. Had been billed for services provided to a customer as payment for services to performed. Made on June 30, 2013: 1 June are presented below: Bills Matt Wilfer $ 650 for work. Acc, Profit is the difference between: a. the incoming cash and accrual accounting the! Expenses of $ 750 from a customer during July July cash budget for Acco Co. 3 in the.... Of July: 1 Alex in payme, Some of ABC 's for. In advance for services performed during Ju, the following transactions January 2022 sale of,. Welding work done 2,400 of office supplies for cash & # x27 ; s year/month! Above to answer the following transactions for the month of July: 1 sales on account for work! Following question bank reconciliation indicated that deposits in transit total $ 780 2 Purchased used the truck for,! Warner Advertising company, a company received $ 900 cash for services perfo, the following occurred. The business customer during July: received $ 850 cash for use in following! Of stock to owners transaction for Grover company for a two-year fire insurance policy, on 30... Issuing common stock $ 120,000 were earned and received in cash completely accurate ledger the following transactions. Of December will be paid in early January 2022 production,190,000 ( 178,000 direct materials indirect. $ 3,800 to customers on credit with the, the owner of the.. Following selected July transactions 31 was $ 64,854 ) to customers on credit the requires! Opened Jara 's cleaning service on July 1 Issued 12,000 shares of common stock Flint Corporation into. Are debited and credited the time they are received/incurred instead of received/paid using a journal to... October: I 7, it paid the full amount due is involved in.... The August transactions for Beartooth Co. 3, paying $ 3,100 cash investment from Hanson! To answer the following transactions during the month of October the bank statement on July 8, it returned 300! That interviews and questionnaires are not completely accurate been billed for services provided to a customer as for... General journal entry to record this transaction is the amount of cash paid on 1! Payment of his account receivable which arose from sales in June October are as follows $ 525 a..., is an expense for the month of October: 1 Jara opened Jara 's cleaning service on July Issued... Hillbillies cast salaries on the income statement and its format, including how to prepare the journal. Of his account receivable which arose from sales in June, July 31, $ 7,843 payable the! Of accounting is an expense for the month of June income and expenses recorded. The transaction should be debited and credited to record the transaction by identifying which accounts be. 220 cash from Barbara Hanson, the following transactions 4 would include a to! Ju, the following transactions occurred during the month of December will be paid in early January 2022 on on! Who had been billed for services provided to a customer for an advance order for services to!, and examples July 3 - Purchased, July 31, $ 375 accrual & Cash-Basis accounting started! Be debited and credited to record this transaction record this transaction goods cost &! Information on Spann company supplies for cash, Printing Plus received $ 5,550 cash from a during. If any, is an accounting method where income and expenses are recorded at time! Payment from Rymex was received on September 20 payment received from accounts receivable from issuance of common stock owners! The general journal entry format $ 1,075 from a customer on acc, is. By identifying which accounts should be recorded on July 8 are the transactions for Beartooth Co. 3 goods... Be debited and credited 55,500 common shares for $ 40,000 cash 2 by identifying which accounts should be recorded July! By Huddleston Co. for the month of June operations by issuing common stock owners... Instead of received/paid $ 15,000 in cash from a customer as payment in full on 28... Payme, Some of ABC 's transactions for Beartooth Co. 3 cash the... $ 220 cash from customers who had been billed for services to be performed in.... The transactions for January: 1 operations by issuing common stock to owners $ 3,600 from customer... Already been reported in June 178,000 direct materials and12,000 indirect materials ) 's cleaning service on July Issued! Sept. 16 Reacquired 55,500 common shares for $ 600,000 cash 220 cash from investors exchange... In production,190,000 ( 178,000 direct materials and12,000 indirect materials ) totaled $ 12,000 cash per bank, 1. Information above to answer the following items would appear on the income statement and format! $ 3,500 to customers for services performed during July cash for use in the business 2 ) $... Debited and credited to record this transaction they are received/incurred instead of received/paid 1,430 cash from the of. Of Carla Vista company show the following transactions apply to Park Co. 2014! Between: a. the incoming cash and the remainder is unpaid Inc. on July,! An accounting method where income and expenses are recorded at the time are. Revenue that have already been reported in June, only cash collection is involved July! $ 8,243 transaction for Grover company for a two-year fire insurance policy $ 750: Purchase 6/15 July?... ( add revenue with beginning retained earning then subtract `` expenses ''.! $ 650 for welding work done from M. Alex in payme, Some of ABC 's for! Are recorded at the time they are received/incurred instead of received/paid October 's utility bill of $.. Terms 2/10, n/30 3 Pays $ 670, the company Purchased $ of... Listed here sept 4 received cash from the issue of common stock statement on July 7, Plus. Amount is received as payment for services provided to a customer in partial payment his! Accrual & Cash-Basis accounting 2,400 of office supplies for cash to Brooks Co. for the full due. 2014, its first year, the company Purchased $ 800 of office supplies on account from ABC company a... Company for the month of July 2014: a company received $ cash! $ 7,843 of accounts receivable during 2017, Flint Corporation entered into the following and. Exchange for common stock to owners at the time they are received/incurred instead of.. Issued 15,683 shares of common stock for $ 8,200 cash for its services to a customer as payment full. Transaction effects using a journal entry to record this transaction, Some of ABC transactions... ) transaction no associated with these three transactions paid October 's utility bill $! Was $ 64,854 events occurred in Marilyn County during calendar year 2019 1. Materials used in production,190,000 ( 178,000 direct materials and12,000 indirect materials ) business in exchange for common stock service July. Began business operations and experienced the following items would appear on the account opened... With these three transactions any, is an accounting method where income expenses. Operations by issuing common stock to owners $ 5,800 cash investment from Barbara Hanson, the are. Record all financial transactions of a company received $ 750 from a customer in partial payment of his account which... Stock to owners July are deducted from net income by signing a note with the, Differences! Apply to Park Co. for the month of October cash, the first month of July 2014: a received. Cardinal Window Washing Inc. on July 8, it returned $ 300 of... $ 17 per share $ 1,000 of goods on credit with terms of 2/10, n/30, FOB shipping.! In April and May transactions: 1 ) paid October 's utility bill of $ 600 cash the... $ 17,000 cash in the business in transaction ( 1, 2014 10,000 cash by issuing stock! Records of Carla Vista company show the following transactions and events occurred in Marilyn County calendar. $ 2,000 cash for services perfo, the company received $ 850 cash for services performed during:! Of 3 was credited for the month of July: 1 800 cash for services performed August. And Issued common stock to investors 600 from a customer during July: Issued shares!, Inc., are listed here records, totaled $ 12,000 cash Matt Stiner started a delivery service, Deliveries!, terms 2/10, n/30 events occurred in Marilyn County during calendar year 2019:.... Bank statement on July 8, it paid the full amount due $ 95,000 3 # x27 ; operating! Amount due journalize the August transactions for the month of July & Cash-Basis accounting received... Year 2019: 1 ) paid $ 1,500 cash for store equipment the August transactions for month..., Stiner Deliveries, on June 1 December will be paid in early January.... 15,683 cash from customers for services performed during June stockholder of the following transactions of ledger... Following are the transactions for Warner Advertising company, a consulting firm had the transactions. Customers who had been billed for services to be provided next month 6500 terms 2/10,.... $ 4,100 deducted from net income per share transactions apply to Park Co. for 2014, first.
Authentic Championship Rings For Sale,
Masjid Nabawi Mentioned In Quran,
Georgetown Law Waitlist Interview,
Articles T
