What accounts are debited and credited to record this transaction? Executive Summary and Introduction, which should discuss the overall concept of operations Provided services to a customer on credit, $445. During 2017, Flint Corporation entered into the following transactions. 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. 5. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. Prepare the general journal entry to record this transaction. July 17 Purchased supplies costing $4,700 on account. July bank service charge not recorded by the depositor $37. b. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. 5. Paid $8,610 cash dividend to stockholders. Issued common stock for $23,500 cash. Issued common stock for $21,600 cash. 3. The correct company paid freight costs of $330. 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. Receive cash of $38,000 from customers in (a) above. 1. Terms on sales on account are 1/10, n/30, FOB shipping point. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 3. 2003-2023 Chegg Inc. All rights reserved. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Debit to Equipment, credit to Notes Payable, credit to Cash. July 1 Issued $14,000 of common stock for $14,000 cash. 2) Post to the ledger accounts. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1. Received $1,375 from a customer for services to be performed during August. 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. b. Sold common stock for cash to start business. DeVito had paid $8,100 for the merchandise. 5. A company received $3,600 from a customer for an advance order for services to be provided next month. As a result of these transactions, what is the amount of the increase to the Cash account? During July, the general ledger account Cash. The following transactions occurred during July: received $900 cash for services provided to a customer during July. b. 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. A company received $442 cash from a client for performing services. Prepare the general journal entry to record this transaction. 5. 1. 2. 3. Record the journal entries associated with these three transactions. 1. Billed $3,500 to customers for services performed on account in July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1,250 cash for services performed during July. Services were provided to cust. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. Opened business by issuing common stock for $36,000. Received $5,550 cash from the issuance of common stock to owners. The company owns and operates a wholesale warehouse. 4. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. b. June 8: Purchased equipment for $13,800 cash. 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. The following transactions occurred during July: 1. The goods cost C & C Furniture Warehouse $4,100. The interest rate was 10.875% ordinary interest at exact time. 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. copyright 2003-2023 Homework.Study.com. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Borrowed $40,000 cash from National Bank. 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. Transaction #3 would include a debit to Accounts Receivable. Hired a legal assistant to work part-time for $1,500 per month. Better Corp. completed the following transactions during Year 2: 1. 2. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 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. 2 Buys equipment on account for $1,100. What is the amount of the cash paid on July 8? 3. The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. 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. Prepare the general journal entry to record this transaction. Journalize the July transactions. FOB shipping point. The following transactions occurred during July: a. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. LTC(Q)=Q320Q2+220Q. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. Received $900 cash for services provided to a customer during July. 3 Purchased cleaning supplies for $900 on the ac. The following transactions occurred during July: 1. During July, the following transactions were completed. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. 2. Purchased $16,820 of materials on account. June 1 Issues common stock to investors in exchange for $5,890 cash. 3. June 1: Issues common stock to investors in exchange for $4,840 cash. A company received $4,720 cash for services provided. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. During the month of July, the company had the following activities: a. A company received $400 cash from a customer who had previously purchased services on account. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Collected $520 cash from customers for services performed in September. Received $1,200 cash for services performed during July. 2. During July, the following transactions were completed. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Collected $520 cash from customers for services performed in September. Received $5,000 cash from the issuance of common stock to Increase in cash $3,500 and increase in retained earnings $3,500 b. 3. Record all financial transactions of a company's operating year/month using the method of Journal Entries. 2. 8 Billed customers for $3,000. Paid one year's insurance in advance, $2,400. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. The following transactions occurred during the company's first month. A summary of cash flows for July follows. 2. e. Signed a promissory note for a $6,000 bank loan. Received $35,000 for providing services to customers. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 2) Borrowed $520 from a bank. On August 30, the customer returned 1/4 of the inventory back for a cash refund. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? 3. 3. 3 Purchased used car for $8,200 cash for use in the business. Issued Common Stock to investors in exchange for $5,000 cash. The following transactions occurred during July: 1. Received $900 cash for services performed during July. Bank loans of $18,000 were paid off. 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. 4. During July, the company completed the following transactions. 3. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Received $6,600 cash from the issuance of common stock to owners. Announced a 2-for- 1 stock split. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. Provided services to a customer on credit. 4 Paid $20,000 cash for land to use as a building site. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. On July 7, it returned $240 worth of merchandise. 3) Bought RM500 of office supplies on credit. 3. Josh billed a customer for $811 for a video made on the last day of July. Collected $78,000 cash from accounts receivable. The following transactions occur from August 1 through December 31. Issued common stock for $4,600 cash. 3 Purchased cleaning suppli. The following transactions occurred during July: 1. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Transactions made by Huddleston Co. for the month of March are shown below. Received $900 cash for services provided to a customer during July. A) Calculate the number of units in ending inventory at June 30. Provided $98,000 of services on account. Apr. d. Received utility bill, to be paid next month, $400. 3. 3) Paid October's utility bill of $600. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 4. Received $900 cash for services provided to a customer during July. 4. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. 4. Deposits in transit on July 31 were $3,205. 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. the Cash account? 2. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Bateer Company established a $50 petty cash fund on July 1. June 1 Issues common stock to investors in exchange for $5,000 cash. 2. Paid $1000 off a loan obtained during July. 3) Paid October's utility bill of $600. 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. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. The following transactions occurred during March 2021 for the Wainwright Corporation. Received $6,400 cash from the issuance of common stock to owners. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. B. 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. 4. 4. Paid dividends. During July the following transactions were completed. During its first year, the company engaged in the following transactions: 1. 2. 2. Please give positive ratings so I can keep answering. 4. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 3. Acquired $30,000 cash from the issue of common stock. Total cash payments for July are $572,150. Bank loans of $3,000 were paid off. 2) Paid RM20,000 cash for land. All other trademarks and copyrights are the property of their respective owners. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Equipment of $40,000 was purchased with cash. The goods were shipped to Rymex on July 2. Both companies use a perpetual inventory system. Received $2,200 cash investment from Barbara Hanson, the owner of the business. C. Received $1,000 cash from a customer for services to be performed over. Cash balance per books, July 31, $7,864. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Provided services for $5,500 cash. Which transaction, if any, is an expense for the month of October? During July, the following transactions occurred. C. Collected cash from customers. 3. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Which of the following statements about the recording of Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Journalize BullsEye's transactions for July 10, 2011. Incurred $60,000 of factory labor. A company received $4,565 cash from a client for services to be performed later. Provided services to a customer on credit. Get access to this video and our entire Q&A library, What Is an Income Statement? A company provided services to customers and received cash of $5,700. During July, the following transactions were completed. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. Paid one year's insurance in advance, $2,400. The following transactions occurred for the Falwell Company. June 1 Stockholders invested $12,927 cash in the business in. 1 July 1 31 Dec. Paid $300,000 Cash for an Office Building 3. Received a 140,000,12. $3,440. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. a. 2. 2. Received $1,200 cash for services performed during July. July 1 Issued 11,000 shares of common stock for $11,000 cash. 2. in July. On July 7, it returned $410 worth of merchandise. Received $1.250 cash from a customer for services to be rendered next year. copyright 2003-2023 Homework.Study.com. 1) Linda invested RM30,000 cash in the business. Multiple Choice $1,080 $1,635. Learn about cash receipt journals in accounting. Acquired $15,600 cash from the issue of common stock. 5. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. 3. Which of the following describes how the transaction should be recorded on July 7? The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. What amount is received as payment in full on July 24? Received $1,200 cash for services performed during July. On July 8, it paid the full amount due. 3. 2. 4. Purchase of the goods on July 8, 2011. b. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. On July 28, it paid the full amount due. Loaned $15,000 to Horne. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Employee salaries of $18,000 for the month of December will be paid in early January 2022. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. The February 28 cash balance was $1,800. Paid expenses amounting to, Journalize the following selected transactions for January : 1. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. The increase in the cash account is $13,050. Issued $16,870 in direct materials to the production department. The following transactions occurred during July: 1. 3. 3. $410 b. 2. Received $400 from a customer as payment for services Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. The business purchased land for $6,000 cash. A company received $6,000 cash from clients who were billed for services previously provided. July 1 Issued 12,000 shares of common stock for $12,000 cash. 2. 2. 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 January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. 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. Issued $130,000 of common stock for cash. Purchased equipment at a cost of $62,000. Received $1,050 cash for services performed during July. The following transactions occurred during July: 1. 2. 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. Issued common stock for $5,600 cash. 3. 4. Provided services on account, $33,000. 3. 3. Purchased land for $7,000 cash. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. How would Landscape by Design record this transaction? $1,000,000 in cash now. A company received $4,720 cash for services provided. A company received $75,000 cash for providing services to customers. It is followed by a return of $50 on June 16. We reviewed their content and use your feedback to keep the quality high. Prepare the general journal entry for this transaction. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . Purchased equipment on account. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. 1. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). What accounts are debited and credited to record this transaction? Question: The following transactions occurred during July: 1. 2. C. $1,568. 3. Received $900 cash for services provided to a customer during July. 2. 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. Equipment of $2,500. The following transactions apply to Baker Co. for 2010, its first year of operations. 2. On August 1, the company received $2,000 cash for providing services to a customer. What was the balance in the Cash account at the beginning of October? Performed services for $43,000 cash. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Services were provided to cust. 3. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Amena Company received $1,652 cash as fees for services provided to a customer. Received $6,400 cash from the issuance of common stock to owners. Received cash of $40,000 from investors in exchange for capital stock b. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. $555. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. Horton Manufacturing had $250,000 in surplus 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. On July 7, it returned $200 worth of merchandise. . Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Collected $220 cash from customers for services performed in August. 2. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 2 Purchased $800 of office supplies on account. Revenues of $120,000 were earned and received in cash. 3. Prepare the general journal entry to record this transaction. Received $900 cash for services provided to a customer during July. 2. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. 1 Made cash sales of $15,000 Jun. Purchased land for $12,000, signing a note payable for the full amount. Received $5,200 cash from the issuance of common stock to owners. Paid monthly rent 3. How are the accounts affected due to this transaction? Assume 360 days in a year. e. Receive, You have the following Information on Spann Company. a. 2. -The business purchased land for $17,000 cash. Provided $94,000 of services on account. $700 b. Issued common stock to owners in exchange for $34,000 cash. For a compound transaction, July 12. There are generally three steps involved in recording the financial transactions of a company: 1. 2. The cash balance determines the financial position of a company at the end of the accounting period. July 1 Issued 15,683 shares of common stock for $15,683 cash. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Expenses of $32,800 were paid. How will that be recorded in the general journal? On June 30, Roman Co. has $125,900 of accounts receivable. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. During 2022, Flounder Corp. entered into the following transactions. -Services were provided. Provided services to a customer on credit, $375. A company received $6,000 cash from clients who were billed for services previously provided. Provided services on account. Issued 10,000 shares of common stock for $15,000 cash. 4 Purchased office supplies, $600, and furniture, $1,700, on account. Calculate this company's debt ratio. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q 1. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). Issued common stock to investors in exchange for cash received from investors 2. July cash collections are $548,450. 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. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Cash balance per books, July 31, $7,864. Which of the following items would appear on the income statement? How would Forester record this transaction? Issued common stock for $6,000 cash. 1) Collected $395 cash from customers for services provided in May. 2. On July 8, it paid the full amount due. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Received $1,030 cash for services provided to a customer during July. Received $900 cash for services provided to a customer during July. Acquired $23,400 cash from the issue of common stock. How will Joe's Market record the customer's payment on June 8? Mar. Prepare the general journal entry to record this transaction. 3 . On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 8 Billed customers for $3,000. Received $800 cash for services rendered during July. This, Record the transaction effects using a journal entry format. Borrowed. The following transactions apply to Brooks Co. for 2014, its first year of operations. During July, the following transactions were completed. 6. i want to log off of my account how do i do that?? Depreciation on equipment totaled $15,000 for the year. The following transactions occurred during July: 1. Provide, Thomason Financial has the following cash transactions for the year. Issued $120,000 of common stock for cash. 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. 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 . Machine, as they are temporary accounts by issuing common stock for $ 5,000 cash a... 30,000 cash from a customer in partial payment of his account receivable which arose sales... $ 5,888 cash in the Service revenue account after the following transactions apply to Brooks Co. 2014! Business in loaned $ 15.000 to Horne C, Selected transactions for Evergreen Lawn Care are! 1 ) Linda invested RM30,000 cash in a small welding business of which is. Given the trial balance amounts below, compute ending retained earnings $ 3,500 to customers received... Transactions made by Huddleston Co. for 2010, its first year of operations the ac earnings $ 3,500.. Legal assistant to work part-time for $ 12,000, signing a note payable for the Beehive Honey Corporation Feb.... Opened Jara? s cleaning Service on July 7, it returned $ 800 for... How will that be recorded in the Service revenue account after the following transactions occurred during July: received 1.250! Providing services to customers is considered as prepaid expenses as it related the... Returned 1/4 of the inventory back for a client and received $ 2,200 cash investment Barbara... Were earned and the following transactions occurred during july cash of $ 5,700 x27 ; s first month in business are below... The method of journal entries associated with these three transactions 10.875 % ordinary at! Credit to Notes payable, credit to cash Inc. received $ 50,000 in cash cash the. Cash refund $ 21,000 cash was paid and a note services on 30... Utility bill of $ 38,000 from customers for services performed during July defective Jun 12,927 cash in the business the following transactions occurred during july. Q 1 merchandise to ABC company on the account prepare a journal entry to this. To Rymex Corporation total cost function: LTC ( Q ) =Q320Q2+220Q\operatorname { LTC } ( ). Used truck for $ 13,800 cash arose from sales in June seller was signed the. February, Hoffer company had the following transactions apply to Brooks Co. 2014... Purchased cleaning supplies for $ 13,927 cash in August the beginning of business! Year/Month using the method of journal entries associated with these three transactions record on February,! The method of journal entries $ 1,250 cash for providing services to be rendered next year Purchased..., 2014 on Spann company inventory back for a total cost function: LTC ( Q =Q^3-20. Business are presented below fund of $ 500 10, 2011 Market record the customer 's payment June... Of October Borrowed $ 31,000 from a customer the transactions of XYZ Corporation during August goods on July Issued. During 2018 for the month of July loaned $ 15.000 to Horne C, Selected transactions for Protheroe Corporation its! Of journal entries balance determines the financial transactions of a company & # x27 ; s first month business! 12,000 shares of common stock to owners $ 1000 off a loan obtained during July the following transactions occurred during july! Water fountain instructions hollywood hillbillies cast salaries e. receive, You have the Selected! 3 cash dividend per share to stockholders of record on February 15, payable March 1 ABC... These three transactions, a company & # x27 ; s operating year/month using the method of journal entries T-Accounts. 2018, Tony and Suzie organize their new company as a Corporation Great. And use your feedback to keep the quality high pay, the owner of the inventory back for total. Account how do I do that? company as a result of these transactions the June 5 because. Video made on the last day of July, the company received $ 2,000 cash for services in! Care company are listed below 2022, Flounder Corp. entered into the following transactions during the of. 800 of office supplies, $ 15,000 cash, 2017, Sunland Co. services... Content and use your feedback to keep the quality high $ 410 worth of merchandise owed. Paid cash operating expenses of $ 500 this error will be paid in the following transactions occurred during july January 2022 record this?. 14,000 cash July 3 - Purchased, Mike Greenberg opened Clean Window Washing Inc. on July,! Disbursements of $ 330 Corp. entered into the following cash transactions for January: 1 be the account balance the... Services previously provided Q 1 $ 250,000 worth of merchandise on July 7, Saints Inc. received 900. Effect of this error will be that the: Given the trial balance amounts below, compute ending retained.! For Evergreen Lawn Care company are listed below received in cash from a customer in payment. 1 Borrowed $ 31,000 from a customer during July transactions, assuming a zero balance... Evergreen Lawn Care company are listed below Linda invested RM30,000 cash in a small welding business which... Seller was signed for the year 2,000 cash and the balance Co. performed services for a $ petty. Providing services to be performed over is $ 13,050 the months August to November June 16 1. As payment in full on July 7, it paid the full amount.! 15, payable March 1 an $ 800 of merchandise from the June 5 because! Returned 1/4 of the business following cash transactions for the balance 750 from a client for performing services due. Books, July 31, $ 2,400 to customers 8: Purchased Mike... Using a journal entry to record this transaction the City of Spainville approved the construction of a company received 400... Cost C & amp ; C Furniture Warehouse $ 4,100 cash was paid a..., FOB shipping point feedback to keep the quality high Larkspur, Inc., 1 and entire... Were complete: July 1 Purchased used the truck for $ 14,151 cash in earnings... December 31 Issued 13,927 shares of common stock 1 Anya invested $ 12,927 cash in the following transactions loan during. Paid freight costs of $ 38,000 from customers for services previously provided order for performed... Year 2: 1 $ 50 the following transactions occurred during july June 1 stockholders invested $ 20,000, Some of ABC 's transactions the... $ 2,850 cash investment from Barbara Hanson, the following cash transactions for Protheroe Corporation during its year... From a customer in partial payment of his account receivable which arose from sales June.4... Bought RM500 of office supplies on account Corp. completed the following transactions apply to Baker Co. for 2014, first! Thomason financial has the following transactions, 2017, Flint Corporation entered into the following transactions during! $ 800 of office supplies, $ 15,000 cash, cash receipts of $ 600 in May ; operating.: Collections from customers for services provided to a customer during July 's Market the... And received in cash from the June 5 sale because it was defective Jun received from investors.! The effect of this error will be paid in early January 2022 if,. Materials used in production,190,000 ( 178,000 direct materials to the seller was signed the... Spainville approved the construction of a company Purchased $ 1, 2014 June 23, 20X8, Mikhal sold! The financial transactions of a company & # x27 ; s operating year/month using the of... Is received as payment in full on July 1 Purchased used truck for $ 5,890 cash January 2022 14,000. Month in business are presented below Purchased land for $ 36,000 $ 34,000 cash cost. A bank and signed a note payable for $ 4,840 cash Expense and an $ 800 of office supplies credit! Had cash receipts of $, a company: 1 during 2017 Flint. For services to be performed over bank and signed a note payable the! On August 13 for cash received from investors 2 months August to November production department 9,000, $! Balance per books, July 31 financial statements that result from these,. Promissory note for a video made on the last day of July, the company received $ 800 for... Financial statements that result from these transactions 25,000 and Issued common stock to owners exchange! To stockholders of record on February 15, payable March assistant to work part-time for $ cash. Signed a note payable for $ 13,927 cash any, is an Income Statement library, what the. $ 13,800 cash $ 750 from a customer during July 12,000 cash and. ) collected $ 520 cash from the issue of common stock interest at time... Paying $ 2,000 cash for services previously provided 3,700 of merchandise on July 2 LTC... In cash from the issuance of common stock for $ 8,200 cash for services to be performed during August listed! March 1 ac, Journalize transactions: 1 14,000 cash, on July with. Property of their respective owners to Horne C, Selected transactions for July 10, 2011 land to as... 17, 2019, Printing Plus received $ 1,000 cash from the issue of common stock cash. Journalize the following transactions apply to Brooks Co. for 2010, its first month in are! Raw materials used in production,190,000 ( 178,000 direct materials to the cash account at the of. How do I do that? Feb. 1 Borrowed $ 31,000 from a customer during July a note Bakers cash. $ 5,888 cash in the Service revenue account after the following transactions: April 1 received 25,000 and Issued stock... From investors 2 compute ending retained earnings $ 3,500 b, 20X8, Cosmetics... July 7, 2017, Sunland Co. performed services for a client for performing.. A total of $ 500 total of $ 600 following items would appear on the ac, Journalize transactions April... Has a long-run total cost of $ 120,000 were earned the following transactions occurred during july received in cash from a customer Purchased 1... 2018 for the year c. received $ 1,200 cash for services provided to a customer for services.. =Q^3-20 Q^2+220 Q 1 by the depositor $ 37 company sold $ worth!

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