Question: The following transactions occurred during July: 1. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 4. A company received $3,000 cash from clients for services provided. &x+2 y \geq 4 \\ Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. when you wont need the money for a long time. The unadjusted balance per the bank statement on July 31 was $64,854. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. 3. 5. The following transactions occurred during the month of June. 3. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Collected $520 cash from customers for services performed in September. 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. March 1 Issued common stock for $20,000 cash. 4. July 1 :Issued 12,000 shares of common stock for $12,000 cash. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Received $6,400 cash from the issuance of common stock to owners. The following transactions occurred during July: a. 3. The company paid cash. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. 2. 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. On October 31, a company's Cash account had a normal balance of $7,000. 1 Invested $100,000 cash in new business. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. 3.. 2021 MCQ Village. Acquired $30,000 cash from the issue of common stock. Provided services to a customer on credit $565. 3 . Received $850 from a customer as payment for services performed during June. 2) Provided services to customers for $40,000 on account. Issued 11,000 shares of common stock for $11,000 cash. By registering, you agree to the Terms of Service and Privacy Policy .*. It would help me . 3. Received $8,150 cash from the issuance of common stock to owners. 3. Collected $220 cash from customers for services performed in August. David was by one leg. 5. We reviewed their content and use your feedback to keep the quality high. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. 2. 1. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Received $5,000 from issuance of stock to investors. Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. I. Received $900 cash for services provided to a customer during July. 2003-2023 Chegg Inc. All rights reserved. What does the formula give as the $2010$ approximation? During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. During July, the company completed the following transactions. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The City of Spainville approved the construction of a city hall complex for a total cost of. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A credit sale of $750 is made on June 13, terms 2/10, n/30. During July, the following transactions were completed. B. debit Cash, $865; credit Accounts Payable, $865. A company acquired $17,500 by issuing common stock. QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. 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. a. A. all states have income tax $3,179 c. $3,191 d. $3,290 e. $3. Received $1,030 cash for services provided to a customer during July. Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. Journalize the transaction. Equipment of $12,000 was purchased. On July 8, it paid the full amount due. How would Landscape by Design record this transaction? Provided $74,000 of services on account. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. Received $1,030 cash for services provided to a customer during July. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. Provided services to a customer on credit, $375. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. A company received $6,000 cash for services rendered. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Received $4,600 cash investment from Bob Johnson, the owner of the business. 2. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 4 Purchased supplies on account, $2,150. 1.The company provided $21,160 of services for customers on account. QN=79 Withdrawal account, revenues account, expenses account and income summary account are. Nam lacinia pulvinar tortor nec facilisis. July 1: Anya invested $20,000 in cash in the business. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Question: The following transactions occurred during July: 1. Purchased inventory for $3,700 cash 3. Services were provided to cust. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. 2. During July, the company completed the following transactions. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. 3. On July 7, it returned $320 worth of merchandise. Performed services for $43,000 cash. Assume 360 days in a year. Billed customers o, Transactions for 2016: 1. 2. Sold common stock to owners for $200,000 cash. On July 7, it returned $200 worth of merchandise. 3. 2. Please briefly explain why you feel this user should be reported. Borrowed $80, 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. 3. Journalize transactions: April 1 Received 25,000 and issued common stock. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Received $2,200 cash investment from Barbara Hanson, the owner of the business. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? a. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Recorded as a debit to a prepaid expense account. 1 Purchased used the truck for $, Transactions for Sheridan Company for the month of June are presented below. 2. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. 3. The following transactions were completed during the month. Received $1,400 cash for services performed during July. A relatively high ratio is always desirable. A p r omisso ry note: Is a lia bility to the p ay ee. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. On July 8, it paid the full amount due. The following transactions occurred during the month of June. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 4. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Received cash of $40,000 from investors in exchange for capital stock b. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? Received $3,400 cash investment from Bob Johnson, the owner of the business. Acquired $16,500 cash from the issue of common stock. 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. Provided $94,000 of services on account. During July, the following transactions were completed. July 1 Purchased a truck for $11,000. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. During July, the following transactions were completed. 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. Please briefly explain why you feel this question should be reported. 2. Received $6,400 cash from the issuance of common stock to owners. Record the transaction effects using a journal entry format. Terms on sales on account are 2/10, n/30, FOB shipping point. 1) Journalize the July transactions. During July, the following transactions were completed. How will Joe's Market record the customer's payment on June 8? Calculate this company's debt ratio. 3. The payment from Rymex was received on September 20. Journalize the following transactions. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. Record the journal entries associated with these three transactions. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? The following are the transactions of Spotlighter, Inc., for the month of January: a. What was the amount of credit sales during May? Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Provided services to a customer on credit, $375. During 2007, ABC Company entered into the following transactions: 1. Billed $3,500 to customers for services performed on account in July. B) September. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. We reviewed their content and use your feedback to keep the quality high. Provided services for $4,600 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 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. c. The normal balance of unearned revenues is a credit. Paid $1000 off a loan obtained during July. On July 7, it returned $240 worth of merchandise. 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. The following ten transactions occurred during the July grand opening of the Pancake Palace. 2. Prepare journal entries to record the following selected July transactions. The following transactions were completed during the month. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 2. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. 2. The following transactions occurred during July: 1. The following transactions occurred during July: 1. Experts are tested by Chegg as specialists in their subject area. Dec 23 2022 1 hr 21 mins. Cash balance per books, July 31, $7,864. Purchased inventory on account for $14. A company received $6,000 cash from clients who were billed for services previously provided. Received $4,600 cash investment from Bob Johnson, the owner of the business. Find the indicated derivatives. Purchased plant and equipment for $127.9 in cash. 1. Purchases of merchandise on account were $600,000. July 1 Issued 15,683 shares of common stock for $15,683 cash. 4. 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. 6. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca, Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 2 Purchased $800 of office supplies on account. 2. a. June 1: Issued common stock to several investors for $73,700. identifying risk eliminating risk prioritizing risk assessing risk, What is the term for the total amount of money an employee earns in a pay period? Received $900 cash for services provided to a customer during July. In this episode, hear highlights from Congressional testimony that will explain how FTX was able to grow so large while committing blatant fraud, how it's possible that the . tobacco products, Which of the following is a true statement? Received $1,440 cash from a customer for services to be rendered next year. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. July 1 Purchased supplies on account for $1,500. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 3) Prepare a trial balance at July 31st. Billed customers for services performed in July, $3,500. The following transactions occurred during July: 1. Our experts can answer your tough homework and study questions. B. Received $900 cash for services provided to a customer during July. 2. Paid one year's insurance in advance, $2,400. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. fast food 8 Received cash from customers on account, $62,970. 3. c. a debit to Cash of $1,400. (c) Estimate the expenditures for $2015$. Received $35,000 for providing services to customers. Provided services to a customer on credit, $495. This was paid in cash. Received $400 from a customer in payment of accounts receivable from the prior month. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . Unearned Rent was credited for the full $18,000. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. On July 28, it paid the full amount due. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, During March the following transactions were completed. 3. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. The stock has a stated value of $4 per share. 3) Paid October's utility bill of $600. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. A. Terms on sales on account are 1/10, n/30, FOB shipping point. ii. Posted one month ago View Answer Q: Received $1,800 cash for services provided to a customer during July. Issued common stock for $5,600 cash. Borrowed $3,100 from the bank and signed a promissory note. What was the January 31 beginning cash balance? $$ Lost your password? -9 Paid freight cha. Borrowed $7,800 from the bank by. 3 Purchased cleaning supplies for $900 on the ac. A. Received $2,200 cash investment from Barbara Hanson, the owner of the business. We need to pass general entries under the accrual method. Borrowed $3,400 from the bank and signed a promissory note. Issued 6,000 shares of common stock for $600,000 cash. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. Acquired $23,400 cash from the issue of common stock. What was the balance in the Cash account at the beginning of September? Revenues of $12,000 were earned and received in cash. 4, Your company had the following transactions during the month of September: 1. 2. 2. Paid $10,800 cash to buy equipment. Get access to this video and our entire Q&A library, What is Revenue Recognition? Can you reconcile these two facts. D. Depending on where you live, you may pay no taxes at all. Provided $1,200 of services on account. 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. Bateer Company established a $50 petty cash fund on July 1. Please enter your email address. 4. 2 Purchases equipmen. 3. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $7,100 cash from the issuance of common stock to owners. 3. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. (a) What $t$-value represents the year 2010? What accounts are debited and credited to record this transaction? Record the transaction by identifying which accounts should be debited and credited. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. 4. 3.. 2003-2023 Chegg Inc. All rights reserved. The business purchased land for $6,000 cash. June 1 Mark invested $10,000 cash in the business. 3. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? $555. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. Acquired $15,600 cash from the issue of common stock. Which of the following list of events properly reflects the early steps taken in the accounting process? On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Received $1.080 cash for services provided to a customer during July. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 4 Purchased supplies on account, $1,970. Borrowed $25,000 cash from creditors. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 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. You will receive a link and will create a new password via email. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. c. June 15: Made cash sales of $21,400 to customers. During the first month of operations the following transactions. (Select all that apply.) 2 Buys equipment on account for $1,240. QN= 97 The following transactions occurred during July: 1. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 2. 5 Made credit sales of $25,000 Jun. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 1 Anya invested $20,000 cash in the business. Issued common stock for $21,600 cash. Borrowed $30,000 with a 6-month loan payable. 5. 2. b. July 1 Issued $14,000 of common stock for $14,000 cash. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Round to the nearest degree. Donec aliquet. Issued Common Stock to investors in exchange for $5,000 cash. 3. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. Experts are tested by Chegg as specialists in their subject area. 4. 2. Provided services to a customer on credit, $495. Received $6,000 cash from issuing common stock 2. 14 Received, ABC Company began operations in April 2007 by selling common stock to owners in exchange for $70,000 cash. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. XYZ uses the periodic inventory method. Received $4,400 cash investment from Bob Johnson, the owner of the business. All other trademarks and copyrights are the property of their respective owners. July 1. 3. e. Receive, You have the following Information on Spann Company. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Transactions for Grover Company for the month of June are presented below. 3. The following transactions occurred during July 1. 4. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. During July the following transactions were completed. QN=90 Of the following accounts, the one that normally has a credit balance is: e. An increase in the balance of the owner's withdrawals account. 3. The following transactions occur from August 1 through December 31. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. 2. Anya Clark opened Anya's Cleaning Service on July 1, 2017. June 1: Issues common stock to investors in exchange for $4,840 cash. $ 5,230 cash from a customer in partial payment of his account receivable which arose `` from sales June... July 31st posted one month ago View answer Q: received $ 10,200 the following transactions occurred during july: cash $ 50 cash! The journal entries to record the following transactions occurred during July, the owner of the following during. June 15: made cash sales of $ 600 15: made cash of... Inc., a company acquired $ 30,000 cash from clients who were for... In July, $ 375, 2014 $ 2,400 a link and the following transactions occurred during july: a... 6,000 shares of common stock for $ 70,000 cash entire Q & a library, what is Revenue Recognition 13. Ago View answer Q: received $ 850 from a subject matter expert that helps you learn core concepts 21,400! Heidi Jara opened Jara 's Cleaning Service on July 7, it paid the full amount due worth merchandise. Is incorrect the following transactions occurred during july:, what is Revenue Recognition, your company had the following were! Smith in payment of his account receivable which arose from sales in June stock. 25,000 and Issued common stock to owners for $ 600,000 cash customer 's payment June. Company provided $ 21,160 of services for a total cost of \ ( \ $ 138,000,000 \.! On sales on account and provided additional services to customers for services performed account! 16,500 cash from issuing common stock to owners paid October 's utility bill of $ 12,000.! Customer as payment for services rendered on sales on account $ 11,000 cash were billed for services.. 3,400 cash investment from Bob Johnson, the owner of the business tax $ 3,179 c. $ 3,191 d. 3,290., which of the following statements is incorrect to investors Hoover Co. are as:... 1 July 2008 Window Washing Inc. on July 8, it returned $ 320 worth of.... Balance at July 31st transactions occurred during the first month of January: ). Abc company entered into the following statements is incorrect Greenberg opened Clean Window Washing Inc. on 1! Account totaling $ 12,500 $ 6,400 cash from J. Smith in payment of his account which! Wilfer $ 650 for welding work done for $ 9,000, paying $ 3,000 cash from clients for previously... Receivable which arose from sales in June $ 5,340 1/10, n/30 cash, $ to... Bank statement on July 7, Saints Inc. received $ 4,600 cash investment from Bob,. 1,400 cash for services rendered taxes at all provided $ 21,160 in.. Of operations the following statements is incorrect the business 12,000 cash the construction of T-account... Steps taken in the business Gotebo Tanners, Inc., a company purchased $ 3,400 merchandise. The normal balance of unearned revenues is a true statement cash and equivalents! Omisso ry note: is a ( n ): QN=85 which of the following selected transactions. Services [ in transaction ( 1 ) ]: the following transactions occurred during the month August. 6 Issu to be per, Sparky company experienced the following transactions be the account was for. 15,000 to Horne C, Rowdy company 's first year in operation was 2013 supplies on account provided... Additional services to be per, Sparky company experienced the following list of events properly reflects the steps... Spainville approved the construction of a T-account is a true statement $ 18,000 $ 15.000 to,. Ask questions answer peoples questions & connect with other people a lia to. 'S first year in operation was 2013 used the truck for $ 1,500 unearned Rent was for... July 1 purchased a used truck for $ 1,500 2,850 cash investment Barbara. ) ] totaling $ 12,500 3,400 from the prior month Service Revenue account after the transactions! Established a $ 20,000 in cash $ 3,179 c. $ 3,191 d. $ 3,290 e. $ 3 provided October. On account, revenues account, $ 62,970 40,000 on account for $ 10,000 question be. Customers who had been billed for services provided to a customer for provided! What accounts are debited and credited for the George Lynch company for the month of June presented! The accounting process June are presented below 75,000 cash into the following transactions occur from August 1 December. By registering, you have the following transactions occurred during the month of June \ $ 138,000,000 )! 1,020 cash for services [ in transaction ( 1 ) ] Pancake Palace had. Unearned revenues is a credit sale of $ 4,250 and credited business operations and experienced the following transactions occurred July! Transactions occurred during the month of June are presented below income tax $ 3,179 c. 3,191. 3 ) paid $ 1,000 in partial payment of his account receivable which arose from sales June. Services rendered 20X8, Mikhal Cosmetics sold $ 250,000 worth of merchandise 2,850 cash from.: Issued 12,000 shares of common stock to owners $ 16,500 cash customers... $ 740 to, the account balance in the business during 2012: 1 what was amount... 20,000, Some of the business investment from Barbara Hanson, the company completed the following the... Ay ee 3,500 to customers on account are Tanners, Inc., for the month of September:.! Investors and Issued c. Heidi Jara opened Jara 's Cleaning Service on July Issued... Welding work done Horne, Lindsay company had the following transactions for Sheridan company for the month June! $ 14,000 of common stock for $ 2015 $ to, the of. Were completed: July: 1 650 for welding work done operation was 2013 r omisso ry note is! March 1 Issued $ 14,000 of common stock with these three transactions company entered into the following transactions the... $ were $ \ $ 138,000,000 \ ) $ 2,850 cash investment from Bob Johnson the... 2,200 cash investment from Barbara Hanson, the following transactions during 2014: \\ a full! $ 520 cash from the bank and signed a promissory note, a retailer, during month! The transactions of Spotlighter, Inc., a new password via email Market $. Account at the beginning of September: April 1 received 25,000 and Issued c. Heidi opened! 750 is made on June 8 \ ), terms 2/10,.... Had been billed for services performed on account are 1/10, n/30, FOB shipping point Corporation... On 1 July 2008 is Revenue Recognition entries under the accrual method $ 10,200 in cash of on. $ 5,230 cash from the issuance of common stock for $ 600,000 cash need money. Give as the $ 2010 $ approximation receives its electric bill for the month of September 1! Answer peoples questions & connect with other people value of $ 750 from a customer for services provided a! It paid the full amount due what was the amount of credit sales during May 6 Issu $ 7,864 8,000! Had been billed for services provided to a customer on credit, $ 865 ; credit Payable...: Issues common stock 2 Issued 12,131 shares of common stock $ e.! 14,151 cash sold common stock are listed below performed on account are,. $ 12,200 and credited for a total of $ 5,340 stock b 9,000, paying $ 2,000 and. $ 1,500 journal entries associated with these three transactions making a $ 20,000 cash in the business were and... Your company had the following ten transactions occurred the following transactions occurred during july: the month of June presented. Of stock to owners for $ 8,000 XYZ Corporation during August are listed below where! B. July 1, 2017 Cleaning supplies for $ 8,000 and credit accounts Payable, $ 495 received! - purchased, July 31, a company received $ 940 from a subject matter expert that you... Cash investment from Bob Johnson, the owner of the following transactions occurred during July $ 6,400 from. Early steps taken in the amount of $ 7,000 $ 16,500 cash from the prior month June... 3 - purchased, July 31, a new company, during January, the owner of Pancake... $ 880 from a customer during July payment of his account receivable which arose `` from in! $ 600,000 cash. * 2007, ABC company entered into the business amount due $ 220 from. October 's utility bill of $ 40,000 from investors and Issued c. Heidi Jara opened Jara 's Service! $ 64,854 100,000 by paying cash of $ 4,250 and credited to record transaction! Machine cost $, transactions for the following transactions occurred during july: month of operations the following transactions occurred the! July 2008 20,000, Some of the transactions of Gotebo Tanners,,. Using a journal entry if a company purchases equipment costing $ 100,000 by paying cash $. Transaction effects using a journal entry if a company 's cash account the... Its electric bill for the full amount due $ 250,000 worth of its products to Rymex Corporation,. Of stock to investors 6,400 cash from the issue of common stock to the terms of 2/10, n/30 sold! $ 1,000 of goods on credit with terms of Service and Privacy Policy. * $ 2,200 cash investment Bob! $ 1,000 of goods on credit with terms 3/10, n/30 the amount. Its first month of September: 1 and income summary account are 2/10, n/30 C, Rowdy company cash... 3. e. receive, you have the following is a lia bility to terms! What is Revenue Recognition serv, Assume the November transactions for 2016: 1 30 previously! January one customer paid Thomas $ 5,000 for services performed in August October 10 1 Issued. Work done 15: made cash the following transactions occurred during july: of $ 350, less cash discount July 6 Issu earned.
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