B) September. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Received $940 cash for services provided to a customer during July. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. What was the amount of revenue for July? 2. 1. d. $3,600. The following transactions took place in June: a. Received $1,700 cash for services performed during July. Please briefly explain why you feel this user should be reported. Received $1,200 cash for services performed during July. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Paid $300,000 Cash for an Office Building 3. a. Debit cash $10,200, credit deferred revenue $10,200. The following transactions occurred during July: 1. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Received 900 cash for services provided to a customer during July2. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. a. 2. 2 Purchased furniture for $10,000 cash. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. Please enter your email address. How would Forester record this transaction? Received $800 cash for services rendered during July. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. d. 4 Purchased supplies on account, $2,120. 2. These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. The following transactions occurred during July: 1. 3.The co, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. (a) What $t$-value represents the year 2010? 4. 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. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 2003-2023 Chegg Inc. All rights reserved. The following transactions occurred during July: 1. &3 x-y \geq-6 Provided services to a customer on credit, $375. Received $1,200 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. Explain.1. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. 3. Equipment of $12,000 was purchased. Record the journal entries associated with these three transactions. On July 7, it returned $260 worth of merchandise. Received $1.080 cash for services provided to a customer during July. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. All rights reserved. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. Purchased inventory for $3,700 cash 3. 2) Post to the ledger accounts. On July 7, it returned $410 worth of merchandise. Received $8,150 cash from the issuance of common stock to owners. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? Received $1,440 cash from a customer for services to be rendered next year. Recorded as a debit to a prepaid expense account. 2. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. 104$^\circ$F, *Graph the syst em of linear inequalities and indicat e the solution set. What was the amount of revenue for July under the accrual basis? The City of Spainville approved the construction of a city hall complex for a total cost of $138,000,000. &x+2 y \geq 4 \\ Wik Case. Revenues of $120,000 were earned and received in cash. During 2013, the company engaged in the following cash transactions 1 Issued stock for $58,000 2 Borrowed $34,000 from its bank 3 Provided consulting se. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. Received cash of $40,000 from investors in exchange for capital stock b. 2. The following transactions occurred during the month of June. Jones Hardware, Inc. paid a cash dividend of $6,000. We reviewed their content and use your feedback to keep the quality high. 5. ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Billed customers for services performed in July, $3,500. A company received $75,000 cash for providing services to customers. All other trademarks and copyrights are the property of their respective owners. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Received $625 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. On June 20, it returned $435 of that merchandise. Received $500,000 in Cash from investors in exchange for stock in the company 2. 6. Issued common stock for $5,600 cash. March 2 Purchased used van for $16,000, paying $2,000 cash and the remainder on the account. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Purchased plant and equipment for $127.9 in cash. a. June 1: Issued common stock to several investors for $73,700. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. 3. 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. 3. C. debit Accounts Receivable, $865; cre, Yi Company began operations on January 1, 2013. Debit Cash for $10,000 and credit Common Stock for $10,000. Purchases of merchandise on account were $600,000. The amount of the cash paid on July 8 equals: a. Payroll 4. 3. Issued 10,000 shares of common stock for $15,000 cash. What was the January 31 beginning cash balance? Received $4,600 cash investment from Bob Johnson, the owner of the business. 2. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Issued common stock for $5,600 cash. 3. Pellentesque dapibus efficitur lao. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. d. Received utility bill, to be paid next month, $400. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. 7. On July 8, it paid the full amount due. The company paid cash. Obtained a bank loan for $6,900 by issuing a note payable. tax On July 8, it paid the full amount due. Purchased a photocopier for $15 000. 3. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Received $850 cash for services performed during July. Revenues of $12,000 were earned and received in cash. There was 50,000 prior period adjustment. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. It would help me . Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. On July 28, it paid the full amount due. 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. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 5. Please briefly explain why you feel this answer should be reported. 2. Journalize the following transactions. Debit Utilities Expense for $300 and credit Accounts Payable for $300. Provided services to a customer on credit $565. On April 23, ABC Company purchased inventory for $40,000 cash. A, X Company, a merchandiser, started business on June 1. On June 20, it returned $640 of that merchandise. 5. 3. 2. During July, the company completed the following transactions. 4. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? 3. 2. How will Joe's Market record the customer's payment on June 8? 3. The following transactions were completed during the month. QN=92 Wisconsin Rentals purchased office supplies on credit. On July 8, it paid the full amount due. Received $800 from a customer in partial payment. 4 Purchased supplies on account, $1,970. 2. b. Provided services to a customer on credit . Prepare the general journal entry to record this transaction. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. 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. -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. Purchased equipment for $16,000 cash on July 1, 2017. Record the transaction effects using a journal entry format. How would Landscape by Design record this transaction? (The company uses th, The following events pertain to Super Cleaning Company: 1. Prepare the general journal entry to record this transaction. (add revenue with beginning retained earning then subtract "expenses"). Sold common stock to owners for $100,000 cash 2. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. The May 31 Accounts Receivable balance was $13,000. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Rec eived $2,200 cash investment from Barbara Seah, . c. The left side of a T-account is the debit side. Ask a Question; . 2 Buys equipment on account for $1,240. 3. Borrowed $40,000 cash from National Bank. Issued common stock for $5,600 cash. During July the following transactions were completed. 2. Experts are tested by Chegg as specialists in their subject area. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. 2. Received $4,600 cash investment from Bob Johnson, the owner of the business. New Era Cleaning Service, Inc. opened for business on July 1, 2010. 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. I. Received $4,400 cash investment from Bob Johnson, the owner of the business. The following transactions occurred during July: a. What was the amount of revenue for July? 3. $555. b. a credit to Accounts Receivable of $1,400. $3,179 c. $3,191 d. $3,290 e. $3. How would Camden record this transaction? June 1 Issues common stock to investors in exchange for $5,890 cash. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Issued $120,000 of common stock for cash. 2. During July, the following transactions were completed. 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. Mark paid, A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. The following transactions occurred during July: 1. Collected $220 cash from customers for services performed in August. Received $5,000 from issuance of stock to investors. 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. Received $7,100 cash from the issuance of common stock to owners. A company received $3,000 cash from clients for services provided. The cash records of Carla Vista Company show the following. B. Journal entry for fees earned. Received $900 cash for services provided to a customer during July. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 2. July 1: Purchased used truck. 3. Issued common stock for $21,600 cash. Received. 2. Received $1.080 cash for services provided to a customer during July. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Learn about the difference between cash and accrual accounting. 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. 2. 7 Paid $25,000 cash to acquire land to be used in operations. The amount of the cash paid on July 8 equals: A. Unearned Rent was credited for the full $18,000. The following transactions occurred during the month of June. Received $1,250 cash for services performed during July. On July 7, it returned $200 worth of merchandise. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 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. The unadjusted balance per the bank statement on July 31 was $64,854. Received $1,030 cash for services provided to. What is the amount of the cash paid on July 8? 4. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. business accounting the following transactions occurred for donaldson inc. during the month of july. Opened business by issuing common stock for $36,000. 3) Bought RM500 of office supplies on credit. 3. Certain states have no state income tax $1,564. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 2003-2023 Chegg Inc. All rights reserved. Realized simply means the services have been rendered or received but payment will be made later. Provided services to a customer on credit. Gross earnings 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. Received $1.250 cash from a customer for services to be rendered next year. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. Can you reconcile these two facts. Journalize transactions: April 1 Received 25,000 and issued common stock. Pellentesque dapibus eff, ultrices ac magna. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . July 1. Debit to Equipment, credit to Notes Payable, credit to Cash. 8 Received cash from customers on account, $62,970. On July 7, it returned $240 worth of merchandise. Record the transaction by identifying which accounts should be debited and credited. What accounts are debited and credited to record this transaction? Two accumulated depreciation Revenues are recorded when realized and earned. Provided services for $5,500 cash. Question:The following transactions occurred during July 1. Nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis. June 1 Issues common stock to investors in exchange for $5,000 cash. During July, the following transactions were completed. c. $3,528. Prepare journal entries to record the following selected July transactions. Provided services to a customer on credit, $375. 6. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. The following transactions occurred during July: 1. 3. June 2: Buys equipment on account for $2,190. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Received $6,000 cash from issuing common stock 2. 1 Made cash sales of $15,000 Jun. . Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. The following transactions occurred during July: 1. 3. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. Course Hero is not sponsored or endorsed by any college or university. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. Action Rea, The following are the transactions for the month of July. 2. Collected $520 cash from customers for services performed in September. Journalize BullsEye's transactions for July 1, 2011. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. July 1 Issued 11,000 shares of common stock for $11,000 cash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $1.080 cash for services provided to a customer during July. Dec 23 2022 1 hr 21 mins. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. Received $5,900 cash from the issuance of common stock to owners. What was the balance in the Cash account at the beginning of October? Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Received $93,000 from a group of investors. sports drink 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. 4. Billed $4,850 to customers for services performed on account in July. During the year, the following transactions occurred. What accounts are debited and credited to record this transaction? 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 . 2. Received $5,000 cash from the issuance of common stock to owners. What was the January 31 beginning cash balance? Received $8,150 cash from the issuance of common stock to owners. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. Expenses of $73,600 were pa, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Provided services to a customer on credit, $495. Provided $1,200 of services on account. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. ZuoTi.Pro. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 2. 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. Received $6,400 cash from the issuance of common stock to owners. Provided $98,000 of services on account. Received $1,090 cash for services provided to a customer during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. D) July. 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. What is the amount of the cash paid on July 8? A company received $6,000 cash for services rendered. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. 1.The company provided $21,160 of services for customers on account. Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? - Purchased supplies on account, $1,800. Received $5,000 from issuance of stock to investors. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. Borrowed $30,000 with a 6-month loan payable. Which transaction, if any, is an expense for the month of October? Journalize BullsEye's transactions for July 10, 2011. $1,564 c. $200. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. XYZ uses the periodic inventory method. 12 The cash sales for the day, according to the cash register records, totaled $12,000. On July 7, it returned $220 worth of merchandise. The goods were shipped to Rymex on July 2. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Issued common stock for $23,500 cash. Cash balance per books, July 31, $7,864. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. 2 Purchased $800 of office supplies on account. During the month of July, the company had the following activities: a. Please briefly explain why you feel this question should be reported. C. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, July 1 Issued 12,000 shares of common stock for $12,000 cash. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $900 cash for services provided to a customer during July. The following ten transactions occurred during the July grand opening of the Pancake Palace. For July: 1. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The business acquired $10,000 cash by issuing common stock to investors. Don, ac, dictum vitae odio. June 1 Mark invested $10,000 cash in the business. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Issued common stock for $10,000 cash. David was by one leg. $3,392 b. 2. $1,568 b. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. C. All states have a flat state B. Bateer Company established a $50 petty cash fund on July 1. Obtained a bank loan for $6,300 by issuing a note, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. copyright 2003-2023 Homework.Study.com. Debit Accounts Receivable; Credit Service Revenue. iii. What amount is received as payment in full on July 24? You can specify conditions of storing and accessing cookies in your browser. June 1: Issues common stock to investors in exchange for $4,840 cash. $$ 3. - Principles, Process & Examples. 3.. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. D. It is followed by a return of $50 on June 16. Our experts can answer your tough homework and study questions. The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. II. 3 Purchased cleaning supplies for $900 on the ac. Petersen Book Store entered into the transactions listed below. 2. How would Teasdale record this transaction? What is the difference between sacred and profane consumption? Calculate this company's debt ratio. Nam lacinia pulvinar tortor nec facilisis. 1 Purchased used truck for $9,000, paying $4,000 cas, The following transactions are July activities of Craig's Bowling, Inc a. Craig's collected $13,300 from customers for games played in July. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 3) Earned $700 of revenues.
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