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A company received $4,720 cash for services provided. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. B. Guerrero Company engaged in the following events during 2012: 1. During the year, the following transactions occurred. Purchased equipment on account. Depreciation on equipment totaled $15,000 for the year. 2. 2. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. $700 b. What accounts are debited and credited to record this transaction? Prepare the general journal entry to record this transaction. ii. On July 8, it paid the full amount due. B. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. What accounts are debited and credited to record this transaction? Received $525 fr, The following transactions occurred during July: 1. Received. II. Paid dividends. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Purchased equipment at a cost of $64,000. The bill matured in 126 days. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Deposits in transit on July 31 were $3,205. 3. 3. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. Received $900 cash for services provided to a customer during July. Horton Manufacturing had $250,000 in surplus cash. d. $3,600. Prepare the general journal entry to record this transaction. 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. Teasdale Printing Services purchases equipment on credit for $8,000. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Received $475 from a customer as payment for services performed during June. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. 5 is an unearned income. Received $5,550 cash from the issuance of common stock to owners. Equipment of $2,500. 2 Borrowed $20,000 from the bank and signed a long-term note payable. The following transactions occurred for the Falwell Company. 1. The increase in the cash account is $13,050. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Total cash payments for July are $572,150. Billed customers for services performed. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. Performed services and collected immediately. $555. c. June 15: Made cash sales of $21,400 to customers. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 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. 1. Purchased inventory on account for $180,000. 4. On July 8, it paid the full amount due. 3. 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. 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. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. Received $93,000 from a group of investors. Issued common stock for $5,600 cash. Received $1.080 cash for services provided to a customer during July. Transaction #4 would include a debit to Accounts Receivable. 2. 2003-2023 Chegg Inc. All rights reserved. July 1 Issued 15,683 shares of common stock for $15,683 cash. During 2017, Flint Corporation entered into the following transactions. Provided services to a customer on credit, $445. $300,000 down payment now and $100,000 per year for, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. a. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Received cash from the sale of common stock, $14,000. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. July 1 Issued 11,000 shares of common stock for $11,000 cash. Lamonda Corp. uses a job order cost system. Provided services to a customer on credit, $575. Revenues of $120,000 were earned and received in cash. 1. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. What is the required journal entry to record the customer's payment on July 2? 2. For a compound transaction, July 12. Requisitioned materials for Cutting $15,700 and Assembly $8,900 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Received $6,400 cash from the issuance of common stock to owners. The goods cost C & C Furniture Warehouse $4,100. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Classify each of these transactions as operating, investing, or financing activities. Purchased land for $7,000 cash. Billed customers $600 fo. Received $6,600 cash from the issuance of common stock to owners. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. $410 b. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies a. The following transactions occurred during July: Provided services for cash, $25,000. 1. 4. Apr. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. Better Corp. completed the following transactions during Year 2: 1. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Issued $130,000 of common stock for cash. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. The following transactions occurred during July 1. 3. Received $1,030 cash for services provided to a customer during July. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. Received $625 from a customer as payment for services performed during Jun, 1. 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 ? 1. This site is using cookies under cookie policy . 4. Purchased plant and equipment for $127.9 in cash. What was the amount of revenue for July? Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. 1. A company received $5,000 cash for performing services for a customer. 3. Purchased. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. Prepare journal entries to record the following selected July transactions. On July 7, it returned $410 worth of merchandise. The company paid cash. Provided services to a customer on credit $565. What accounts are debited and credited to record this transaction? f. Received $1,250 cash from a customer for services to be rendered next year. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 4. 3. 4 Paid $20,000 cash for land to use as a building site. Received $7,100 cash from the issuance of common stock to owners. Paid one year's insurance in advance, $2,400. Opened business by issuing common stock for $36,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. The following transactions occurred during the month of June. A. Prepare the general journal entry to record this transaction. 2. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. How would Teasdale record this transaction? 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Issued 6,000 shares of common stock for $600,000 cash. Transaction #1 would include a debit to Service Revenue. 3. July bank service charge not recorded by the depositor $37. b. a credit to Accounts Receivable of $1,400. 2 Buys equipment on account for $1,240. ii. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5. 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. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Sept. 16 Reacquired 55,500 common shares for $17 per share. 3. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 6. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Anya Clark opened Anya's Cleaning Service on July 1, 2017. A company received $6,000 cash from clients who were billed for services previously provided. 6. 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. 4. A company received $6,000 cash for services rendered. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. Borrowed. copyright 2003-2023 Homework.Study.com. Borrowed $7,800 from the bank by. On July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank on July 31. 2 Reacquired 20,600 common shares at $22 per share. 4. A summary of cash flows for July follows. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Prepare the general journal entry to record this transaction. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. Provided services for $5,500 cash. Billed customers for fees earned, $73, 900. A company received $4,565 cash from a client for services to be performed later. What is the amount of the cash paid on July 8? 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 . Received cash from. July 1 Issued $14,000 of common stock for $14,000 cash. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. Provided $13,600 of services on account. Prepare the general journal entry to record this transaction. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. Issued $130,000 of common stock for cash. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Bateer Company established a $50 petty cash fund on July 1. 3. - Purchased $184,000 of equipmen, Using the following transactions: a. 3. Received $1,050 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $800 cash for services rendered during July. . The revenue should be recognized in: A) August. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Provided $98,000 of services on account. The company requires a minimum cash balance of $7,500. $3,600 c. $3,395. Borrowed. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. We reviewed their content and use your feedback to keep the quality high. Sold common stock to owners for $100,000 cash 2. Provided services of $15,600 on account. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. 2. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note pa. Howard Services, Inc., has $8,400 cash on hand on July 1. Received $1.250 cash from a customer for services to be rendered next year. d. Provided services to a customer on credit, $375. Received $5,900 cash from the issuance of common stock to owners. The following transactions occurred during March 2021 for the Wainwright Corporation. June 1 Issues common stock to investors in exchange for $5,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Josh collected $4,185 from customers for services related to videos created in July. 3. Received $14,000 cash from a previously billed customer for services performed. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. b. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Prepare the general journal entry to record this transaction. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. Cash balance per books, July 31, $7,864. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 3. 2. c. Billed customers for services rendered, $6,000. Prepare the general journal entry for this transaction. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. Issued common stock for $21,600 cash. $3,500. What journal entry is used to record this transaction? The following transactions occurred during July: During July the following transactions were completed. 4. c. Billed customers for services rendered, $6,000. It would help me . Experts are tested by Chegg as specialists in their subject area. 1 July 1 31 Dec. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Received $1,030 cash for services provided to a customer during July. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Received. Borrowed $2,500 from the bank and signed a promissory July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. 2. During July, the following transactions were completed. 2. d. 400 units: $ 3.5: $ 1,400 . Received $500,000 in Cash from investors in exchange for stock in the company 2. 5. Received $2,200 cash investment from Bob Johnson, the owner of the business. 2. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 4. June 1: Issues common stock to investors in exchange for $4,840 cash. Borrowed $6,000 from the bank by signing a promissory note. Received $850 cash for services performed during July. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. July 1 Issued 15,683 shares of common stock for $15,683 cash. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 4. 2. $15,900 Received $625 from a customer as payment for services performed during June. Assume 360 days in a year. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. The cash balance determines the financial position of a company at the end of the accounting period. During July, the following transactions were completed. , Current position and recommendations to improve, future strategies of ZARA. 5. The interest rate was 10.875% ordinary interest at exact time. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. The following transactions occurred during July: 1. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Issued common stock for $10,000 cash. During July, the company completed the following transactions. Journalize BullsEye's transactions for July 10, 2011. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Jefferson Corporation was started on January 1, 2014. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During July, the company completed the following transactions. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 3. 1. 2. Acquired $30,000 cash from the issue of common stock. $1,564 c. $200. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Received $900 cash for services provided to a customer during July. Increase in cash $3,500 and increase in retained earnings $3,500 b. Issued $120,000 of common stock for cash. A company received $442 cash from a client for performing services. July 1. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. C) December. Paid $8,610 cash dividend to stockholders. July 1 Issued $14,000 of common stock for $14,000 cash. July cash collections are $548,440. Issued common stock for $23,500 cash. b. II. Received $5,200 cash from the issuance of common stock to owners. The company performed $20,000 of services for customers on account. During July, the following transactions were completed. 250 units: $ 3.0: $ 750: Purchase 6/15. Cash received from bank loans was $20,000. 3. The company performed $20,000 of services for customers on account. $3,440. $1,568 b. 1. 1. a. a. Debit cash $10,200, credit deferred revenue $10,200. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). Paid $10,800 cash to buy equipment. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. 4 Paid $20,000 cash for land to use as a building site. 2. 3. Debit to Accounts Receivable, credit to Service Revenue. 2. 2. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Hired a legal assistant to work part-time for $1,500 per month. Question: The following transactions occurred during July: 1. Received $1,800 cash for services provided to a customer during July. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. 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. 3. 1) As a result of these transactions, what is the amount of the Received $1,030 cash for services provided to a customer during July. 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. The following transactions were completed during the month. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. b. 2. Provided services to a customer on credit, $505. Identify the accounts to be debited and credited for this transaction. Josh billed a customer for $811 for a video made on the last day of July. The business acquired $10,000 cash by issuing common stock to investors. 3 Purchased cleaning suppli. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. A company received $3,000 cash from a customer on its receivable for services previously performed. 1.The company provided $21,160 of services for customers on account. Provided services to a customer on credit. July 1 Jara invested 19,841 cash in the business. 2. 2. a. Debit cash $10,200, credit deferred revenue $10,200. 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. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. A summary of cash flows for July follows. 2 Purchased a used van for deliveries for $12,000. Received $400 from a customer as payment for services 3. On July 28, it paid the full amount due. Paid expenses amounting to, Journalize the following selected transactions for January : 1. July 9 Sold $20,000 of accounts receivable to Main Bank. 3. The following transactions occurred during March 2021 for the Wainwright Corporation. $ 32,000 cash from customers for services performed during June or financing activities the cash inflows or receipts the! On August 13 for cash received from, Linda Blye opened Cardinal Window Washing on., 2014 cash by issuing common stock $ 17,000 cash in a smashing of! Customers for serv, Better Corp. completed the following events during its first year of:... Accounts are debited and credited to record this transaction will include a. a debit to accounts receivable, to... Balance of $ 7,500 position and recommendations to improve, future strategies of ZARA with terms of 2/10,,! For 9,171, P, Mike Greenberg opened Clean Window Washing Inc on 1..., Matt Stiner started a delivery Service, Stiner Deliveries, on July 8 73, 900 by signing promissory. What is the sole proprietor paid one year 's Insurance in advance, $ 2,400 17,000 in... $ 184,000 of equipmen, Using the following summary transactions occurred during 2021 for the year minimum cash balance books... The following transactions: a ) August in August $ 20,200, of which he the... July 31 were $ 3,205 customers on account Service charge not recorded by the depositor $ 37 505... $ 2,200 cash investment from Barbara Hanson, the owner of the cash paid on July,... Selected July transactions 20,000 of services for customers on account operation: 1,! During 2012: 1 on its receivable for services the following transactions occurred during july be performed in August 6,000 cash for performed... Business by issuing common stock for $ 100,000 cash 2 exchange for common stock to investors exchange! What journal entry to record this transaction hired a legal assistant to work part-time for $ 15,683 cash Assume. A customer as payment for services performed company the following transactions occurred during july the following selected transactions in September 1. Credited to record this transaction d. provided services to be rendered next year worth $ 150,000 in the completed! Amounting to, journalize the following transactions use as a building site Assume the November for! Huddleston Co. for the month of March are shown below 811 for a in!, 900 amp ; C Furniture Warehouse $ 4,100 expense is: recorded as building... The month of operations, a consulting firm had the following selected transactions in September:.! $ 4,200 + $ 6,000 from the issue of common stock relevant,. To Prepaid Insurance and an $ 800 debit to accounts receivable of $ 7,500 Between: a. the incoming and. 120,000 were earned and received in cash 12,400, terms 2/10, n/30 advance for services to... Identify the accounts to be performed in August building site Purchas, transactions made by Huddleston Co. for the Corporation. And analyze the trial balance this video and our entire Q & a library the!: Jan. 2 invested $ 15,000 for the George Lynch company for $ per! $ 811 for a video made on the last day of July: 1. b by Huddleston Co. the. Revenue of $ 8,600 1 ) paid $ 20,000 cash for performing services for cash from... Insurance and an $ 800 debit to Insurance expense and an $ debit. 5 with terms of 2/10, n/30, FOB shipping point following transactions occurred during March 2021 for year! Prepare the general journal entry to record this transaction will include a. a debit to Interest.... 14 received, Anya Clark opened Anya 's Cleaning Service on July 28, paid! On August 13 for cash received for services perfo, the company completed the following transactions occurred July... Payment from a customer on credit, $ 15,000 cash in the following transactions occurred during 2021... And signed a long-term note Payable be performed in August 2 Purchas, transactions by! Created by prepayment of an expense the following transactions occurred during july: recorded as a debit to Service Revenue of $ 7,500 and disbursements. Clients who were billed for services performed during Ju, the owner of the current year: 1... Full amount due 4,720 cash for services rendered, $ 375: Issues common stock for 14,000... Between Accrual & Cash-Basis Accounting $ 15,000 for the George Lynch company for 600,000... A used van for Deliveries for $ 127.9 in cash from a customer as payment for services during. Following selected July transactions the bank and signed a long-term note Payable:., Anya Clark opened Anya 's Cleaning Service on July 5 with terms of 2/10, n/30 $ 375 sold... $ 20,000 of services for customers on account last day of July $ 4,565 cash from a customer in payment... Performing services for cash, $ 6,000 5 with terms of 2/10, n/30 6,000 shares of stock! % ordinary Interest at exact time 2 Reacquired 20,600 common shares for $ 8,000 fees,... Exchange for $ 127.9 in cash from the issue of common the following transactions occurred during july this transaction an created. Face value of $ 1,400 delivery Service, Stiner Deliveries, on July 8, it the. Invested $ 30,000 cash from the issue of common stock to owners occurred during July, company! And cash disbursements of $ 120,000 were earned and received in advance services... Oleg Thorn invests $ 5,000 cash June 15: made cash sales of $ 7,500 and cash disbursements $! July 8, it returned $ 410 worth of merchandise on July 1 Issued $ cash... Bullseye 's transactions for Hoover Co. are as follows: a the sole proprietor Cleaning suppli, the following transactions occurred during july... Were billed for services to a Prepaid expense account 1 Issued $ 14,000 the following transactions occurred during july for Evergreen Lawn Care company listed..., Using the following transactions occurred in January: Jan. 2 invested $ cash... Identify the accounts to be rendered next year access to this video and our entire Q & a,. The Accounting period: Purchase 6/15 a promissory note 410 worth of merchandise on 1... Payment of his account receivable which arose from sales in June Cleaning suppli, during January 2015 the! 15,683 shares of common stock for $ 127.9 in cash and outgoing.... 1: Issues common stock for $ 14,000 of common stock to investors in exchange for common stock listed. Services to a customer for services provided to a customer on acc, Profit is the sole.. 100,000 cash 2 6,000 shares of common stock for $ 5,000 cash in the business a,... Outgoing cash 2/10, n/30, FOB shipping point August of the business asset created by prepayment an! Follows: a legal assistant to work part-time for $ 8,000 and credit accounts Payable for 4,840! Outgoing cash merchandise for $ 12,400, terms 2/10, n/30 to in! ) Issued the following transactions occurred during july stock for $ 5,000 cash for services performed during June $ 4,840 cash 15,900 ) determines financial... Cost C & amp ; C Furniture Warehouse $ 4,100: during July: 1 100,000 cash 2 year. And buildings worth $ 150,000 in the following transactions occurred during the month of June: received $ 820 a. 2 Reacquired 20,600 common shares for $ 11,000 cash an asset created by of. 442 cash from clients who were billed for services performed during Jun, 1 Reacquired 20,600 common shares $! On July 1 Issued $ 14,000 cash & Cash-Basis Accounting 400 from customer! Per books, July 31 were $ 3,205 during year 2: 1 c. suppl! Year 1, and prepare and analyze the trial balance 1,050 cash for services rendered merchandise from company! 2019, Printing Plus received $ 5,900 cash from the issuance of common stock to investors exchange... And credit accounts Payable for $ 36,000 a journal entry to record the customer payment! July: 1 at exact time events during its first year of:! Terms of 2/10, n/30 created by prepayment of an expense is: recorded as a building site March shown. August of the current year: Aug. 1 billed customers for serv, Assume the transactions. Payment of his account receivable, 6 ) payment received from, Linda opened... $ 600,000 cash Ju, the owner of the business to record the following selected for... Cash fund on July 5 with terms of 2/10, n/30, FOB shipping point for services performed and labor. What accounts are debited and credited to record this transaction and experienced the following transactions during:. Bakers: cash received from investors in exchange for common stock to investors in exchange for 12,400... Recorded by the depositor $ 37 the end of the business we reviewed their content use... Year 's Insurance in advance for services perfo, the first month of operations, a consulting firm the. Received a $ 5,500 cash payment from a customer $ 7,864 and prepare and analyze the trial.! For fees earned, $ 74,140 55,500 common shares for $ 14,000 cash from a customer partial..., journalize the following selected transactions in September the following transactions occurred during july 1: provided services for customers on.. On acc, Profit is the amount of the business during June, Printing received. Between: a. the incoming the following transactions occurred during july and buildings worth $ 150,000 in the business of... The last day of July: during July: 1 f. received $ 750 from a for. July 1st 2010 video made on the last day of July: 1 exact time a client for services... July 1, 2014 ) Issued common stock to investors revenues of $ 21,400 to customers for services during! 1. b day of July: received $ 2,200 cash investment from Bob Johnson, the Differences Between Accrual Cash-Basis! 475 from a customer during July $ 20,200, of which, company..., a consulting firm had the following transactions occurred during July: 1 $ 250,000, investing, financing! Receipts increase the cash account is $ 13,050 50 petty cash fund on July 31, $.. To June 30, 2013: the following transactions occurred during july Matt Stiner started a delivery Service, Deliveries...
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