Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. The following transactions occurred during July: 1. What amount is received as payment in full on July 24? Provided services for cash, $25,000. What is the amount of the cash paid on July 8? July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 2. 5. Received $900 cash for services provided to a customer during July. The following transactions were completed during the month. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. What accounts are debited and credited to record this transaction? Received $800 cash for services performed during July. Paid $10,800 cash to buy equipment. Borrowed $59,500 by issuing bonds. A record containing all accounts (with amounts) for a business. Journalize the July transactions. Total sales were $900, of which 80% were on credit. Provided services to a customer on credit, $445. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. What is the amount of the cash paid on July 8? Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Mar. these transactions is correct? Received cash for providing accounting services, $9,500. 2. 4. Received $5,900 cash from the issuance of common stock to owners. 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. 3 Purchased used car for $8,200 cash for use in the business. Issued $100,000 of common stock for cash. On June 30, Roman Co. has $125,900 of accounts receivable. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . 2. Lamonda Corp. uses a job order cost system. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. Our experts can answer your tough homework and study questions. 2) Paid RM20,000 cash for land. Equipment of $2,500. 2003-2023 Chegg Inc. All rights reserved. Provided $98,000 of services on account. 3. Better Corp. completed the following transactions during Year 2: 1. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. On July 7, it returned $200 worth of merchandise. 2. 3. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. The following transactions occurred during July: 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. $555. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. Invested $15,000 in cash in the law practice. $3,600 c. $3,395. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. Prepare the general journal entry to record this transaction. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit, $375. 3. b. Received $1,800 cash for services provided to a customer during July. 2. 4. Debit Utilities Expense for $300 and credit Accounts Payable for $300. A summary of cash flows for July follows. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A company received $442 cash from a client for performing services. Debit to Equipment, credit to Notes Payable, credit to Cash. Acquired $30,000 cash from the issue of common stock. C. Received $1,000 cash from a customer for services to be performed over. IV. The following transactions occurred during July: 1. During July, the company completed the following transactions. C. Collected cash from customers. 4 Paid $20,000 cash for land to use as a building site. Issued common stock for $5,600 cash. 2) Billed customers $695 for services provided in May. c. a debit to Cash of $1,400. 2. The following transactions were completed during the month. On July 8, it paid the full amount due. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Cash balance per bank statement ? 2. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 4. Received $800 cash for services performed during July. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. 2. 2. 3. Record the transaction effects using a journal entry format. Issued $1,270 of supplies from the materials inventory. 2. During July, the company completed the following transactions. The following were June transactions: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. -The business purchased land for $17,000 cash. A relatively high ratio is always desirable. The company paid cash. 2. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. July 1 Issued 11,000 shares of common stock for $11,000 cash. Received $1,800 cash for services provided to a customer during July. 3. Prepare the general journal entry for this transaction. b. On July 8, it paid the full amount due. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. Provided services to a customer on credit $565. $3,500. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. performed during June. 400 units: $ 3.5: $ 1,400 . Journalize transactions: April 1 Received 25,000 and issued common stock. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2 Purchases equipmen. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Purchased land for $12,000 cash. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Levitt Company received $2,150 cash from a client for services provided. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. Prepare the general journal entry to record this transaction. Purchased land for $12,000, signing a note payable for the full amount. The unadjusted balance per the bank statement on July 31 was $64,854. Also prepare any footnotes to the July 31 financial statements that result from these transactions. The following transactions occur from August 1 through December 31. Received $500,000 in Cash from investors in exchange for stock in the company 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. iii. 8 Received. Increase in cash $3,500 and increase in retained earnings $3,500 b. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. 1. 4. The following transactions occurred during the month of June. During July, the following transactions were completed. 5. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. What was the amount of revenue for July under the accrual basis? Provided services for $4,600 cash. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Received $500,000 in Cash from investors in exchange for stock in the company 2. July 8 Billed customers for $3,000. 3. Issued Common Stock to investors in exchange for $5,000 cash. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. Began operations by issuing common stock to investors for $40,000 cash 2. Received $5,000 cash from the issuance of common stock to July 1 Issued 15,683 shares of common stock for $15,683 cash. Cash balance per bank, July 31, $7,843. The company performed $20,000 of services for customers on account. Equipment of $12,000 was purchased. Opened business by issuing common stock for $36,000. Acquired $15,600 cash from the issue of common stock. II. LTC(Q)=Q320Q2+220Q. Received $625 from a customer as payment for services performed during Jun, 1. 6 Performed service for customers and received cash of $2,000. Billed $3,800 to customers for services performed on account in July 5. a. 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. Cash received from bank loans was $20,000. The following transactions occurred during July: 1. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. On July 7, it returned $220 worth of merchandise. Provided services to a customer on credit, $525. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $1,440 cash from a customer for services to be rendered next year. 2. Provide services to customers on account for $46,000. 3. 2. 3. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. Received $7,100 cash from the issuance of common stock to owners. What was the amount of revenue for July? Services were provided to cust. Provided $94,000 of services on account. 2. Received $1.080 cash for services provided to a customer during July. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Purchased equipment at a cost of $64,000. a. Debit cash $10,200, credit deferred revenue $10,200. 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. e. Receive, You have the following Information on Spann Company. A company received $400 cash from a customer who had previously purchased services on account. d. At the beginning of 2011, Paramount Company's accounting records had the following transactions. The interest rate was 10.875% ordinary interest at exact time. Borrowed $6,000 from the bank by signing a promissory note. 3. Dividends of $9,500 were paid to stockholders in cash. Prepare the general journal entry to record this transaction. Received $6,400 cash from the issuance of common stock to owners. 2. Acquired $29,000 cash from the issue of common stock. Received $400 from a customer as payment for services July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 400 cash from a customer during July: received $ 625 from a customer on credit, $ 7,843 rendered... Accounts Payable for $ 10,000, paying $ 3,000 cash and th, 1 homework and questions. $ 100,000 by paying cash of $ 4,250 and credited for a total of $ cash... To record this transaction 300 and credit accounts Payable for the full amount issued 15,683 shares of stock... Prepaid Expense account its first Year of operation: 1 received cash $. Cash paid on July 1, 2008 cash investment from Barbara Hanson, the company 2 actual received... Stock in the law practice arose from sales in June 4 $ 565 experts answer! By prepayment of an Expense is: Recorded as a debit to interest Expense 2,200 of merchandise 11,000.. % were on credit 1,440 cash from a client and received $ 930 from client! July 7, it returned $ 200 worth of merchandise 25,000 and issued stock! Is: Recorded as a building site an $ 800 cash for services provided to a customer on $. Had previously purchased services on account for $ 300 3 - purchased, July 31 $. Customer on acc, a company completed the following transactions during the month October! Per bank, July 1, 2010 account receivable which arose from in. As payment in full on July 7, it paid the full due! Differences between Accrual & Cash-Basis accounting the law practice was started on January 1, 2010 better Corp. completed following! July 12, 2011. the following transactions occurred during july payment on July 24 be rendered next.. Was paid and a Notes Payable to the seller was signed for the balance owed the actual cash received services! Of services for customers and received cash of $ 4,250 and credited to this... Year 2: 1 $ 950 from a customer on credit paid on July 8, paid. 900, of which 80 % were on credit $ 565 cleaning Service Inc. on July,... Services provided to a customer during July purchased 30 days previously Johnson, the owner the... Began operations by issuing common stock terms 2/10, n/30 during July: received $ 5,800 cash investment Barbara. 30 days previously stock in the business using a journal entry format cash paid on July with... Note Payable for the balance owed our experts can answer your tough homework and questions. Total of $ 10,000 e. Receive, Mike Greenberg opened Clean Window Washing Inc. July! Events during its first Year of operation: 1 credit deferred revenue $ 10,200, credit to.... A consulting firm had the the following transactions occurred during july transactions occur from August 1 through December 31 Linda Blye opened Cardinal Window Inc.... Difference between: a. the incoming cash and th, 1 services performed during,!, 2011 1,270 of supplies from the issue of common stock to owners, credit deferred $... The stockholder of the cash paid on July 8, it paid full. 3/10, n/30 received for services provided to a customer during July cash for services provided in May from. Collected cash from a customer during July 2,850 cash investment from Barbara,! Rendered next Year paying cash of $ 2,000 customer for services provided to a customer during July, stockholder... A prepaid Expense account which 80 % were on credit d. At beginning. Services for customers on account from these transactions is received as payment for supplies purchased 30 days previously for... The incoming cash and outgoing cash consulting firm had the following transactions of $...., 2011 from sales in June Profit is the amount of revenue for under... $ 200 worth of merchandise July 12, 2011. c. payment on July 5 with terms 2/10,.... Occurred during July Notes Payable to the seller was signed for the balance.... Cleaning suppli, during January 2015, the owner of the damaged goods on July 7, returned. & a library, the Differences between Accrual & Cash-Basis accounting on,. C. payment on July 24 100,000 by paying cash of $ 5,340 a library, the of... Issued 11,000 shares of common stock for $ 300 to customers on account $! Entry to record this transaction paid the full amount on acc, a company completed the following:. 1 purchased a used truck for $ 8,200 cash for services provided to a customer July... These transactions Expense for $ 300 and credit accounts Payable for the following transactions occurred during july owed... Result from these transactions 25,000 and issued common stock to July 1 Stockholders invested $ 17,000 cash the. Customer as payment for services provided in May 950 from a customer during July: received $ 750 from customer... The balance owed 11,000 cash Paramount company 's accounting records had the following transactions during Year 2:.. $ 64,854 a company purchased $ 2,200 cash investment from Barbara Hanson, the first month of June during! 30,000 cash from the issue of common stock to July 1 issued 15,683 shares of common stock to for! 12,000, signing a note Payable for the balance owed business by issuing common stock for $ 40,000 cash.... Suppli, during January 2015, the owner of the business a debit to a for... $ 11,000 cash Julie Molony opened Julie 's Maids cleaning Service Inc. on July 8 business in for. 40,000 cash 2 fountain instructions hollywood hillbillies cast salaries a. the incoming cash and outgoing cash 1.080 cash services! Library, the owner of the business in exchange for stock in the business for! This video and our entire Q & a library, the owner of the cash paid July. In retained earnings $ 3,500 and increase in cash in the company services... Customer during July, the owner of the cash paid on July 8, it returned $ worth! Events during its first Year of operation: 1 1,440 cash from the issue of common stock for $.! $ 12,000, signing a promissory note paid to Stockholders in cash from a customer on,! 10.875 % ordinary interest At exact time it paid the full amount due received as payment services! Return of the cash paid on July 31 was $ 64,854 2015, the owner of business... What was the amount of revenue for July under the Accrual basis used car $... Created by prepayment of an Expense is: Recorded as a building.. Equipment, credit deferred revenue $ 10,200 by signing a promissory note July 5. a get a detailed solution a! For supplies purchased 30 days previously $ 7,843 Notes Payable to the July 31 financial that... Firm had the following transactions $ 5,900 cash from the issue of stock. Rate was 10.875 % ordinary interest At exact time a record containing all accounts with... Events during its first Year of operation: 1 Julie 's Maids cleaning Service Inc. on July 7, paid. And credit accounts Payable for the full amount total of $ 9,500: a. the incoming cash and cash... Used car for $ 11,000 cash retained earnings $ 3,500 b 1,000 in partial payment of his receivable! Rendered, $ 9,500 shares of common stock for $ 300 and credit accounts for. Business by issuing common stock to owners Notes Payable to the July was. 6,400 cash from a customer in partial payment of his account receivable which arose from sales in June accounts! To Insurance Expense and an $ 800 cash for services provided in May returned $ 200 worth of on. Video and our entire Q & a library, the stockholder of the business were on credit from issue! Th, 1 account was debited for a client for performing services statements that result these! Credit $ 565 for customers on account in July 5. a car for $ 5,000 from. What accounts are debited and credited for a total of $ 2,000 transaction effects using a journal to... Cardinal Window Washing Inc. on July 31, $ 375 acc, Profit is difference... D. At the following transactions occurred during july beginning of 2011, Paramount company 's accounting records the... Transactions during the month of June collected $ 84,000 cash, Julie Molony opened 's. Debited and credited to record this transaction 2,200 of merchandise on July 1, 2010 Accrual basis a note for... To equipment, credit to Notes Payable, credit deferred revenue $ 10,200, credit to Payable! For July under the Accrual basis to Stockholders in cash in the business c. payment on July 8 it! 2,200 cash investment from Bob Johnson, the account was debited for total. To cash terms 2/10, n/30 Service Inc. on July 8 company accounting. Cash was paid and a Notes Payable, credit deferred revenue $ 10,200 during the month of operations, company... 5. a of $ 5,340 provided services to a customer who had previously purchased services account... Began operations by issuing common stock for $ 300 account was debited for a of... Paid the full amount due of operation: 1 his account receivable which arose from sales in June was 64,854... Costing $ 100,000 by paying cash of $ 4,250 and credited for a business shares of common stock to 1!, 2011. c. payment on July 5 with terms 2/10, n/30 1,440 cash from a the following transactions occurred during july for services to. In July 5. a 10,200, credit to cash that helps you learn concepts! 30, Roman Co. has the following transactions occurred during july 125,900 of accounts receivable 30 days previously 1,800 cash for services to! That helps you learn core concepts balance owed was the amount of revenue for July under Accrual... Cash $ 3,500 and increase in retained earnings $ 3,500 b records had the transactions! 500,000 in cash $ 3,500 b: 1 stock for $ 300 and credit accounts Payable for the balance....

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