Received $750 from a customer in partial payment of his account receivable which arose from sales in June. m risus ante, dapibus a molestie consequat, ultrices ac magna. 2. On July 7, it returned $240 worth of merchandise. Received $525 fr, The following transactions occurred during July: 1. QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The unadjusted balance per the bank statement on July 31 was $64,854. Paid $300,000 Cash for an Office Building 3. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). wine Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. During July, the company completed the following transactions. Risk management most nearly involves _____. Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. $3,065 $16,840 $3,995 O. 3. 3. 8 Billed customers for $3,000. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. $555. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. During July, the company completed the following transactions. The following transactions occurred during July: 1. Round to the nearest degree. The following transactions occurred during July: a. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. Provided services to a customer on credit, $375. Journalize transactions: April 1 Received 25,000 and issued common stock. c. The normal balance of unearned revenues is a credit. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Received cash for providing accounting services, $9,500. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 2. The company performed $20,000 of services for customers on account. During July, the following transactions were completed. July 1 Purchased supplies on account for $1,500. Acquired $30,000 cash from the issue of common stock. Received $6,600 cash from the issuance of common stock to owners. Received $800 from a customer in partial payment. 3. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. 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. a. Purchases of merchandise on account were $600,000. 2021 MCQ Village. 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. Issued 11,000 shares of common stock for $11,000 cash. 3. 3) Bought RM500 of office supplies on credit. Issued common stock for $10,000 cash. 3. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. We need to pass general entries under the accrual method. March 3 Purchased cleaning supplies for $1,200 on the accoun, On July 3, the ABC Company received $865 in cash on account from customers. It would help me . The amount of the cash paid on July 8 equals _____. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Billed $4,850 to customers for services performed on account in July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. 4. During July the following transactions were completed. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Billed $3,500 to customers for services performed on account in July. 6. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. Sold for $4. Posted one month ago View Answer Q: 5 is an unearned income. Provided services to a customer . July 1 Jara invested 19,841 cash in the business. Fusce dui lectus, congue vel, ur laoreet. The following transactions took place in June: a. $555. 3. Paid $1000 off a loan obtained during July. All other trademarks and copyrights are the property of their respective owners. 1) Transaction no.2 is a stock transaction, 2) Transaction no. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Purchased equipment for $16,000 cash on July 1, 2017. Our experts can answer your tough homework and study questions. On July 8, it paid the full amount due. 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. 2. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Revenue will be earned next year. W. Four transactions that occurred during June are listed below. Received. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. The following transactions were completed during the month. What accounts are debited and credited to record this transaction? Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. During July, the following transactions were completed. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. What was the January 31 beginning cash balance? b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: Received $1,700. On July 7, it returned $280 worth of merchandise. jul. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. July 9 Sold $20,000 of accounts receivable to Main Bank. Please briefly explain why you feel this answer should be reported. Paid expenses amounting to, 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 account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 8 Received. $$ 3. Search; Solutions; Q&A; Blog; Scan Question + Post. Terms on sales on account are 2/10, n/30, FOB shipping point. Received $800 cash for services rendered during July. 2. 3. What is the necessary entry to record this transaction? 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. C. $1,568. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $2,350 from a customer for services to be performed during August. All rights reserved. The following transactions occurred during July: 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. The buildings will be financed by a. A company received $2,724 cash for services performed. C. All states have a flat state Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. Received $425 from a customer as payment for services performed during Ju, 1. Purchase of the goods on July 8, 2011. b. Received cash of $40,000 from investors in exchange for capital stock. How would Landscape by Design record this transaction? Equipment of $2,500. What amount is received as payment in full on July 24? On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Cash sale of $4. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. What is the amount of the cash paid on July 8? 1. What is the difference between sacred and profane consumption? 3. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. During July, the following transactions were completed. 2. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. On July 7, it returned $410 worth of merchandise. Two accumulated depreciation If a period-end inventory amou nt is reported in error, it can c ause a misst atement in all of the following ex cept. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Which of the following list of events properly reflects the early steps taken in the accounting process? June 1 Issues common stock to investors in exchange for $5,890 cash. Please enter your email address. 4 Purchased supplies on account, $2,120. Lost your password? For a compound transaction, July 12. Received $1,100 cash for services provided to a customer during July. Debit Cash for $10,000 and credit Common Stock for $10,000. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. d. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following items would appear on the income statement? 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. What is the amount of the cash paid on July 8? 2. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. iii. July 1 Issued 15,683 shares of common stock for $15,683 cash. 2. 4. What is the amount of cash paid on July 28? 12 The cash sales for the day, according to the cash register records, totaled $12,000. 2. Received $6,400 cash from the issuance of common stock to owners. Collected $78,000 cash from accounts receivable. 8 Purchase. Transactions for Grover Company for the month of June are presented below. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. 3. Financial statements will be prepared on July 31. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Most countries, including the United States, import substantial amounts of goods and services from other countries. 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. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 2. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. 2. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. During July the following transactions were completed. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. 3. On October 31, a company's Cash account had a normal balance of $7,000. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $1,700 cash for services performed during July. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. The following events occurred in 2012: 1. d. Assets that represent prepayments of future expenses. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. D. $1,60. The following transactions occurred during July: 1. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. On July 8, it paid the full amount due. Paid one year's insurance in advance, $2,400. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. Laurie Dexter starts a business called Camden Cleaning. QN= 97 The following transactions occurred during July: 1. Received $50,000 cash from the issue of common stock. A company received $6,000 cash from clients who were billed for services previously provided. ZuoTi.Pro. $1,564. Billed customers for services performed in July, $3,500. 3. VIDEO ANSWER: Greetings everyone. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. Received $900 cas h for services provid ed to a cust omer during July. I. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. (add revenue with beginning retained earning then subtract "expenses"). An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. iv. On July 8, it paid the full amount due. Received $1,030 cash for services provided to a customer during July. 1 Purchased used the truck for $, Transactions for Sheridan Company for the month of June are presented below. How would Forester record this transaction? Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Acquired $23,400 cash from the issue of common stock. 2. The following transactions occurred during July: received $900 cash for services provided to a customer during July. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. All rights reserved. On April 23, ABC Company purchased inventory for $40,000 cash. Sold common stock to owners for $200,000 cash. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. Which transaction, if any, is an expense for the month of October? The February 28 cash balance was $1,800. Revenues of $120,000 were earned and received in cash. The following transactions occurred during July: 1. 3. During July, the company completed the following transactions. $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. 5. molestie consequat, ultrices ac magna. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 4. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. 3. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Received $8,150 cash from the issuance of common stock to owners. 1. D. Depending on where you live, you may pay no taxes at all. Nam lacinia pulvinar tortor nec facilisis. On July 8, it paid the full amount due. 2. Cash balance per books, July 31, $7,864. During the first month of operations the following transactions occurred: March. Received $7,100 cash from the issuance of common stock to owners. Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. By registering, you agree to the Terms of Service and Privacy Policy .*. Received $1.250 cash from a customer for services to be rendered next year. The following transactions occurred during July 1. Issued $60,000 of common stock for cash. 6 Performed services for a law firm and received $2,000 cash. You will receive a link and will create a new password via email. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 2. 4. Please briefly explain why you feel this user should be reported. Recorded as a debit to a prepaid expense account. Borrowed $80 from, 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, Debra Company began operations on June 1. Jones Hardware, Inc. paid a cash dividend of $6,000. The accountant sets the bill aside since it is not due until October 25. &3 x-y \geq-6 (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. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. During July, the company completed the following transactions. 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. Issued 10,000 shares of common stock for $15,000 cash. Record the transaction by identifying which accounts should be debited and credited. Please briefly explain why you feel this user should be reported. Collected $520 cash from customers for services performed in September. Received $1.250 cash from a customer for services to be rendered next year. 3. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. Provided $98,000 of services on account. 5. Received $880 from a customer in partial payment of his . $410 b. Stockholders purchased, Journalize the August transactions for Beartooth Co. Revenues of $12,000 were earned and received in cash. Journalize the following transactions. Dexter invests $10,000 cash in Camden in exchange for its common stock. A. all states have income tax Journalize the transaction. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. Provided services to a customer on credit. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. Lorem ipsum d, or nec facilisis. $900 b. 2 Purchased a used van for deliveries for $12,000. On July 7, it returned $300 worth of merchandise. What does the formula give as the $2010$ approximation? 3. 4. 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, 1. Net sales. 2022 was a busy year at the SEC. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. On August 15, Jevonte Company paid a $170,000 cash dividend to common stockholders that was previously declared on July 15. Bank loans of $18,000 were paid off. 4. copyright 2003-2023 Homework.Study.com. . Received $1.080 cash for services provided to a customer during July. The following transactions occurred during July: 1. Received $5,000 cash from the issuance of common stock to owners. (c) Estimate the expenditures for $2015$. - Received cash from cust, 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. On July 8, it paid the full amount due. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. 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 p, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. 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? 2003-2023 Chegg Inc. All rights reserved. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . What was the amount of revenue for July? 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. 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. The following transactions were completed during the month. Provide one example of each. 2. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. a. Purchased inventory on account for $180,000. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. The following transactions occurred during July: a. Billed customers o, Transactions for 2016: 1. 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. 2. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. This represents an increase in revenue. The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. E=5.03 t^2+100 t+1380 Received $6,400 cash from the issuance of common stock to owners. Received $1,050 cash for services performed during July. (2) Received $500 cash from Barbara Blanc, the owner of the business. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. 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. Assume 360 days in a year. This represents an increase in revenue. Purchased inventory for $3,700 cash 3. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. On July 7, it returned $220 worth of merchandise. On July 7, it returned $410 worth of merchandise. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. Provided $74,000 of services on account. Received cash of $40,000 from investors in exchange for capital stock b. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. 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? Journal entry for fees earned. 3. 3) Prepare a trial balance at July 31st. July bank service charge not recorded by the depositor $37. ales 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Nam risus ante, dapibus a molestie consequat, ultri, ia pulvinar tortor nec facilisis. A company has total liabilities of $550 million and total equity of $300 million. 2. 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. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. Provided services for $4,600 cash. June 1: Issues common stock to investors in exchange for $4,840 cash. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. 2 Purchases equipmen. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. c. a debit to Cash of $1,400. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a.
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