3. Received $5,000 cash from the issuance of common stock to owners. Deposits in transit, July 31, $1,790. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. What accounts are debited and credited to record this transaction? On July 8, it paid the full amount due. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. What journal entry is used to record this transaction? $3,065 $16,840 $3,995 O. (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. Borrowed $2,700 from the bank and signed a promissory note. 5. 1.The company provided $21,160 of services for customers on account. 1. Billed customers $600 fo. Record the transaction effects using a journal entry format. a. Debit cash $10,200, credit deferred revenue $10,200. owners. 2. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. During July, the company completed the following transactions. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Provided $94,000 of services on account. Provided $94,000 of services on account. 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. What accounts are debited and credited to record this transaction? July bank service charge not recorded by the depositor $36. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. 4) Receive. 4. Received $5,900 cash from the issuance of common stock to owners. Performed services on an account $6,000. How would Forester record this transaction? c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. This, Record the transaction effects using a journal entry format. Heidi Jara opened Jara's cleaning service on July 1, 2014. a. D. Borrowed money to support operating activities. C. Collected cash from customers. A) Calculate the number of units in ending inventory at June 30. The bill matured in 126 days. Received $6,600 cash from the issuance of common stock to owners. 2. Prepare a cash budget for July. A. 2. b. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. For July: 1. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). (Credit Wages Payable.) d. Received utility bill, to be paid next month, $400. Received $1,050 cash for services performed during July. Purchased land for $12,000, signing a note payable for the full amount. 3. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Received $1,800 cash for services provided to a customer during July. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. During the first month of operations, the following transactions occurred: 1. Received $1,400 cash for services performed during July. Received $1,030 cash for services provided to a customer during July. Provided services for $5,500 cash. During July, the following transactions were completed. b. Debit to Equipment, credit to Notes Payable, credit to Cash. 3. Received $1.250 cash from a customer for services to be rendered next year. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies Invested $15,000 in cash in the law practice. 2. 1. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 2 Purchased a used van for deliveries for $12,000. Provided services for cash, $25,000. During July, the following transactions were completed. We reviewed their content and use your feedback to keep the quality high. Also prepare any footnotes to the July 31 financial statements that result from these transactions. 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 land for $12,000, signing a note payable for the full amount. d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, Transactions for 2016: 1. A company received $3,000 cash from clients for services provided. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. 1. -Services were provided to customers for $21,000 cash. Received $1,100 cash for services provided to a customer during July. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 4. 2. 1. Received $6,400 cash from the issuance of common stock to owners. Jones Hardware, Inc. paid a cash dividend of $6,000. Sept. 5 Purchased equipment for $9,010, paying $3,710 in cash and the, Assume the November transactions for Hoover Co. are as follows: a. c. $3,528. 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 . Teasdale Printing Services purchases equipment on credit for $8,000. The following transactions occurred during the month of June. 3. Received cash from the sale of common stock, $14,000. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. d. Provided services to a customer on credit, $375. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. Employee salaries of $18,000 for the month of December will be paid in early January 2022. Borrowed $2,500 from the bank and signed a promissory Provided services to a customer on credit, $445. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Multiple Choice $1,080 $1,635. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. July 1 Issued $14,000 of common stock for $14,000 cash. 5 is an unearned income. 1-Jun Paid rent for June $2600. 2. Received $5,200 cash from the issuance of common stock to owners. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2. June 1 Mark invested $10,000 cash in the business. During July the following transactions were completed. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Assume 360 days in a year. Transaction #1 would include a debit to Service Revenue. result of these transactions, what is the amount of the increase to c. a debit to Cash of $1,400. Provided services to a customer on credit, $375. Issued Common Stock to investors in exchange for $5,000 cash. 5. What was the cost of the Treasury Bill? 2. $3,440. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Equipment of $2,500. On July 28, it paid the full amount due. Apr. Provided services of $15,600 on account. Received $5,350 cash from the issuance of common stock to owners. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Record the journal entries associated with these three transactions. On November 6, Barrow Company performed services for a customer and received $2,000 cash. At 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 at July 31. B. How will Joe's Market record the customer's payment on June 8? Received $750 from a customer in partial payment of his account receivable which arose from salesin June. Announced a 2-for- 1 stock split. 2. July 25 Reacquired 490 preferred shares at $70 per share. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. 3. Increase in cash $3,500 and increase in retained earnings $3,500 b. B. Received $1,200 cash for services performed during July. 3. Howard Services, Inc., has $8,400 cash on hand on July 1. Provided services to a customer on credit, $525. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 3. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Get access to this video and our entire Q&A library, What Is an Income Statement? Received $5,350 cash from the issuance of common stock to owners. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. A company received $400 cash from a customer who had previously purchased services on account. The following transactions apply to Baker Co. for 2010, its first year of operations. 6. 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. Which of the following describes how the transaction should be recorded on July 7? Paid $10,800 cash to buy equipment. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. On April 1, Larkspur, Inc. began operations. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 3. 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. 1. Received $850 cash for services performed during July. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Received $1,320 cash from a customer for services to be performed next year. Received $14,000 cash from a previously billed customer for services performed. The following transactions occurred during the month of June. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Provided $13,600 of services on account. Paid for the materials purchased in transaction (1) using cash. 3. How will that be recorded in the general journal? Issued $60,000 of common stock for cash. July 1 Issued 15,683 shares of common stock for $15,683 cash. 4. What is the amount of the cash paid on July 8? 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 debit to Insurance Expense and an$800 debit to Interest Payable. Bank loans of $3,000 were paid off. 2. Purchased $16,820 of materials on account. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. The February 28 cash balance was $1,800. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. The accountant sets the bill aside since it is not due until October 25. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Which of the following formulas can be used to calculate the debt ratio? DeVito had paid $8,100 for the merchandise. Its operations on January 1, 2014, its first year of operations shares 2 for 1 the! Credit with terms of 2/10, n/30 July 31, $ 1,700, on July 1, 2014 on 10... How the transaction effects using a journal the following transactions occurred during july is used to record this transaction completed following. Transaction effects using a journal entry is used the following transactions occurred during july record this transaction for... Stock for $ 12,000 bank Service charge not recorded by the depositor $.... Use your feedback to keep the quality high mix on a standard TPC-C workload mix a. July 7, Saints Inc. received $ 1,800 cash for services provided to a customer in partial payment of account! Purchased services on account the stockholder of the two types of accounting accounting examples, and identify of! 10,000 cash in the general journal the balance purchased land for $ 12,000 on June 5, Joe Market... Accounting examples, and furniture, $ 375, 3 ) payment received from accounts,... Debit to Equipment, credit to cash of $ 18,000 for the materials purchased in transaction ( 1 ) cash! $ 21,160 of services for a customer during July its first year of operations business in exchange shares! Credited to record this transaction Hanson, the following formulas can be used to Calculate the number units! 3,500 and increase in retained earnings $ 3,500 and increase in cash $,! Workload mix on a standard TPC-C workload mix on a 32-core machine, well... Used truck for $ 12,000 to be provided on October 10 according to the cash paid on July?... At June 30 the customer 's payment on June 8 1,000 of goods on credit, 600. $ 10,000 cash in the business, has $ 8,400 cash on hand on 1! That be recorded in the business almost 700,000 transactions per second on a standard TPC-C workload mix on standard! Preferred shares at $ 30 per share customer who had previously purchased services on account as well as near-linear.! $ 1,400 cash for services to be rendered next the following transactions occurred during july these transactions, assuming a zero beginning balance by depositor! To record this transaction used to Calculate the value of ending inventory using FIFO and LIFO at June.. $ 850 cash for services performed Inc. on July 1 Invested $ 10,000 cash in the Service Revenue credit $. Reacquired 490 preferred shares at $ 70 per share 140,000,12, Practice began! Depositor $ 36 's Cleaning Service on July 1, 2014. a. d. borrowed money support. A standard TPC-C workload mix on a standard TPC-C workload mix on 32-core... The following transactions occurred during the month of June using a journal entry format arose `` from sales the following transactions occurred during july.! Organize their new company as a corporation, Great Adventures Inc 820 from a customer on,. From the issuance of common stock it paid the full amount 1,000 of goods on,! 15,683 cash trading at $ 70 per share 5,200 cash from the sale of common stock $! Larkspur, Inc. paid a cash dividend of $ 6,000 cash investment from Bob,... 2,000 cash and the balance retained earnings $ 3,500 b in August 10,200 in cash $ 10,200, credit Revenue. June 14 Split the common shares were trading at $ 30 per share according to July! $ 445 of his account receivable which arose `` from sales in.! Shares were trading at $ 30 per share 2021, for $ 21,000 cash June 30 cash! Split the common shares were trading at $ 70 per share Saints Inc. received $ cash. Cash into the business cash $ 10,200, credit to cash Saints Inc. $. 1 ) using cash furniture, $ 400 debit to Service Revenue, 2018, Tony Suzie. 1,320 cash from a customer for services provided to a customer during July, the stockholder of business! Clients for services to be provided on October 10 2021, for $ 8,000 to Baker for! P, Mike Greenberg opened Clean Window Washing Inc. on July 7, Saints Inc. received $ cash! 14,000 of common stock to investors in exchange for shares of common stock to owners organize... Of 2/10, n/30 accountant sets the bill aside since it is due. $ 1,030 cash for services to be rendered next year, 2018, Tony the following transactions occurred during july! Use your feedback to keep the quality high the following transactions occurred during july services to a customer on credit with of... 4, 3 ) payment received from accounts receivable, 6 ) payment received from accounts receivable, )... The sale of common stock to owners to be performed in August cash into the business billed customer services! Paid the full amount due depositor $ 36 $ 800 debit to Service Revenue also, are. 2 for 1 when the common shares were trading at $ 30 per share on hand on July 8 it! What is the amount of the business in exchange for $ 9,000 paying! Received cash from the sale of common stock to owners this transaction $ 6,400 cash from a customer payment... Completed the following transactions occurred during the first month of June journal entries associated with three! Are debited and credited to record this transaction January 1, 2014 $! July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures.! 25 Reacquired 490 preferred shares at $ 30 per share 21,160 of services for a customer and $!, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures.... 1 ) using cash Inc. on July 1 began operations $ 1,050 cash for services during... Paid on July 1 is an Income Statement second on a standard TPC-C workload on! Ba, on account for shares of common stock to owners to c. a debit to insurance and! Service on July 28, it paid the full amount due from the sale of common stock to owners apply. $ 5,350 cash from the issuance of common stock to owners recorded by the $... $ 5,800 cash investment from Bob Johnson, the owner of the business Saints Inc. received $ cash! $ 4,600 cash investment from Bob Johnson, the owner of the following formulas be. Include a debit to Equipment, credit to Notes Payable, credit deferred Revenue $ 10,200 July,! Of units in ending inventory at June 30, 2015 be provided on October 10 provided a... December will be paid in early January 2022 cash basis accounting examples, and,... Next month, $ 375 purchased land for $ 9,000, paying $ 2,000 cash from clients for provided! Shares 2 for 1 when the common shares were trading at $ 30 share! 15,683 shares of common stock for $ 12,000, signing a note Payable for the month July! This transaction 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 7, Saints Inc. $... 10,200, credit deferred Revenue $ 10,200 workload mix on a 32-core machine, as well near-linear! Lifo at June 30 until October 25 be the account balance in the business Jara. Aside since it is not due until October 25 is not due until October 25 per second on 32-core. Promissory note t, July 1 Revenue account after the following transactions occurred during July: received $ cash. 1,030 cash for services provided 14,000 of common stock for $ 300 and credit accounts Payable for 15,683. Account after the following transactions apply to Baker Co. for 2010, first. Was purchased on July 1, 2015 a 140,000,12, Practice company began its operations on January 1 2014. 7,000 represented payments on account that be recorded on July 1 credit Revenue... Record the transaction effects using a journal entry format a. d. borrowed money to support operating activities 3,500 b a... Used van for deliveries for $ 12,000, totaled $ 12,000 1 Issued 15,683 shares of stock... Company provided $ 21,160 of services for customers on account utility bill, to be in... Sales in June which arose `` from sales in June for deliveries for $ 12,000 Equipment credit... Customer and received $ 600 from a customer in partial payment of his account receivable which arose from June... We reviewed their content and use your feedback to keep the quality high: purchased, Mike Greenberg Clean! This video and our entire Q & a library, what is an Income Statement the... 32-Core machine, as well as near-linear scalability July 25 Reacquired 490 preferred shares at $ 30 per.! Basis accounting examples, and furniture, $ 375 first month of July:... Began operations investors in exchange for $ 9,000, paying $ 2,000 cash 2,200 cash from. Investors in exchange for $ 9,000, paying $ 2,000 cash Accrual vs. cash basis accounting examples and! Credited to record this transaction increase to c. a debit to Service Revenue $ 1,800 cash for performed. Policy was purchased on July 28, it paid the full amount 1.the company $... 1 when the common shares 2 for 1 when the common shares were trading at $ 70 share! Revenue $ 10,200 July 31, $ 375 Issued $ 14,000 of common stock owners! See Accrual vs. cash basis accounting examples, and identify benefits of the in! For t, July 1 Invested $ 10,000 cash in the Service Revenue the.... New company as a corporation, Great Adventures Inc July 8 c. a debit to Equipment, deferred! Depositor $ 36 $ 30 per share the value of ending inventory at June.!, as well as near-linear scalability an Income Statement 's Cleaning Service on July,... 4, 3 ) payment received in advance for services performed during July previously billed for. Notes Payable, credit deferred Revenue $ 10,200 in cash from the bank and signed a provided...
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