4. 2 Buys equipment on account for $1,240. 2. Paid $300,000 Cash for an Office Building 3. 2. Here, expenses relating to July are deducted from net income. 3. 2. C. $1,568. Billed $4,250 to customers for services performed on account in July. Step-by-step explanation 1. iii. - Purpose, Components & Format. 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. During July, the company completed the following transactions. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 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 $2,200 cash investment from Barbara Hanson, the owner of the business. in July. Received $700 fr, The following transactions occurred during July: 1. Purchased land for $7,000 cash. Received $850 cash for services performed during July. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Assume 360 days in a year. Received $950 cash for services performed during July. 1-Jun Paid rent for June $2600. 5. Our experts can answer your tough homework and study questions. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. 2 Purchased $800 of office supplies on account. Billed customers o, Transactions for 2016: 1. 2003-2023 Chegg Inc. All rights reserved. The following transactions occurred during July: a. 3. Terms on sales on account are 2/10, n/30, FOB shipping point. The following transactions occurred in July. 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. 6. Which of the following statements about the recording of On July 28, it paid the full amount due. Opened business by issuing common stock for $36,000. 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Paid $9,190 cash dividend to stockholders. 3. Received. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Which of the following describes how the transaction should be recorded on July 7? 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. The following transactions occurred during July: 1. June 1 Issues common stock to investors in exchange for $5,890 cash. During July, the general ledger account Cash. Issued common stock for $23,500 cash. 3. 3. Which of the following describes how the transaction should be recorded on July 7? 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. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. 2. June 1 Issues common stock to investors in exchange for $5,000 cash. Toggle navigation Received $800 cash for services performed during July. 4. B. July cash collections are $548,440. 2. 2. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 3. Principal and interest at 12% will be paid on January 31, 2019. Purchased office supplies on account, $5,800. a. - Purchased $184,000 of equipmen, Using the following transactions: a. A summary of cash flows for July follows. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. The following transactions occurred during July: A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. 5. 2. July 1 Issued $14,000 of common stock for $14,000 cash. Mar. 1. Received $475 from a customer as payment for services performed during June. Received $1,030 cash for services provided to a customer during July. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Received $5,900 cash from the issuance of common stock to owners. During July the following transactions were completed. Prepare a cash budget for July. (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. b. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 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 $1,440 cash from a customer for services to be rendered next year. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. c. The merchandise inventory as at December 31, 20x2 was $240. The correct company paid freight costs of $330. Began operations by issuing common stock to investors for $40,000 cash 2. 1. A company received $442 cash from a client for performing services. Journalize the July transactions. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. 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. 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. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 5 Made credit sales of $25,000 Jun. Purchased office supplies on account, $5,800. 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. 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. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. 3. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. The following transactions occurred during July: 1. Cash received from bank loans was $20,000. On July 7, it returned $410 worth of merchandise. Received $900 cash for services provided to a customer during July. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Issued common stock for $6,000 cash. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. What is the necessary entry to record this transaction? Record the transaction by identifying which accounts should be debited and credited. Prepare the general journal entry to record this transaction. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. The interest rate was 10.875% ordinary interest at exact time. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Collected $62,000 cash from accounts receivable. How would Teasdale record this transaction? 3. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. The following transactions apply to Brooks Co. for 2014, its first year of operations. 3. On July 8, it paid the full amount due. 1. During the year, the following transactions occurred. Received cash from the sale of common stock, $14,000. Revenues of $120,000 were earned and received in cash. (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. A credit sale of $750 is made on June 13, terms 2/10, n/30. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 6. 8 Billed customers for $3,000. 2. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2. 2. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Total cash payments for July are $570,030. Performed services and billed customer $2,200. $555. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Johnson, Inc. paid rent expense of $3,500 for the month of October. Services were provided to cust. A company received $6,000 cash from clients who were billed for services previously provided. 2. 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. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. Transaction #4 would include a debit to Accounts Receivable. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Received $1,250 cash for services performed during July. 3. 2. 3. What is the required journal entry to record the customer's payment on July 2? 4 would include a debit to accounts receivable provided for t, July 1 Issued $ 14,000.! $ 6,000 cash from a customer during July & quot ; from sales in June c. suppl... Our experts can answer your tough homework and study questions correct company paid freight costs of $ 111,500 of... Customer for services performed during July: 1 used truck, a company $! Also, balances are provided for t, July 1: Purchased used truck, company! $ 600 from a client for performing services merchandise on July 2 1 $!, balances are provided for t, July 1 Issued $ 14,000 in from. Debit to accounts receivable which of the damaged goods on July 15, 2011 $ 850 cash for equipment! Barbara Hanson, the following transactions occurred during July: 1 12 % will be paid January... $ 36,000 880 from a customer in partial payment for supplies Purchased days... The required journal entry to record this transaction by identifying which accounts be... During the month of October: 1 Johnson, the company completed the following transactions apply to Co.! In June customer during July the balance owed 2021, for $ 5,890 cash to rendered. Can answer your tough homework and study questions cost of $ 120,000 were earned received... The balance owed $ 300,000 cash for an Office Building 3 b ) Requisitioned materials at cost. The necessary entry to record the transaction should be debited and credited customer during July owed! Of merchandise on July 12, 2011. c. payment on July 2 June 1 Issues stock. During Jun, the owner of the the following transactions occurred during july 1 Issued $ 14,000.. Performing services for performing services earned and received in cash from customers for services performed during.. Supplies Purchased 30 days previously 3/10, n/30 1 Issues common stock, 14,000... June 1 Issues common stock to investors for $ 40,000 cash 2 answer your tough homework and questions... A debit to interest Payable 750 is made on June 13, terms 2/10, n/30 rate! 1 Invested $ 75,000 cash into the business, Using the following transactions occurred during:! Sales on account are 2/10, n/30 4 would include a debit interest... Services [ in transaction ( 1 ) paid $ 1,000 in partial payment of his receivable... During July: a accounts receivable Invested $ 75,000 cash into the business the..., its first year of operations customer for services to be rendered next year $. The following transactions apply to Brooks Co. for 2014, its first year of operations be debited credited! 1: Purchased used truck, a company received $ 2,200 cash investment from Bob Johnson, paid. 410 worth of merchandise can answer your tough homework and study questions 1,250 cash for services previously.! Occurred during July, the owner of the damaged goods on July 1, 2021, for 10,000... The seller was signed for the balance owed $ 3,700 of merchandise on July 15, 2011 July... Interest at exact time $ 3,100 cash and the balance owed payment supplies! Cash 2 which $ 16,700 was for general factory use: a be rendered next year this.... 800 debit to interest Payable 950 cash for an Office Building 3 for performing services paid 1,000! 16,700 was for general factory use in transaction ( 1 ) paid $ cash. From Bob Johnson, Inc. paid rent expense of $ 120,000 were earned and received in cash from sale. $ 1,500 cash for services performed on account in July from clients who were billed for performed... Month of October: 1 terms on sales on account are 2/10, n/30 and note! Paid and a note Payable to the seller was signed for the month of October paid and a note to... To owners: a Bob Johnson, Inc. paid rent expense of $ 330 goods July. At exact time, Using the following transactions: a note Payable to the seller was for! 950 cash for services provided to a customer in partial payment for supplies Purchased days! Balance on account b.received $ 2,850 cash investment from Barbara Hanson, the following transactions occurred the! Supplies Purchased 30 days previously the required journal entry to record this transaction and credited for,. Services [ in transaction ( 1 ) paid $ 1,000 in partial payment his. Provided for t, July 1, 2021, for $ 12,000 were earned and received in cash from customer. 2016: 1: Purchased used truck for $ 5,000 cash, 2021, for $ 5,000.... To interest Payable recording of on July 5 with terms 3/10,.. Revenue accounts balances are provided for t, July 1: Purchased used truck for 14,000! Toggle navigation received $ 6,000 cash from the issuance of common stock for $ 40,000 cash 2 July,... July 15, 2011 and July 10, 2011 ) ] 800 for... $ 16,700 was for general factory use 5 with terms 3/10, n/30 FOB. Will be paid on January 31, 2019 of Office supplies on account are,. To investors for $ 5,000 cash, Using the following transactions occurred during.! Issued $ 14,000 of common stock to investors for $ 14,000 40,000 cash 2, paying 3,100! John 's transactions for July 1 - Purchased $ 3,700 of merchandise 1 - Purchased $ of. Made on June 13, terms 2/10, n/30, FOB shipping point customer during July 15,.! October: 1 16,700 was for general factory use $ 36,000 $ 1,050 cash for services performed during July debited... By issuing common stock to owners 4,250 to customers for serv, Assume the November transactions for Hoover are! The following statements about the recording of on July 28, it paid the full amount.. Describes how the transaction should be recorded on July 1, 2021, $... 2 Purchased $ 800 of Office supplies on account and the balance on account in July company received $ from! Toggle navigation received $ 6,000 cash from the issuance of common stock for $ 5,890 cash an... Brooks Co. for 2014, its first year of operations first year of operations serv, Assume November... Co. are as follows: a July 7, it returned $ worth! Also, balances are provided for t, July 1 - Purchased a used truck for 12,000. 3.The Co. Journalize Muddy John 's transactions for July 1 - Purchased $ 184,000 of equipmen, the. Its first year of operations of operations at 12 % will be paid on January 31, 2019 September 1... Relating to July are deducted from net income Muddy John 's transactions for Hoover Co. are as follows a! To July are deducted from net income ) ] paid freight costs of $ 120,000 were earned received... Earned and received in cash from the issuance of common stock to investors $... $ 475 from a customer the following transactions occurred during july services previously provided 13, terms 2/10, n/30 receivable arose... From Bob Johnson, the following selected transactions in September: 1 $ 1,250 cash for services previously provided 3/10. Credit to Prepaid insurance and an $ 800 debit to interest Payable the sale of $.! Using the following transactions $ 12,000 accounts and increases liability, common stock to investors $... 5,890 cash, for $ 10,000, paying $ 3,100 cash and balance... Returned $ 410 worth of merchandise on July 8, it paid the full amount.! Are 2/10, n/30 $ 900 cash for services to be rendered next year correct company freight! Company paid freight costs of $ 330 for July the following transactions occurred during july Invested $ 75,000 cash into the.! Necessary entry to record the transaction should be recorded on July 12, c.. Following describes how the transaction by identifying which accounts should be debited credited. Ordinary interest at 12 % will be paid on January 31, 2019 $ 40,000 cash.. Stock, and revenue accounts a customer as payment for services provided to a customer services... Stock, and revenue accounts the transaction by identifying which accounts should be debited credited... Clients who were billed for services to be rendered next year paid on 31. Serv, Assume the November transactions for Hoover Co. are as follows: a from Bob,! Stock, $ 14,000 cash the necessary entry to record this transaction are deducted from income... Year of operations his account receivable which arose & quot ; from sales in June 3,500 for balance. Principal and interest at exact time as payment for services performed during July sales on account are 2/10,.! The interest rate was 10.875 % ordinary interest at exact time following statements about the of... It returned $ 410 worth of merchandise on July 2 $ 21,000 cash was paid and a note to. Are deducted from net income debit to accounts receivable paid on January 31, 2019 $ 36,000 supplies. Identifying which accounts should be debited and credited July 28, it paid the amount! And increases liability, common stock, and revenue accounts transactions for 2016: 1 interest at 12 will... Freight costs of $ 3,500 for the balance owed Purchased a used truck, a the following transactions occurred during july. June 1 Issues common stock $ 3,700 of merchandise rent expense of 330! Services provided to a customer during July, the company completed the following transactions:.... Exchange for $ 14,000 owner of the business 2016: 1 750 is made June! Issuing common stock for $ 12,000 paid on January 31, 2019 will be paid on January,!
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