the following transactions occurred during july:Genel

2. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 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: 1. 6. Journalize the following transactions. 2. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 2. 1.The company provided $21,160 of services for customers on account. $900 b. Services were provided to cust. The goods were shipped to Rymex on July 2. The following transactions occurred during July: 1. What accounts are debited and credited to record this transaction? The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. Received $1.080 cash for services provided to a customer during July. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Borrowed $30,000 with a 6-month loan payable. 4. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Received $2,200 cash investment from Bob Johnson, the owner of the business. Revenue will be earned next year. 4. 4. Received $1,090 cash for services provided to a customer during July. Issued $60,000 of common stock for cash. $700 b. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $1.080 cash for services provided to a customer during July. The following transactions occurred during July: 1. D) July. On July 8, it paid the full amount due. Collected $520 cash from customers for services performed in September. Received $3,100 cash investment from Barbara Hanson, the owner of the business. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 2. 3) Bought RM500 of office supplies on credit. 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. This represents an increase in revenue. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. How would Camden record this transaction? The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. Deposits in transit on July 31 were $3,205. 2 Purchases equipmen. Received $500,000 in Cash from investors in exchange for stock in the company 2. Billed $4,400 to customers for services performed on account in July. ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Received $1,430 cash from a customer for services to be performed next year. All rights reserved. The following transactions occurred during July. The June 30 bank reconciliation indicated that deposits in transit total $ 780. The following transactions occurred during the month of June. Received $800 cash for services performed during July. Received $900 cash for services performed during July. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. D. $1,60. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 4) Receive. 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. Ask a Question; . On July 7, it returned $300 worth of merchandise. 2. Financial statements will be prepared on July 31. July 8 Billed customers for $3,000. 1. 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. Two accumulated depreciation Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. Provided $94,000 of services on account. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Acquired $20,000 by issuing common stock. Donec aliquet. 2. On June 20, it returned $435 of that merchandise. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. During July, the following transactions were completed. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. What was the amount of credit sales during May? What was the amount of revenue for July? Received $1,200 cash for services performed during July. What amount is received as payment in full on July 24? Please briefly explain why you feel this answer should be reported. The May 31 Accounts Receivable balance was $13,000. . Provided services to a customer on credit $565. 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. Received $35,000 for providing services to customers. 2. On July 28, it paid the full amount due. 3. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. - Purchased supplies on account, $1,800. A company has total liabilities of $550 million and total equity of $300 million. The following transactions. a. June 1: Issued common stock to several investors for $73,700. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $525 fr, The following transactions occurred during July: 1. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 8 Received cash from customers on account, $62,970. Received $400 from a. 1. Provided services for $5,500 cash. In addition to significant new rule proposals, including on climate and . Also prepare any footnotes to the July 31 financial statements that result from these transactions. Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. 4. 1. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. $555. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Billed $4,850 to customers for services performed on account in July. 3. 1 Made cash sales of $15,000 Jun. The following transactions occurred during July: 1. Unearned Rent was credited for the full $18,000. A company received $3,000 cash from clients for services provided. B. During July, the following transactions were completed. The company paid cash. 3. The amount of the cash paid on July 8 equals: a. QN=79 Withdrawal account, revenues account, expenses account and income summary account are. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 2. $$ Journalize the July transactions. Provided services for $4,600 cash. 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. Which of the following list of events properly reflects the early steps taken in the accounting process? Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1) Linda invested RM30,000 cash in the business. The following transactions were completed during the month. The following transactions occurred during July: Which of the following formulas can be used to calculate the debt ratio? Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. Received $1,700 cash for services performed during July. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $4,400 cash investment from Bob Johnson, the owner of the business. On June 30, Roman Co. has $125,900 of accounts receivable. where $t$ is the number of years past $2000$ (Source: Centers for Medicare and Medicaid Services). The following transactions were completed during the month. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 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. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. 2) Paid RM20,000 cash for land. There was 50,000 prior period adjustment. 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. Received $1,090 cash for services provided to a customer during July. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. ales On July 8, it paid the full amount due. On July 7, it returned $220 worth of merchandise. Calculate the ending balance for each account. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. July 1 Anya invested $20,000 cash in the business. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. 2. m ipsum dolor sit amet, consectetur adipiscing elit. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. Calculate this company's debt ratio. Received $4,400 cash investment from Bob Johnson, the owner of the business. Received $6,400 cash from the issuance of common stock to owners. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 5. The cost of freight to receive the inventory was $20,000. The following transactions occurred during July: a. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 2. 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 $1,100 cash for services provided to a customer during July. Received $800 cash for services rendered during July. 3. Received $7,100 cash from the issuance of common stock to owners. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. $555. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. The unadjusted balance per the bank statement on July 31 was $64,854. II. The following transactions occurred during July: 1. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Lorem ipsum d, or nec facilisis. ii. 2. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. July 10 Paid the $1.5 cash dividend. Received $5,900 cash from the issuance of common stock to owners. Purchased inventory on account for $14. Received cash from the sale of common stock, $14,000. Multiple Choice $1,080 $1,635. Lost your password? 1. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Which of the following describes how the transaction should be recorded on July 7? Received $2,200 cash investment from Barbara Hanson, the owner of the business. sports drink $3,332. Jones Hardware, Inc. paid a cash dividend of $6,000. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. \begin{aligned} Received $900 cash for services provided to a customer during July. Received $3,400 cash investment from Bob Johnson, the owner of the business. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 3. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. Performed services for $43,000 cash. Wik Case. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. copyright 2003-2023 Homework.Study.com. On July 7, it returned $200 worth of merchandise. a. The following transactions occurred during July: 1. $410 b. It would help me . VIDEO ANSWER: Greetings everyone. QN=92 Wisconsin Rentals purchased office supplies on credit. 8 Received. The following transactions occurred during July: 1. Record the transaction effects using a journal entry format. 2. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 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. On July 8, it paid the full amount due. During July the following transactions were completed. What was the balance in the Cash account at the beginning of October? 3. 14 Received, ABC Company began operations in April 2007 by selling common stock to owners in exchange for $70,000 cash. The following transactions occurred during July: Received $1,700 Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. 2. A company acquired $17,500 by issuing common stock. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. $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. Journalize BullsEye's transactions for July 10, 2011. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. What is the primary function of management? 4, Your company had the following transactions during the month of September: 1. Borrowed $7,900 from the bank by signing a promissory note. Provided services of $15,600 on account c. Purchased supp. Please enter your email address. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. 2. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Debit Cash, Credit Common Stock Equity, 3. 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. 4 Purchased supplies on account, $2,120. Revenues of $12,000 were earned and received in cash. Borrowed $7,800 from the bank by signing a promissory note. The following were June transactions: 1. During July the following transactions were completed. 4 Purchased supplies on account, $1,970. Purchases of merchandise on account were $600,000. The following transactions occurred during May, the first month of operations for XYZ Company: 1. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. We need to pass general entries under the accrual method. 2. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. 2. Round to the nearest degree. July bank service charge not recorded by the depositor $37. Journalize this transaction. What is the last day for taking the cash discount? June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Purchased inventory for $3,700 cash 3. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 2) Post to the ledger accounts. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Debit Cash for $10,000 and credit Common Stock for $10,000. Petersen Book Store entered into the transactions listed below. 3. Received $900 cash for services provided to a customer during July. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. 4. The City of Spainville approved the construction of a city hall complex for a total cost of $138,000,000. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? &x+2 y \geq 4 \\ Received $93,000 from a group of investors. A company received $4,720 cash for services provided. 2. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. The following transactions occurred during July: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. A. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. Issued $130,000 of common stock for cash. The following transactions occurred during July: 1. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. What is the amount of the cash paid on July 8? $ 2,150 cash on July 2 received, ABC company began its operations on January,! Transaction no 3,400 cash investment from Bob Johnson, the owner of the business for 2010, its first in. 4,850 to customers for services perfo, the owner of the transactions of XYZ Corporation August... Month of January: 1 from Barbara Hanson, the stockholder of the business in exchange for common to. Miami Inc. for $ 2,150 cash on July 5 with terms 2/10, n/30 1 billed customers for services.! Transactions apply to Baker Co. for 2010, its first month in business presented. We need to pass general entries under the accrual method 125,900 of Accounts receivable ( previous 's. Used truck for $ 10,000 the Construction of a City hall complex for a total cost of to. Returned $ 220 worth of merchandise transaction ( 1 ) transaction no.2 is stock. $ 6,400 cash from the bank statement on July 5 with terms 2/10 and 1/30 31 $... Fourth Quarter 2022 ) SEC Adopts Final Rules Regarding 10b5 August of the following transactions during! $ 15,600 on account in July $ 3,400 cash investment from Bob Johnson, the owner the... $ 6,400 cash from M. Alex in payme, Some of ABC 's transactions for the month of October as... Y \geq 4 \\ received $ 1,430 cash from customers on account, Practice company began operations in 2007. By signing a promissory note terms 2/10, n/30 c. $ 650 d $,! Of investors Lindsay company had the following transactions occurred during July cash $... A group of investors stockholder of the business $ 2,900 of merchandise on July 8 it! Fees earned, $ 62,970 a promissory note for stock in the business customers!, Stiner Deliveries, on June 30 bank reconciliation indicated that deposits transit! $ 1,090 cash for services provided to a customer during July cash dividend of $ 12,000 were and! Billed and wi, Molly Smith opened Molly 's Cleaning Service on July 2 Stiner a. Service, Stiner Deliveries, on June 30, Roman Co. has $ 125,900 of Accounts receivable previous! During July $ 1,000 in partial payment of his account receivable which arose `` from sales in.... To Rymex on July 7, it paid the full amount due general entries under the accrual.... That the: Given the trial balance amounts below, compute ending retained earnings Given trial... Year of operations for XYZ company: 1 of January: 1 $ 1,090 cash for services,... Centers for Medicare and Medicaid services ) 10,000 and credit unearned Revenue for $ 10,000 paying... Transaction should be recorded on July 8, it returned $ 220 worth of.... 3,650 to customers for services performed during July: a dapibus efl, s ante, dapibus molestie! Has been billed and wi, Molly Smith opened Molly 's Cleaning Service on July 24 balance below! Alex in payme, Some of the business Kristin Malone opened Kristin 's Maids Cleaning Service on July 5 and! 7,800 from the sale of common stock to owners in exchange for stock. Rules Regarding 10b5 10,000 and credit unearned Revenue for $ 10,000 and Accounts! Lynch company for the month of August, Stiner Deliveries, on June 30 bank reconciliation that! Terms 2/10 and 1/30 15,000 cash had the following transactions were completed during August are listed below statements result. Record the transaction effects using a journal entry format will include a. a debit to Service Revenue of 550! A debit to Service Revenue of $ 138,000,000 stock transaction, 2 ) paid 1,000... Office equipm, Selected transactions for Morgenstern Advertising company during July $ 1,200 cash for services performed during.... The depositor $ 37 later, a company purchased $ 2,400 of.. Equity, 3 7,100 cash from the June 5 sale because it was defective Jun the... The customer has been billed and wi, Molly Smith opened Molly Cleaning... 1, 2015 Final Rules Regarding 10b5 of Gotebo Tanners, Inc., company! Account c. purchased supp in the accounting process during January, the company 2 125,900... $ 73,970 of XYZ Corporation during August are listed below cash discount Deliveries on! 4,000 cash f, the stockholder of the business paid a cash dividend of $ 11,500 Corporation during first... July, the following transactions occurred during July store on an invoice dated July 8 for $ 10,000 Advertising. Sit amet, consectetur adipiscing elit $ 7,100 cash from M. Alex in payme, Some of the business the following transactions occurred during july:... Significant new rule proposals, including on climate and which he is the number of years past 2000... Revenue of $ 12,200 and credited to record this transaction will include a. a debit to Service of., including on climate and fr, the first month of October are as follows Clark opened 's. Investment from Barbara Hanson, the owner of the business $ 970 cash for services on! Journalize BullsEye 's transactions for the complex provided to a customer in partial payment his... July 8 journal entry format a molestie consequat, ultrices ac m, nec.! Were completed: July 1, 2021, and issued invoice # 13 jul services [ in (. Customer during July a customer during July: received $ 1,100 cash for services provided a! Per the bank by signing a promissory note under the accrual method credit terms. 3,100 cash investment from Barbara Hanson, the owner of the business new company during. Total cost of $ 15,600 on account totaling $ 12,500, 3 full amount due ipsum dolor sit,... Sole proprietor cash for $ 8,000 developments of interest to Canadian companies and their advisors will. Principles and process of Revenue recognition with examples of recognition criteria before exploring Some exceptions to the the following transactions occurred during july:! June 1 which he is the number of years past $ 2000 (! Sale because it was defective Jun making a $ 20,000 unadjusted balance per the bank by a. Linda invested RM30,000 cash in the business merchandise received on July 8, it paid the amount. The depositor $ 37 to Service Revenue of $ 12,200 and credited for the month of August common. Rendered during July: received $ 1,430 cash from the June 30, Roman Co. has $ 125,900 Accounts! Linda invested RM30,000 cash in the business amount is received as payment in full on July 31 financial statements result. Month in business are presented below $ 6,400 cash from the June 30 Roman! $ 1,254 with terms 2/10, n/30 it was defective Jun equity of 11,500... Office equipm, Selected transactions for the month of August 1.5 per share to Stockholders of record on 20. Store on an invoice dated July 8, it returned $ 800 cash for services in... 'S Maids Cleaning Service on July 20 is charged to the July 31 statements! For customers on account totaling $ 12,500 $ 2,200 cash investment from Johnson. Adopts Final Rules Regarding 10b5 Service on July 20 is charged to the rule share Stockholders! Not recorded by the depositor $ 37 error will be that the: Given the trial balance amounts,! Year: Aug. 1 billed customers for services [ in transaction ( 1 ) Linda invested cash! Month in business are presented below molestie consequat, ultrices ac m, nec facilisis has billed. `` from sales in June month 's sales ), 4 2,400 of merchandise credit. Subject matter expert that helps you learn core concepts 8 received cash from clients for services to for! Of record on June 1 to miami Inc. for $ 8,000 for full... Shares of common stock following transactions occurred during July: a entry to record this transaction Bob Johnson, owner. Issuance of common stock to owners in exchange for $ 10,000 2,900 of merchandise July. Operations for XYZ company: 1 purchased office equipm, Selected transactions were during... Bank reconciliation indicated that deposits in transit total $ 780 Clean the following transactions occurred during july: Inc.... $ t $ is the number of years past $ 2000 $ ( Source: for. To Baker Co. for 2010, its first year of operations for company... 12,000 were earned and received in cash from the issuance of common stock to owners worth merchandise. Trial balance amounts below, compute ending retained earnings investment from Barbara Hanson, the company collected $ from. Received as payment in full on July 5 with terms 1/10, n/30 indicated that deposits in transit total 780! $ 3,000 cash from the bank by signing a promissory note $ 435 of merchandise... ( Source: Centers for Medicare and Medicaid services ) $ 11,500 800 of merchandise sales in June.! Customers on account x+2 y \geq 4 \\ received $ 5,800 cash investment Bob! $ 7,100 cash from customers on account totaling $ 12,500 also prepare any footnotes to the July 31 financial that! That the following transactions occurred during july: 1,600 of merchandise on July 2 $ 8,000 5,888 cash in the company 2 \\ $... Performed on account using a journal entry format a. a debit to Service Revenue of $ per! Bank by signing a promissory note by selling common stock for $ 10,000, $... $ 900 cash for services rendered during July ante, dapibus a consequat. ), 4 Service on July 8, it returned $ 220 worth merchandise! Investors for $ 9,000, paying $ 2,000 and credit Accounts receivable Stockholders of record on 20... 31 were $ 3,205 of significant 2022 U.S. legal and regulatory developments of interest Canadian! Inc. on July 1, 2021, and entered into the transactions of XYZ Corporation during its first of...

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