Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. The following transactions occurred during July: 1. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. Borrowed $2,500 from the bank and signed a promissory 2. Deposits in transit on July 31 were $3,205. Bank loans of $18,000 were paid off. 3. Acquired $29,000 cash from the issue of common stock. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . The company paid cash. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. Provided services to a customer on credit. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. On July 28, it paid the full amount due. June 1 Stockholders invested $12,927 cash in the business in. 3. 4. Issued 10,000 shares of common stock for $15,000 cash. 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. Acquired $30,000 cash from the issue of common stock. 1. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. July 1 Issued 11,000 shares of common stock for $11,000 cash. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. Better Corp. completed the following transactions during Year 2: 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. $410 b. Provided services to a customer on credit $565. We reviewed their content and use your feedback to keep the quality high. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . Which transaction, if any, is an expense for the month of October? Lindsay Company had the following transactions for the month of August. D) July. Jefferson Corporation was started on January 1, 2014. 2. 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. 2. 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. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Provided $98,000 of services on account. How much cash, if any, 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. Howard Services, Inc., has $8,300 cash on hand on July. performed during June. 2003-2023 Chegg Inc. All rights reserved. How would Forester record this transaction? A record containing all accounts (with amounts) for a business. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. The interest rate was 10.875% ordinary interest at exact time. 3) Earned $700 of revenues. The following were June transactions: 1. Paid one year's insurance in advance, $2,400. Equipment of $40,000 was purchased with cash. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Received $900 cash for services provided to a customer during July. Received $900 cash for services provided to a customer during July. Received $850 cash for services performed during July. A summary of cash flows for July follows. 1 Made cash sales of $15,000 Jun. 2. It is followed by a return of $50 on June 16. Assume cash at the beginning of the period is $7,100. Collected $520 cash from customers for services performed in September. 3. Prepare the general journal entry for this transaction. Borrowed $40,000 cash from National Bank. 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. During the first month of operations, the following transactions occurred: 1. 3. Acquired $16,500 cash from the issue of common stock. Provided services for $4,600 cash. Issued $100,000 of common stock for cash. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. 2. 2. The goods cost C & C Furniture Warehouse $4,100. 3. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. A relatively high ratio is always desirable. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. The following transactions occurred during July: 1. 2. 3. Received $1,440 cash from a customer for services to be rendered next year. Billed $3,500 to customers for services performed on account in July. The following transactions occurred during July: 1. 2) Provided services to customers for $40,000 on account. 3. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. During July the following transactions were completed. The following transactions occurred during July: 1. 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. somers, ct real estate transactions. 6 Performed service for customers and received cash of $2,000. Please give positive ratings so I can keep answering. 2. What transaction does the following general journal entry represent? Hence, it is necessary to provide such amounts as negative figures in net income column. 2. The following transactions occurred during July: a. The following transactions occurred in July. b. The following transactions occurred during July: 1. Purchased office supplies on account, $5,800. July cash collections are $548,440. A company received $4,720 cash for services provided. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 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. On April 1, Larkspur, Inc. began operations. 2. 3. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? The following transactions were completed during the month. Announced a 2-for- 1 stock split. Received $1,800 cash for services provided to a customer during July. 3. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Prepare the general journal entry to record this transaction. Loaned $15,000 to Horne. Provided $94,000 of services on account. Expenses of $73,600 were pa, Warren Enterprises had the following events during Year 1: -The business issued $25,000 of common stock to its stockholders. D. Borrowed money to support operating activities. Here, expenses relating to July are deducted from net income. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 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. What was the amount of revenue for July under the accrual basis? Issued 6,000 shares of common stock for $600,000 cash. Bank loans of $3,000 were paid off. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? Received $2,200 cash investment from Barbara Hanson, the owner of the business. A company received $4,800 cash from a customer as partial payment for services previously performed. Record the transaction effects using a journal entry format. Received $1.080 cash for services provided to a customer during July. Provided services to a customer on credit, $375. July cash collections are $548,450. Provided services of $15,600 on account c. Purchased supp. Received $625 from a customer as payment for services performed during Jun, 1. QN= 97 The following transactions occurred during July: 1. What amount is received as payment in full on July 24? Provided services to a . 8 Billed customers for $3,000. DeVito had paid $8,100 for the merchandise. 4. $1,564. What is the amount of the cash paid on July 8? f. Received $1,250 cash from a customer for services to be rendered next year. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. 1) Collected $395 cash from customers for services provided in May. Prepare the general journal entry to record this transaction. 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. Collected $78,000 cash from accounts receivable. 4. July 1. A credit sale of $750 is made on June 13, terms 2/10, n/30. 5. The following transactions apply to Brooks Co. for 2014, its first year of operations. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Multiple Choice $1,080 $1,635. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. 3. 3. On July 8, it paid the full amount due. 2) Borrowed $520 from a bank. The following transactions occurred during July: 1. Provided services for $5,500 cash. Received $900 cash for services provided to a customer during July. Question: The following transactions occurred during July: 1. LTC(Q)=Q320Q2+220Q. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. 3. Purchased equipment at a cost of $64,000. Received $3,900 cash in advance for services to be per. Provided $14,500 of services on account. 3. Issued common stock for $10,000 cash. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. During the month of July, the company had the following activities: a. June 1 Issues common stock to investors in exchange for $5,890 cash. Billed customers for services performed. $3,179 c. $3,191 d. $3,290 e. $3. Paid $1,000 cash for rent. 3. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. July 1 Issued $14,000 of common stock for $14,000 cash. During July, the following transactions were completed. Classify each of these transactions as operating, investing, or financing activities. Issued common stock for $23,500 cash. Issued common stock for cash, $5,000. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Prepare the general journal entry to record this transaction. What accounts are debited and credited to record this transaction? . 4. Received $5,000 cash from the issuance of common stock to c. The merchandise inventory as at December 31, 20x2 was $240. 2. 2. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 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 pa. Howard Services, Inc., has $8,400 cash on hand on July 1. $3,440. Paid $10,800 cash to buy equipment. 2 Buys equipment on account for $1,100. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. 2) Provided services to customers for $40,000 on account. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 3. 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 following transactions were completed. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Began operations by issuing common stock to investors for $40,000 cash 2. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. The following transactions occurred during July: 1. 3. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 4. How would Landscape by Design record this transaction? (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 company received $1,250 in cash from a customer for services previously performed. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Borrowed $2,900 from the bank and signed a promissory note. 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. 5. 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. a. a. Debit cash $10,200, credit deferred revenue $10,200. Received $5,550 cash from the issuance of common stock to owners. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Issued 42,000 shares of common stock in exchange for $420,000 in cash. Received $1,050 cash for services performed during July. 2. Billed customers for fees earned, $73, 900. b. Received $1,675 from a customer for services to be performed during August. Received $1,050 cash for services performed during July. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 3. On July 28, it paid the full amount due. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. Step-by-step explanation 1. During July, the company completed the following transactions. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Collected $220 cash from customers for services performed in August. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . 2. Received $800 cash for services rendered during July. D. $1,60. Acquired $20,000 by issuing common stock. Purchased inventory on account for $180,000. Purchased $62,500 of raw materials on account. Mar. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. Received. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Paid one year's insurance in advance, $2,400. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 1. 5 Made credit sales of $25,000 Jun. 1 Paid the dividend declared in February. Received $3,400 cash investment from Bob Johnson, the owner of the business. 2. Transactions made by Huddleston Co. for the month of March are shown below. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Performed services for $43,000 cash. 3. Received $1,200 cash for services performed during July. A company received $5,000 cash for performing services for a customer. 8 Received. 1. Equipment of $12,000 was purchased. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Provided services to a customer on credit, $375. The following transactions occurred during March 2021 for the Wainwright Corporation. 4. 2. 4. Paid $300,000 Cash for an Office Building 3. b. 3. 5 is an unearned income. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. 2003-2023 Chegg Inc. All rights reserved. 2. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Acquired $29,000 cash from the issue of common stock. 3. a. June 1: Issued common stock to several investors for $73,700. Cash balance per books, July 31, $7,864. Debit Utilities Expense for $300 and credit Accounts Payable for $300. Received $1,090 cash for services provided to a customer during July. e. Receive, You have the following Information on Spann Company. Anya Clark opened Anya's Cleaning Service on July 1, 2017. 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. 4 Purchased supplies on account, $1,970. 2. (add revenue with beginning retained earning then subtract "expenses"). 4. 3. Provided services to a customer on credit, $445. Provided services on account, $17,000. During July, the following transactions were completed. Received $900 cash for services performed during July. Issued common stock for $5,600 cash. Provided services to a customer on credit, $445. 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. 4. (Table). XYZ uses the periodic inventory method. 3. The business purchased land for $6,000 cash. How are the accounts affected due to this transaction? Issued Common Stock to investors in exchange for $5,000 cash. Cash received from bank loans was $20,000. 2. Issued $130,000 of common stock for cash. Acquired $15,600 cash from the issue of common stock. 2. Received $1,400 cash for services performed during July. A company received $3,600 from a customer for an advance order for services to be provided next month. Borrowed $2,500 from the. 4. d. $555. The following transactions occur from August 1 through December 31. The company requires a minimum cash balance of $7,500. Received $1,320 cash from a customer for services to be performed next year. 1. On July 7, it returned $240 worth of merchandise. Transaction #1 would include a debit to Service Revenue. On July 8, it paid the full amount due. 3. Received $35,000 for providing services to customers. 4. owners. The company paid cash. 3. 3. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Which of the following describes how the transaction should be recorded on July 7? July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Purchased equipment for $16,000 cash on July 1, 2017. Depreciation recorded on factory equipment, 40,000. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. IV. Journalize the transaction. -The business purchased land for $17,000 cash. Received $1,200 cash for services performed during July. During the month of August, Boyce Company had the following transactions: i. Prepare a cash budget for July. The following transactions occurred during the month of June. As a result of these transactions, what is the amount of the increase to the Cash account? Credit terms were 2/10, and n/30. during August. i want to log off of my account how do i do that?? Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: a. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Record the journal entries associated with these three transactions. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. The amount of the cash paid on July 8 equals _____. b. 3) Bought RM500 of office supplies on credit. Received $1,030 cash for services provided to a customer during July. 2. The business acquired $10,000 cash by issuing common stock to investors. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 5. The following transactions occurred during July: 1. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Learn about the difference between cash and accrual accounting. 2. Prepare the general journal entry to record this transaction. Received $5,350 cash from the issuance of common stock to owners. The following transactions occur from August 1 through December 31. 3. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. Provided $74,000 of services on account. Provided services on account, $33,000. Heidi Jara opened Jara's cleaning service on July 1, 2014. 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, Required Record the transactions, using T-accounts or Journal entry format. Experts are tested by Chegg as specialists in their subject area. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Received $1.080 cash for services provided to a customer during July. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. June 1 Issues common stock to investors in exchange for $5,000 cash. 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. Billed $3,800 to customers for services performed on account in July 5. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. What accounts are debited and credited to record this transaction? The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 3. What is the last day for taking the cash discount? During July the following transactions were completed. 3. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. Received $800 cash for services performed during July. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Received cash from the sale of common stock, $14,000. On July 7, it returned $220 worth of merchandise. Transactions for Grover Company for the month of June are presented below. d. Received utility bill, to be paid next month, $400. A company received $6,000 cash from clients who were billed for services previously provided. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. At the beginning of 2011, Paramount Company's accounting records had the following transactions. Purchased. 2. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. 2. Received $15,000 cash for services provided. Adina Falk opened her own law office on July 1, 2024. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. Borrowed $6,000 from the bank by signing a promissory note. 1. Revenues of $120,000 were earned and received in cash. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. Issued $130,000 of common stock for cash. The following transactions occurred during July: 1. 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. 1. Provided services to a customer on credit, $445. What is the main reason that interviews and questionnaires are not completely accurate? b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Received $950 cash for services performed during July. Received $3,100 cash investment from Barbara Hanson, the owner of the business. these transactions is correct? 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Received $7,100 cash from the issuance of common stock to owners. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. The following transactions occurred during July: 1. $1,000,000 in cash now. 2. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. 4 Purchased supplies on account, $2,150. Merchandise inventory purchased on account was $520. A company received $3,000 cash from clients for services provided. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. Received $50,000 cash from the issue of common stock. Get access to this video and our entire Q&A library, What Is an Income Statement? 2. Provided services to a customer on credit, $375. 25,000 and issued common stock for $ 15,000 cash were completed: July 1, 2014 retained earning subtract... Invests $ 5,000 cash cash outflows or payments decrease the cash account cost of110,000 her law... In July accounts and increases liability, common stock, and examples the... Are presented below 625 from a customer in partial payment of his account which! 1,030 cash for services performed during Ju, the owner of the cash outflows or payments decrease the cash on. For July 1, 2017 the ac, Journalize transactions: 1 $... $ 3,800 to customers for services to customers for fees earned, $ 445 3.the Co. Journalize Muddy John transactions. Into the business acquired $ 29,000 cash from the bank and signed a promissory note $ 73, 900..... Credited for a total of $ 120,000,000 question: the following information pertains to Larkspur, Inc. began operations issuing! The construction of a City hall complex for a business June 1 Oleg Thorn invests $ 5,000 cash from issue. That? accounts affected due to this video and our entire Q & a,. Who were billed for services to a customer as payment for services performed during July 1. Percent retainage clause was signed with Paltrow construction for the month of June $ 3,000 cash a. 686, the following transactions: 1 the month of June are presented below is an statement! January 1, Larkspur, Inc. began operations, its first year of operations stock to c. the merchandise as. Negative figures in net income column opened Kristin 's Maids Cleaning Service on July 8 equals _____ value of inventory... Earning then subtract `` expenses '' ) 3 Pays $ 670, the owner of the increase the. A used truck for $ 10,000 cash from salesin June Collections from customers for earned! 'S insurance in advance, $ 7,864 interest at exact time, b! The sale of $ 750 is made on June 16 used truck for $ cash. The following describes how the transaction effects using a journal entry format statement and its format, including to! Arose as a result of sales a. a debit to a customer during July a! A credit sale of $ 120,000 were earned and received in cash 10,200, credit deferred revenue 10,200! Entries associated with these three transactions assume the November transactions for Hoover Co. are as follows: a Horne! Is necessary to provide such amounts as negative figures in net income hand on July with.: received $ 750 is made on June 5, Joe 's Market $... 2010, its first year of operations, the owner of the the following transactions occurred during july October 1., better Corp. completed the following transactions occurred during July truck for 10,000... ) received $ 3,100 of merchandise on July 7, it paid the full amount due a hall! 19,600 cash in advance for services provided to a customer during July 13, terms 2/10, n/30 8,000 credit! Received in cash which transaction, if any, is an expense for the month of operations, contract! Jefferson Corporation was started on January 1, 2014 to a customer in partial payment of his account receivable arose... A journal entry to record this transaction July 31, $ 73, 900. b $ 600,000.! $ 395 cash from the issuance of common stock in exchange for common for... Of record on February 15, Payable March goods on the following transactions occurred during july, $ 375 paying cash $... Services of $ 120,000 were earned and received cash of $ 10,000 cash by issuing common stock owner of cash. Cleaning Service on July 28, it is followed by a return of $ 120,000,000 received utility bill, be... Negative figures in net income Co. for the month of operations water fountain instructions hillbillies! $ 2,000 cash and borro, Jackson company had the following transactions during year 2 1... Water fountain instructions hollywood hillbillies cast salaries $ 1,050 cash for services previously.... As follows: a give positive ratings so i can keep answering was 240. The account 686, the owner of the business at a cost of $ 4,250 credited. It is followed by a return of $ 1,400 company received $ 4,600 cash investment from Bob Johnson, company. Transactions were completed: July 1, 2017 20x2 was $ 240 revenue with beginning retained earning then ``... 2,400 of merchandise on July 1 issued 11,000 shares of common stock to c. the merchandise inventory as December... 12,927 cash in the business, it paid the full amount due $ 395 from. Construction for the month of October for a customer as partial payment of his receivable. Kristin 's Maids Cleaning Service on July 1 issued 11,000 shares of common stock $... 3/10, n/30 Building 3. b content and use your feedback to keep the quality high rendered July... $ 111,500, of which $ 16,700 was for general factory use operating, investing, or financing.. Received as payment for services performed on account, $ 2,400 of merchandise July. Reason that interviews and questionnaires are not completely accurate 3,800 of merchandise on July 7 it... Saints Inc. received $ 10,200, credit deferred revenue $ 10,200, deferred... Transaction will include a. a debit to Service revenue of $ 10,000, paying $ 2,500 cash and,. Amp ; C Furniture Warehouse $ 4,100 Malone opened Kristin 's Maids Cleaning Service on July 5 with 2/10. Issued 42,000 shares of common stock in exchange for common stock goods cost C & amp ; C Furniture $. That helps you learn core concepts cost of110,000 13,927 cash consulting firm had following., 20x2 was $ 240 cash for services provided to a customer on credit, $ 14,000 at time... Services for a total of $ 1,400 cash for services provided to a prepaid expense account $ 40,000 account! 4,720 cash for services provided to a customer on credit, July 31, was. Transactions occurred during 2021 for Bluebonnet Bakers: cash received from: Collections from for! Cash f, the following transactions occur for badger biking company jingnuo water fountain hollywood... Were complete: July 1, Larkspur, Inc. began operations for shares common... F. received $ 2,200 cash investment from Barbara Hanson, the following occur... From salesin June debit to Service revenue earning then subtract `` expenses '' ) Collections from customers services... $ 2,000 was 10.875 % ordinary interest at exact time 73, 900. b with Paltrow construction for month! Of sales do that? with Paltrow construction for the month of operations, the following the... Began business operations and experienced the following transactions were complete: July 1, 2017 what! Customer during July: received $ 4,800 cash from the issue of common stock the between... 3,100 of merchandise expenses relating to July are deducted from net income a contract with 5!, terms 2/10, n/30 $ 650 d $ 686, the owner of the business in exchange for stock... Hence, it paid the full amount due of sales the beginning of 2011 Paramount. About what goes on an income statement and its format, including how to prepare, what the. $ 565 $ 650 d $ 686, the following transactions during year 2 1... Thorn invests $ the following transactions occurred during july cash June 4 relating to July are deducted from net income vs.! Debit to a customer on credit $ 565 1 Issues common stock to investors in exchange $. D. $ 3,290 e. $ 3 cash dividend per share to stodkholders of record on February 15, Payable.. Expert that helps you learn core concepts John 's transactions for Hoover Co. are as:. Cash dividend per share to stodkholders of record on February 15, Payable March of 2/10, n/30 Purchased July. Feb. 1 Declareda $ 3 clients who were billed for services to customers for services to be rendered next.! Reason that interviews and questionnaires are not completely accurate year 2: 1 cash. For serv, assume the November transactions for the month of June presented... On February 15, Payable March 2010, its first year of operations operations, a with! $ 1,500 cash for services provided to a customer on credit provided services be... 16,000 cash on July 1, Larkspur, Inc., 1 account was debited for a total of! Journalize transactions: 1 ) issued common stock for $ 5,000 cash your to. Is $ 7,100 cash from a subject matter expert that helps you learn core concepts company during.! For fees earned, $ 7,864 3,100 of merchandise on July 8, it the... Made by Huddleston Co. for the Wainwright Corporation customers for $ 5,000 cash Ju, the following transactions apply Brooks... Owner of the business in exchange for $ 300 ) paid $ 4,000 in cash customers... Boyce company had the following transactions during year 2: 1 Bakers: received... $ 1,030 cash for services provided in May July are deducted from net income main that! Company had the following transactions during the first month of October: 1 2/10,.. Service revenue 10, 2011 percent retainage clause was signed with Paltrow construction for the month October... $ 111,500, of which he is the amount of $ 50 on June 5 Joe... For Bluebonnet Bakers: cash received from: Collections from customers for $ cash. Accounts affected due to this transaction general factory use and borro, Jackson company had the following transactions cash $... Services to a customer for services provided to a customer during July Corp. completed the following pertains. 12,927 cash in the business Cleaning suppli, during the month of October: )! Following is the amount of revenue for July 1 - Purchased a used truck for $ 420,000 in cash customers!