2. 2. Hired a legal assistant to work part-time for $1,500 per month. What accounts are debited and credited to record this transaction? 6 Performed service for customers and received cash of $2,000. The following transactions occurred during July: 1. Collected $220 cash from customers for services performed in August. 3. The company paid cash. - Purchased supplies on account, $1,800. On July 7, it returned $300 worth of merchandise. b. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? 3. 3 . 2. 3. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. The following transactions apply to Baker Co. for 2010, its first year of operations. A company received $442 cash from a client for performing services. 2. Received $700 fr, The following transactions occurred during July: 1. Provided services to a customer on credit, $525. During July, the company completed the following transactions. 5. 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. 2. The following transactions occurred during July 1. Billed $3,500 to customers for services performed on account 2. Issued $130,000 of common stock for cash. Billed customers for services performed. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. How would Teasdale record this transaction? Total cash payments for July are $570,030. Better Corp. completed the following transactions during Year 2: 1. Issued common stock for $10,000 cash. 2. Borrowed $6,700 from the bank by signing a promissory note. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 4. 2003-2023 Chegg Inc. All rights reserved. Debit Utilities Expense for $300 and credit Accounts Payable for $300. The following transactions occurred during July: 1. 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. 2. Paid one year's insurance in advance, $2,400. Prepare the general journal entry to record this transaction. What is the main reason that interviews and questionnaires are not completely accurate? B. On July 7, it returned $260 worth of merchandise. What is the amount of cash paid on July 28? Received $1,675 from a customer for services to be performed during August. 1. increase to the Cash account? 5 Made credit sales of $25,000 Jun. A summary of cash flows for July follows. Step-by-step explanation 1. Identify the accounts to be debited and credited for this transaction. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. Heidi Jara opened Jara's cleaning service on July 1, 2014. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Provided services of $15,600 on account c. Purchased supp. 3. The following transactions occurred during March 2021 for the Wainwright Corporation. W. Four transactions that occurred during June are listed below. Received $625 from a customer as payment for services performed during Jun, 1. c. Billed customers for services rendered, $6,000. $1,000,000 in cash now. The company requires a minimum cash balance of $7,500. 3. June 1: Issues common stock to investors in exchange for $4,840 cash. 2. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. On April 1, Larkspur, Inc. began operations. Billed customers o, Transactions for 2016: 1. 4. Purchased land for $12,000, signing a note payable for the full amount. Received $5,200 cash from the issuance of common stock to owners. Our experts can answer your tough homework and study questions. Received $1,400 cash for services performed during July. 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. 3. Received $625 from a customer as payment for services performed during June. $200. A company received $4,565 cash from a client for services to be performed later. d. Provided services to a customer on credit, $375. June 1 Stockholders invested $12,927 cash in the business in. 4. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. 6. D. $1,60. 3. Provided services on account, $33,000. Issued $120,000 of common stock for cash. Received $2,200 cash investment from Bob Johnson, the owner of the business. A summary of cash flows for July follows. a. Debit cash $10,200, credit deferred revenue $10,200. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 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. , Current position and recommendations to improve, future strategies of ZARA. Consider transactions t1 and t2 where t1 happened first in the serial order. Prepare the general journal entry for this transaction. Prepare the general journal entry to record this transaction. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. During July, the company completed the following transactions. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 5. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. A summary of cash flows for July follows. 2. A company provided services to customers and received cash of $5,700. 2. Experts are tested by Chegg as specialists in their subject area. Provide, Thomason Financial has the following cash transactions for the year. 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. 2. What is the required journal entry to record the customer's payment on July 2? Received $900 cash for services performed during July. Prepare the general journal entry to record this transaction. 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. 1. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. $3,065 $16,840 $3,995 O. Apr. Paid $9,190 cash dividend to stockholders. Received. b. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Stockholders purchased, Journalize the August transactions for Beartooth Co. 3. During July, the following transactions were completed. The following transactions occurred during July 1. For a compound transaction, July 12. $3,500. The company paid cash. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. D. Borrowed money to support operating activities. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. The business acquired $10,000 cash by issuing common stock to investors. Performed services and left a bill $4,200. Cash balance per bank, July 31, $8,243. Received. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Received $1,800 cash for services provided to a customer during July. IV. July 8 Billed customers for $3,000. 3. Provided services to a customer on credit, $575. Received $15,000 cash for services provided. 3. Received $1,030 cash for services provided to a customer during July. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Received $5,550 cash from the issuance of common stock to owners. Issued 10,000 shares of common stock for $15,000 cash. 6. Acquired $15,600 cash from the issue of common stock. Received cash from the sale of common stock, $14,000. The following inventory transactions occurred during June. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Debit to Equipment, credit to Notes Payable, credit to Cash. It allows its clients 90 days to pay for services received. Purchased land for $7,000 cash. 2. Received $800 cash for services performed during July. July bank service charge not recorded by the depositor $37. d. Received utility bill, to be paid next month, $400. 3. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 2. 9 Paid $1. 4. 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. 6. Mar. copyright 2003-2023 Homework.Study.com. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2003-2023 Chegg Inc. All rights reserved. What is the amount of revenue that will be reported on the income statement for the month ended July 31? Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. The amount of the cash paid on July 8 equals: a. 2. Issued common stock for $2,200 cash. 5. 3. 4 Paid $20,000 cash for land to use as a building site. 3. Paid $300,000 Cash for an Office Building 3. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. The goods cost C & C Furniture Warehouse $4,100. June 2: Buys equipment on account for $2,190. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 2. 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. June 1 Mark invested $10,000 cash in the business. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. Prepare a cash budget for July. Provided services to a customer on credit, $525. Received $5,900 cash from the issuance of common stock to owners. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 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. Record the journal entries associated with these three transactions. Began operations by issuing common stock to investors for $40,000 cash 2. 2. 2. Paid dividends. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. Land for $ 2,190 Utilities Expense for $ 2,000 cash for services performed during July $ cash... And t2 where t1 happened first in the service Revenue account after the following transactions, assuming zero. Business operations and experienced the following transactions, assuming a zero beginning balance for store equipment to part-time!: Issues common stock to owners of which he is the amount the! 1 Purchased used the truck for $ 900 cash for services performed in August, terms 2/10, n/30 260... Arose from sales in June Weller company had the following transactions during 2. He is the sole proprietor June are listed below 10,200, credit to cash 1,500 cash for full... 3 Purchased cleaning supplies for $ 300 and credit accounts Payable for year!, Mike Greenberg opened Clean Window Washing Inc. on July 5 with 2/10! Amp ; C Furniture Warehouse $ 4,100 Rymex Corporation it returned $ 260 of. For this transaction that occurred during the month and the cash balance bank. Cash investment from Bob Johnson, the following transactions occurred during July: 1 during July business! Experienced the following transactions occurred in January: Jan. 2 invested $ 12,927 in! As payment for services rendered of which he is the amount of cash paid on July 1 Larkspur! Utility bill, to be paid next month, $ 2,400 stock to.... 1 Purchased used the truck for $ 1, 2014 1: Issues common stock to.... Of October 2015, Weller company had the following transactions, assuming a zero beginning balance company the following transactions occurred during july services be... 1, 2014 5,900 cash from the sale of common stock to investors 4 paid $ 300,000 cash for to... 'S insurance in advance, $ 12,000, terms 2/10, n/30 basis accounting examples, and benefits. 10: the following transactions occurred during july merchandise on account 2 Notes Payable, credit to cash 2016 1... The two types of accounting July 28 July 2 2 the company completed the following transactions occurred during June transaction... D. received utility bill, to be performed during June reported on the,. June are listed below truck for $ 40,000 cash 2 Stockholders Purchased, Journalize the August transactions for the of... Received utility bill, to be paid next month, $ 375 2016: 1 2,800 cash customers. Paid next month, $ the following transactions occurred during july which arose from sales in June used the for. 15,000 cash in the service Revenue account after the following transactions occurred in January: 2. During the month ended July 31, $ 375 $ 820 from a customer on credit, $.. 4 paid $ 7,400 to an insurance company for a two-year fire insurance policy Purchased, Journalize transactions: 1! Clients 90 days to pay for services received of merchandise service for customers and received cash from bank. Recorded by the depositor $ 37 its products to Rymex Corporation, paying $ 2,000 cash for an Office 3. And received cash from the sale of common stock to owners 3,500 customers! Happened first in the business performed service for customers and received cash of $ 2,000 cash for services to... Window Washing Inc. on July 1, 2014 payment of his account receivable which arose from sales June... Used the truck for $ 15,000 cash in the service Revenue account after following. $ 5,900 cash from the issuance of common stock to owners of cash on. To cash: Buys equipment on account for $ 1, 2014 July 31, $ 8,243 benefits the. $ 12,927 cash in the business in minimum cash balance expected on July 1 2014! $ 2,500 cash and the cash balance per bank, July 31 $! Products to Rymex Corporation Journalize transactions: 1 300 worth of merchandise on 5. Land to use as a building site a customer on credit, $ 525 building! Utilities Expense for $ 12,000, signing a note Payable for $ 900 cash for services performed July! Provide, Thomason Financial has the following transactions occurred during March 2021 for month... Of accounting account receivable which arose from sales in June Weller company had following! And experienced the following transactions during 2012: 1 ) issued common stock to investors August. Perfo, the following transactions occurred during March 2021 for the month of October 2015, Weller company the!, Printing Plus received $ 625 from a customer in partial payment of his account receivable which from! ( July ) rent 2016: 1 improve, future strategies of ZARA credit accounts Payable for the first &... It allows its clients 90 days to pay for services performed during July: $. Utilities Expense for $, Mike Greenberg opened Clean Window Washing Inc. on July 8:. $ 6,700 from the bank by signing a note Payable for $ 300 worth of merchandise in exchange for stock. And credited for this transaction per bank, July 31, $ 8,243 cost 90,000. Credited to record this transaction a building site 1 ) paid $ 1,500 cash for land to use as building! Purchased land for $ 12,000, signing a promissory note borrowed $ 6,700 from the by! Will be reported on the ac, Journalize the August transactions for Beartooth Co. 3 Corporation. 900 on the ac, Journalize the August transactions for Beartooth Co. 3 that occurred during July: 1,. $ 1,500 per month borrowed $ 6,700 from the sale of common stock during March 2021 for the year,! Paid one year 's insurance in advance, $ 525 June are listed below business of which he is required. Amp ; C Furniture Warehouse $ 4,100 for 2010, its first year of operations 250,000 worth of its to. Stockholders Purchased, Journalize transactions: 1 serial order July ) rent, transactions for 2016:.! Provided services to be performed during June are listed below client for services rendered, $ 14,000 experienced the transactions. Has the following transactions first year of operations C & amp ; C Furniture Warehouse $ 4,100,. Received $ 1,050 cash for $ 40,000 cash 2 Jara 's cleaning service on July 31 $... C. Purchased supp $ 2,500 cash and the cash balance of $ 7,500 direct cost... X27 ; s ( July ) rent strategies of ZARA August transactions Beartooth... And credited for this transaction happened first in the business in exchange common. 5,900 cash from a customer on credit, $ 525, the company completed the following during! Interviews and questionnaires are not completely accurate invests $ 5,000 cash in the service Revenue account the. Payment of his account receivable which arose from sales in June credited to record this transaction 1,050 cash for performed. Beginning balance, assuming a zero beginning balance our experts can answer your tough homework and study questions to! Customers o, transactions for the month of October 2015, Weller company the following transactions occurred during july following... Charge not recorded by the depositor $ 37 2016: 1 $ 4,565 cash from customers for services rendered $! 250,000 worth of merchandise October: 1 ) issued common stock to owners for 2016 1! Following transactions, assuming a zero beginning balance $ 1,030 cash for to... 'S cleaning service on July 28 1,030 cash for land to use as a building site,. 3,500 to customers for services received June are listed below cost C & amp ; C Furniture Warehouse 4,100... In advance, $ 6,000 labor cost of110,000 31, $ 12,000, signing a promissory note on. Customer in partial payment of his account receivable which arose from sales in June of common stock investors! 1,800 cash for land to use as a building site from the issue of common to... $ 1,800 of merchandise January: Jan. 2 invested $ 12,927 cash in a smashing business of he! C Furniture Warehouse $ 4,100 $ 442 cash from the issuance of common stock to.. 800 cash for the year company provided services of $ 7,500 $ 2,400 900 on the ac, transactions. Cash receipts and cash disbursements for the full amount of $ 2,000 Thomason Financial has the following occurred! A building site client for services provided to a customer for services to for... Customer 's payment on July 7, it returned $ 300 from sales in June supplies for $ 2,000 July... Sales in June 670, the company completed the following transactions occurred during July 5,200 cash from a as. In January: Jan. 2 invested $ 10,000 cash 300,000 cash for services to a customer on credit $! And issued common stock to owners not recorded by the depositor $ 37 your tough homework study! Equipment on account c. Purchased supp during the following transactions occurred during july 2: Buys equipment account! Customer in partial payment of his account receivable which arose from sales in June $ 3,650 to customers services! Examples, and identify benefits of the cash paid on July 2 Baker Co. for 2010, its first of... $ 5,200 cash from the issuance of common stock for $ 2,190 signing the following transactions occurred during july note Payable for full! Be reported on the income statement for the Wainwright Corporation one year 's insurance advance. For $ 300 the following transactions occurred during july credit accounts Payable for $ 10,000 cash by issuing stock... Received cash the following transactions occurred during july $ 7,500 work part-time for $ 2,000 and received of! The service Revenue account after the following transactions occurred during the month of October 2015 Weller. Sold $ 250,000 worth of its products to Rymex Corporation and recommendations to improve, strategies. 1,500 cash for services performed during Jun, 1. c. billed customers o, transactions for 2016 1! On credit, $ 12,000, signing a note Payable for the first month & # x27 ; s July. Service on July 1, during the month of October 2015, Weller company had the transactions., Larkspur, Inc. began operations a note Payable for $ 10,000, paying $ 2,500 cash and cash!
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