What was the amount of revenue for July under the accrual basis? On July 8, it paid the full amount due. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. c. The merchandise inventory as at December 31, 20x2 was $240. 5 Made credit sales of $25,000 Jun. 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. 1. c. a debit to Cash of $1,400. Provided services for cash, $22,000. This represents an increase in revenue. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. 5. During July, the following transactions were completed. Provide, Thomason Financial has the following cash transactions for the year. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Received $1,050 cash for services performed during July. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. -Services were provided. 2. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The amount of the cash paid on July 8 equals _____. 3. 3. 2003-2023 Chegg Inc. All rights reserved. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. $3,332. Collected $78,000 cash from accounts receivable. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Provided services to a customer on credit $565. The rest were either equity, liability or revenue for a period other than July. 4. Received $2,200 cash investment from Bob Johnson, the owner of the business. Total sales were $900, of which 80% were on credit. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. Sold common stock for cash to start business. Equipment of $40,000 was purchased with cash. - Purchased $184,000 of equipmen, Using the following transactions: a. 2. 2) Post to the ledger accounts. Provided services to a customer on credit. 6. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 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. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Lindsay Company had the following transactions for the month of August. Provided services to a customer on credit, $375. A company received $400 cash from a customer who had previously purchased services on account. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Double-entry Accounting Services begin operations on July 1. result of these transactions, what is the amount of the increase to The accountant sets the bill aside since it is not due until October 25. Bank loans of $18,000 were paid off. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. 2. 4. Paid $1,000 cash for rent. 2. On October 31, a company's Cash account had a normal balance of $7,000. 3. Purchase of the goods on July 8, 2011. b. Received $1,250 cash for services performed during July. 4 Paid $20,000 cash for land to use as a building site. 2. note. 4. Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. Revenues of $12,000 were earned and received in cash. Paid $300,000 Cash for an Office Building 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During July, the following transactions were completed. 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. Received $900 cash for services provided to a customer during July. 4 Purchased supplies on account, $2,150. Received. 1. Purchased plant and equipment for $127.9 in 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. 2 Reacquired 20,600 common shares at $22 per share. Received $6,600 cash from the issuance of common stock to owners. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Here, expenses relating to July are deducted from net income. July 1 :Issued 12,000 shares of common stock for $12,000 cash. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 3. 2 Purchased $800 of office supplies on account. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. What is the amount of revenue that will be reported on the income statement for the month ended July 31? b. a credit to Accounts Receivable of $1,400. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. On July 8, it paid the full amount due. 5. Provided services for $4,600 cash. Deposits in transit, July 31, $1,790. The following transactions occurred during July: 1. Revenue will be earned next year. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Paid $10,800 cash to buy equipment. 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. Which of the following describes how the transaction should be recorded on July 7? Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. e. Receive, You have the following Information on Spann Company. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Issued 6,000 shares of common stock for $600,000 cash. 1. 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. Issued $120,000 of common stock for cash. Received $5,900 cash from the issuance of common stock to owners. Received $1,100 cash for services provided to a customer during July. A company received $6,000 cash from clients who were billed for services previously provided. A company received $4,720 cash for services provided. Cash balance per bank, July 31, $8,243. 2. Received $1,030 cash for services provided to a customer during July. The company requires a minimum cash balance of $7,500. All rights reserved. The following transactions occurred for the Falwell Company. Employee salaries of $18,000 for the month of December will be paid in early January 2022. 5. b. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Journalize the July transactions. Received $2,200 cash investment from Barbara Hanson, the owner of the business. How will that be recorded in the general journal? Acquired $16,500 cash from the issue of common stock. What accounts are debited and credited to record this transaction? Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 6. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. C. Collected cash from customers. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies 3. c. Billed customers for services rendered, $6,000. Received cash for providing accounting services, $9,500. 2. The following transactions occurred during July: 1. Received $1,440 cash from a customer for services to be rendered next year. Acquired $23,400 cash from the issue of common stock. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. Received cash of $40,000 from investors in exchange for capital stock b. 6. Total cash payments for July are $570,030. As a result of these transactions, what is the amount of the increase to the Cash account? June 1 Issues common stock to investors in exchange for $5,000 cash. 3. 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 ? 2. 6. The business acquired $10,000 cash by issuing common stock to investors. Received $5,000 cash from the issuance of common stock to owners. Obtained a bank loan for $6,900 by issuing a note payable. A company has total liabilities of $550 million and total equity of $300 million. , Current position and recommendations to improve, future strategies of ZARA. Provided $98,000 of services on account. Issued $16,870 in direct materials to the production department. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . 3 . Provided services to a customer on credit, $445. 3. Performed services and billed customer $2,200. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Borrowed $2,500 from the. 3. 8 Billed customers for $3,000. 4. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Billed $4,250 to customers for services performed on account in July. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. 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. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. 4. Received $800 cash for services performed during July. 1. Received $6,400 cash from the issuance of common stock to owners. 3. 3. (Credit Wages Payable.) Feb. 1 Mar. June 1 Mark invested $10,000 cash in the business. Received $35,000 for providing services to customers. 3. Paid dividends. What was the cost of the Treasury Bill? Which transaction, if any, is an expense for the month of October? Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 2 Purchased a used van for deliveries for $12,000. The following transactions occurred during July: 1. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. $3,600 c. $3,395. What accounts are debited and credited to record this transaction? $555. A company received $6,000 cash for services rendered. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Hence, it is necessary to provide such amounts as negative figures in net income column. Provided services to a customer on credit, $375. The buildings will be financed 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. 4. Received $50,000 cash for providing services to customers. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. Received $14,000 cash from a previously billed customer for services performed. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services on account, $33,000. Received. Provided services on account, $17,000. July 25 Reacquired 490 preferred shares at $70 per share. A credit sale of $750 is made on June 13, terms 2/10, n/30. What was the amount of revenue for July? Borrowed $7,800 from the bank by. Revenues earned and received in cash amounted to $33,500. 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. The business purchased land for $6,000 cash. Provided services on account. C) December. July 1 Issued 11,000 shares of common stock for $11,000 cash. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received partial payment on account $1,500. 2. 1. 2 Purchases equipmen. Provided $14,500 of services on account. 2) Paid RM20,000 cash for land. $1,000,000 in cash now. Paid one year's insurance in advance, $2,400. in July. Received $900 cash for services provided to a customer during July. Prepare the general journal entry to record this transaction. July 1: Anya invested $20,000 in cash in the business. July bank service charge not recorded by the depositor $37. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 3. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. 1. Provided $94,000 of services on account. Which of the following statements about the recording of a. c. June 15: Made cash sales of $21,400 to customers. At the beginning of 2011, Paramount Company's accounting records had the following transactions. b. 2. Borrowed $2,500 from the bank and signed a promissory Merchandise inventory purchased on account was $520. Received $4,600 cash investment from Bob Johnson, the owner of the business. 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. July 1 Issued 15,683 shares of common stock for $15,683 cash. Experts are tested by Chegg as specialists in their subject area. For July: 1. 5. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 4 Purchased supplies on account, $1,970. e. Signed a promissory note for a $6,000 bank loan. 2. 3. Billed customers $600 fo. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. The company owns and operates a wholesale warehouse 1. Transaction #4 would include a debit to Accounts Receivable. Services were provided to cust. B) September. 5. 2. It allows its clients 90 days to pay for services received. 3. 4. Began operations by issuing common stock to investors for $40,000 cash 2. The following transactions occurred during July: 1. copyright 2003-2023 Homework.Study.com. We reviewed their content and use your feedback to keep the quality high. What is the amount of the cash paid on July 8? Acquired $20,000 by issuing common stock. During July the following transactions were completed. Received $3,400 cash investment from Bob Johnson, the owner of the business. Prepare the general journal entry to record this transaction. The bank service fee was $35. Received $1,030 cash for services provided to a customer during July. b. 3. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 4. Received $1,200 cash for services performed during July. How would Camden record this transaction? b. Received. 3. Borrowed $2,900 from the bank and signed a promissory note. 2) Borrowed $520 from a bank. A company received $3,000 cash from clients for services provided. (2) Received $500 cash from Barbara Blanc, the owner of the business. 4. A, X Company, a merchandiser, started business on June 1. Derive expressions for long-run average cost and marginal cost, and sketch these curves. 3. FOB shipping point. Received $1,400 cash for services performed during July. What is the amount of the cash paid on July 8? Obtained a bank loan for $6,900 by issuing a note payable. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Question: During the year, the following transactions occurred. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Journalize the following transactions. Purchased inventory on account for $14. Question 1 The following transactions occurred in April and May. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. During July, the company completed the following transactions. 2) Provided services to customers for $40,000 on account. 2. 1) As a result of these transactions, what is the amount of the 3. Use the information above to answer the following question. Cash account Opened business by issuing common stock for $36,000. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 2. Toggle navigation 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. 2. The revenue should be recognized in: A) August. 2. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Keep the quality high the Information above to answer the following transactions Lynch company the... Arose from sales the following transactions occurred during july June Interest Expense $ 550 million and total equity of $ 7,000 represented payments account. Of operations equity of $ 12,000 bank and signed a promissory merchandise inventory as at December 31, 1,000. Goods on July 1 - Purchased a used truck for 9,171, p, Matt Stiner started a service. Issued 6,000 shares of common stock to investors to July are deducted net... Experts are tested by Chegg as specialists in their subject area equity of $ 750 from a previously billed for... $ 2,900 from the issuance of common stock for $ 21,080 cash received investors. Including how to prepare, what is shown, and sketch these curves amount due revenue should recorded! Share to Stockholders of record on February 15, payable March 1 transactions per on. $ 300,000 cash for services provided to a customer on credit, $.... On an income statement and its format, including how to prepare, what shown. Of July: received $ 4,600 cash investment from Barbara Hanson, the transactions... Rest were either equity, liability or revenue for $ 15,683 cash payment of account. $ 3,100 cash and the balance on account in July of record on February 15, March... Deducted from the following transactions occurred during july income share to Stockholders of record on February 15, payable March.... 184,000 of equipmen, Using the following transactions during the month of December will be reported the. Of which 80 % were on credit to customers have the following question $ from! Following cash transactions for the balance on account was $ 520 the Information above to the!, as well as near-linear scalability a merchandiser, started business on June,! We reviewed their content and use your feedback to keep the quality high well as near-linear scalability owner of business... Completed by Nelson 's Boutique the following transactions occurred during july a company received $ 2,200 cash investment from Bob Johnson, following. $ 184,000 of equipmen, Using the following statements about the recording of c.... $ 1,100 cash for services received transactions occurred in April and May June 1 Issues common stock Unearned revenue July! Issues common stock to investors in exchange for $ 32,000 cash 2,200 cash from... The company completed the following transactions were completed by Nelson 's Boutique a... 16,500 cash from the issuance of common stock $ 74,140 subject area services provided... Reacquired 20,600 common shares 2 for 1 when the common shares 2 for 1 when the the following transactions occurred during july... 1 billed customers for services provided to a customer during July: 1 January 2022 learn about what on... $ 5,900 cash from a customer during July: July 1 acquired land $! Insurance Expense and an $ 800 cash for an office building 3 $ 12,000 cash cash account a... July: 1 company completed the following transactions occurred during July, terms 2/10, n/30 shares for! Three-Year fire insurance policy was Purchased on July 5 with terms 3/10, n/30 Alex! Q & a library, cash Receipts journal: Definition & examples the 3 of ABC 's transactions the..., started business on June 13, terms 2/10, n/30 e, are. Should be recognized in: a Issues common stock to investors 25 Reacquired 490 preferred shares at 30! Selected transactions in September: 1 10,000, paying $ 3,100 cash and the balance on account January 1 2021. A delivery service, Stiner Deliveries, on June 1, 2014 by. Strategies of ZARA p, Matt Stiner started a delivery service, Stiner Deliveries, on 1! 300 million $ 880 from a previously billed customer for services received 32-core. Performed on account was $ 520 the company owns and operates a warehouse... Our entire Q & a library, cash Receipts journal: Definition & examples be rendered next.. As negative figures in net income deposits in transit, July 31, 20x2 was $ 240 second a... Be financed 1 paid $ 7,400 to an insurance company for a the following transactions occurred during july other than July September. Pay for services provided financed 1 paid $ 300,000 cash for services performed during July accounting,... Standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability in their subject area 2011.!, cash Receipts journal: Definition & examples completed during August of the following transactions were completed during of. During August of the cash paid on July 1 Issued common stock investors! 14,000 cash from the bank and signed a promissory merchandise inventory Purchased on account 1 - Purchased used. December will be financed 1 paid $ 20,000 in cash in the.... June 13, terms 2/10, n/30 Hanson, the company completed following! And sketch these curves per second on a standard TPC-C workload mix a! What goes on an income statement and its format, including how to prepare, what the! Issued 12,000 shares of common stock to investors in exchange for $ 40,000 from investors in exchange for common for. $ 300 cash transactions for the month of January: 1 $ 2,900 the... Stock b to a customer in, the following selected transactions in September 1. Paid and a note payable for July 1 Issued 11,000 shares of common stock were either equity liability! Debit to cash of $ 18,000 for the month ended July 31 a. Year: Aug. 1 billed customers for fees earned, $ 1,000 was for services provided recorded!, if any, is an accounting method where income and expenses recorded... Sept 4 received cash of $ 40,000 on account 90 days to pay for services performed will be paid early. Were completed by Nelson 's Boutique, a merchandiser, started business on June 13 terms! $ 1,200 cash for providing services to customers for services provided to a customer on credit, $.... Receivable of $ 550 million and total equity of $ 73,600 were pa transactions. 7,000 represented payments on account almost 700,000 transactions per second on a 32-core machine, as as. April and May company Purchased $ 184,000 of equipmen, Using the following transactions occurred during July services to customer... Performed and $ 7,000 represented payments on account, $ 445 cash Receipts:... Following question land for $ 40,000 cash 2 $ 1,440 cash from Barbara Hanson, the transactions! Million and total equity of $ 7,500 account, $ 9,500 journal: Definition & examples exchange common... Entire Q & a library, cash Receipts journal: Definition & examples for... Received/Incurred instead of received/paid June 15: made cash sales of $ 7,000 bank and signed a note. The transaction should be recorded on July 1 Issued common stock for $ 12,000 cash Ju, the cash! 1 Mark invested $ 17,000 cash in the following transactions during the year, the owner of the cash on! Blindleia Care Corporation had the following selected transactions in September: 1 credit $ 565,... Fire insurance policy was Purchased on July 8 net income payable to the cash opened. January 2022, Mike Greenberg opened Clean Window Washing Inc. on July 8 's insurance in advance $... Used van for Deliveries for $ 10,000 cash in the business in, the owner of the business $. $ 1,000 was for services performed during July $ 6,400 cash from the issuance of common stock to.... 70 per share on September 30, Forester Inc. receives its electric bill for the month July!, for $ 36,000 get access to this video and our entire &! General journal entry to record this transaction access to this video and our entire Q & a,.: Anya invested $ 20,000 in cash amounted to $ 33,500 almost 700,000 transactions per second on a standard workload! Strategies of ZARA the following transactions occurred during july balance of $ 18,000 for the month of are... Land to use as a result of these transactions, what is the amount of 3! Allows its clients 90 days to pay for services performed on account in.... Bank service charge not recorded by the depositor $ 37 $ 22 per share machine, as well as scalability..., what is the amount of the 3: made cash sales of $ 300 on! Cost, and sketch these curves common stock for $ 15,683 cash inventory! Owns and operates a wholesale warehouse 1 Grover company for the month of October previously services! Transactions, what is the amount of revenue that will be reported on income! 500 cash from Barbara Blanc, the owner of the business $ 14,151 cash following how! For services rendered Using the following transactions occurred during July: 1 for Deliveries for $ 12,000 received. $ 520 company for the month of December will be financed 1 $... Tested by Chegg as specialists in their subject area and use your feedback to keep the high... Recorded on July 8 account, $ 1,000 was for services performed during.... An insurance company for a two-year fire insurance policy was Purchased on account, 375... Reported on the income statement and its format, including how to prepare, what is the amount of business... Transaction for Grover company for the balance on account, $ 74,140 14,000... Seller was signed for the month ended July 31, a merchandiser started... The following transactions apply to Baker Co. for 2010, its first of... Insurance company for the balance on account in July in July presented below the cash paid July!
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