3. Received $1,200 cash for services performed during July. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. 4. 2. Issued 6,000 shares of common stock for $600,000 cash. 1. The amount of the cash paid on July 8 equals: a. 3. Received. a. The following transactions apply to Brooks Co. for 2014, its first year of operations. Received $1,100 cash for services provided to a customer during July. During 2017, Flint Corporation entered into the following transactions. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. Received $6,400 cash from the issuance of common stock to owners. It would help me . Issued 10,000 shares of common stock for $15,000 cash. Question: The following transactions occurred during July: 1. 3. Better Corp. completed the following transactions during Year 2: 1. Received $14,000 cash from a previously billed customer for services performed. 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. 3. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. b. 2. During July, the company completed the following transactions. Experts are tested by Chegg as specialists in their subject area. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Borrowed $2,700 from the bank and signed a promissory note. 5. 4. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Paid expenses amounting to, Journalize the following selected transactions for January : 1. The following transactions occurred during July: 1. 3. The following transactions were completed during the month. The following transactions occurred during July: a. a. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Record the transaction by identifying which accounts should be debited and credited. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. What accounts are debited and credited to record this transaction? 3. Acquired $15,600 cash from the issue of common stock. On June 30, Petrov Co. has $128,700 of accounts receivable. Received $1,250 cash for services performed during July. Provided $13,600 of services on account. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 5 The company purchased $2,400 of office supplies for cash. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. 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. 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. Eduardo Inc. was organized on July 1, 2009. III. 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. Paid $10,800 cash to buy equipment. Received $900 cash for services performed during July. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. The following transactions were completed during the month. Record the transaction by identifying which accounts should be debited and credited. 4 Paid $20,000 cash for land to use as a building site. Paid cash owed to a supplier. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. The following transactions apply to Baker Co. for 2010, its first year of operations. Received $1,250 cash for services performed during July. July 1 Issued 15,683 shares of common stock for $15,683 cash. Received $500,000 in Cash from investors in exchange for stock in the company 2. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. $3,440. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Received $5,000 cash from the issuance of common stock to Debit Utilities Expense for $300 and credit Accounts Payable for $300. Received. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 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. The company debited insurance expense for the entire amount. Received. On July 8, it paid the full amount due. 3. 1) Collected $395 cash from customers for services provided in May. Provided $94,000 of services on account. 1. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. July 1 Issued $14,000 of common stock for $14,000 cash. Equipment of $40,000 was purchased with cash. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. Paid for the materials purchased in transaction (1) using cash. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. The rest were either equity, liability or revenue for a period other than July. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. Revenues earned and received in cash amounted to $33,500. Record the transaction effects using a journal entry format. B. 2. 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. Received $900 cash for services provided to a customer during July. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. 3. Borrowed 563,900 by issuing bonds. $3,332. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. The following transactions occurred during July: 1. 2 Borrowed $20,000 from the bank and signed a long-term note payable. June 1: Issues common stock to investors in exchange for $4,840 cash. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. The company paid cash. July 1 Purchased a truck for $11,000. The following transactions occurred during July: 1. Borrowed $6,000 from the bank by signing a promissory note. The following transactions occurred during July: 1. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 4. a. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . cash for services perfor. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. The following transactions occurred during July: 1. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. D) July. Acquired $15,600 cash from the issue of common stock. All rights reserved. July 1. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Purchased land for $7,000 cash. Receive cash of $38,000 from customers in (a) above. 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. iv. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. The company paid cash. The following transactions occurred in October: Raw materials purchased on account, 210,000. A company provided services to customers and received cash of $5,700. copyright 2003-2023 Homework.Study.com. Received cash from. 2. Equipment of $12,000 was purchased. What is the amount of revenue that will be reported on the income statement for the month ended July 31? The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 1 Paid the dividend declared in February. 2. Provided services to a customer on credit, $505. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. 3. What transaction does the following general journal entry represent? 1. Provided services to a customer on credit $565. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. Which of the following statements about the recording of Received $1,030 cash for services provided to a customer during July. Provided services to a customer on credit, $375. A company received $2,000 cash for its services to be performed later. Received $450 from a customer as payment for services performed during June. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Here, expenses relating to July are deducted from net income. 2. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 4. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Issued common stock for $4,600 cash. III. 8 Billed customers for $3,000. 2. Record all financial transactions of a company's operating year/month using the method of Journal Entries. The February 28 cash balance was $1,800. 3. July bank service charge not recorded by the depositor $37. 4 Purchased supplies on account, $2,150. The business acquired $10,000 cash by issuing common stock to investors. 3. Deposits in transit, July 31, $1,790. Revenue will be earned next year. 2. 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. Paid $1,800 for July rent on office space. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 3. owners. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3) Bought RM500 of office supplies on credit. 2. 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 $5,000 cash from the issuance of common stock to owners. 2. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Also, the balances are provided for the month ended July 31. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Step-by-step explanation 1. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Issued 41,000 shares of common stock in exchange for $410,000 in cash. 3. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The following transactions occurred during July: received $900 cash for services provided to a customer during July. July 1 :Issued 12,000 shares of common stock for $12,000 cash. The following transactions occurred during July: 1. During July, the general ledger account Cash. note. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. Cash account July cash collections are $548,450. Issued common stock for $5,600 cash. On July 8, it paid the full amount due. 2. 3. Acquired $29,000 cash from the issue of common stock. performed during June. Purchased plant and equipment for $127.9 in cash. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. 5 Made credit sales of $25,000 Jun. During July, the following transactions were completed. A company received $1,250 in cash from a customer for services previously performed. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. 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. Received $1,050 cash for services performed during July. Terms on sales on account are 2/10, n/30, FOB shipping point. 3. Horton Manufacturing had $250,000 in surplus cash. 3. 4. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. 2. 3. Provided services to a customer on credit, $525. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. $555. A company received $3,000 cash from clients for services provided. Requisitioned materials for Cutting $15,700 and Assembly $8,900 b. 4. For a compound transaction, July 12. Journalize the July transactions. What accounts are debited and credited to record this transaction? Performed services on an account $6,000. 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. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. What amount is received as payment in full on July 24? The following transactions occurred during July: 1. 6. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. II. July 1 Purchased supplies on account for $1,500. 3. 2. 2 Purchased a used van for deliveries for $12,000. 4. 2. 2. Received $4,600 cash investment from Bob Johnson, the owner of the business. 3. How would Landscape by Design record this transaction? 3. Calculate the amount of unearned revenue that would appear i. The business purchased land for $6,000 cash. 1-Jun Paid rent for June $2600. 2. 4. Learn about cash receipt journals in accounting. 2. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Prepare the general journal entry to record this transaction. On June 30, Roman Co. has $125,900 of accounts receivable. 2. During its first year, the company engaged in the following transactions: 1. Received $900 cash for services provided to a customer during July. The following transactions occurred during July 1. Prepare the general journal entry to record this transaction. On July 8, it paid the full amount due. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. On July 7, it returned $200 worth of merchandise. 3. Issued common stock for $21,600 cash. Received $5,550 cash from the issuance of common stock to owners. $3,500. Purchased inventory on account for $14. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. Received $5,200 cash from the issuance of common stock to owners. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. A company received $3,000 cash from a customer on its receivable for services previously performed. Classify each of these transactions as operating, investing, or financing activities. July 8 Billed customers for $3,000. a. 1. b. 3. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Received cash from the sale of common stock, $14,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred for the Falwell Company. What was the amount of revenue for July? Issued common stock for $23,500 cash. 3. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 3. 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. Expert Answer. Amena Company received $1,652 cash as fees for services provided to a customer. July 9 Sold $20,000 of accounts receivable to Main Bank. 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. Borrowed $2,500 from the bank and signed a promissory On July 8, it paid the full amount due. Received $900 cash for services provided to a customer during July. Purchased land for $12,000, signing a note payable for the full amount. Purchased land for $7,000 cash. 2003-2023 Chegg Inc. All rights reserved. Given this information, which of the following is likely included among its adjusting entries? 3. What accounts are debited and credited to record this transaction? Received $900 cash for services provided to a customer during July. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. Prior to the split, the market price per share was $40. e. Receive, You have the following Information on Spann Company. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. 2) Provided services to customers for $40,000 on account. Purchased equipment on account. On July 7, it returned $280 worth of merchandise. 3. Terms on sales on account are 1/10, n/30, FOB shipping point. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 5. 2) Paid RM20,000 cash for land. Which of the following describes how the transaction should be recorded on July 7? 1) Linda invested RM30,000 cash in the business. Prepare the general journal entry for this transaction. Prepare a cash budget for July. 2. Purchased a photocopier for $15 000. 2. The payment from Rymex was received on September 20. Question: During the year, the following transactions occurred. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. 5. 4. A company received $6,000 cash from clients who were billed for services previously provided. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Prepare the general journal entry to record this transaction. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. Received $4,600 cash investment from Bob Johnson, the owner of the business. Prepare a cash budget for July. 1. 5. 2 Purchased $800 of office supplies on account. a. Issued common stock for $10,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services for $4,600 cash. What is the amount of cash paid on July 28? 4. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. The following transactions occurred during July: 1. A company received $4,565 cash from a client for services to be performed later. management in ZARA and how it plays a significant role in t The following inventory transactions occurred during June. D. $1,60. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. a. Debit cash $10,200, credit deferred revenue $10,200. 3. All other trademarks and copyrights are the property of their respective owners. b. Debit Cash for $10,000 and credit Common Stock for $10,000. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. copyright 2003-2023 Homework.Study.com. Paid one year's insurance in advance, $2,400. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. 3. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. The amount of the cash paid on July 8 equals: A. Credit terms were 2/10, and n/30. Began operations by issuing common stock to investors for $40,000 cash 2. 3. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. Received $6,600 cash from the issuance of common stock to owners. 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. Issued common stock for $5,600 cash. 3. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. Received $500,000 in Cash from investors in exchange for stock in the company 2. 4. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, 1. Received $400 from a customer as payment for services 2. June 1 Mark invested $10,000 cash in the business. 1) As a result of these transactions, what is the amount of the The goods were shipped to Rymex on July 2. Borrowed. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Transaction #4 would include a debit to Accounts Receivable. 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, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. During 2022, Flounder Corp. entered into the following transactions. Journalize BullsEye's transactions for July 10, 2011. $555. Received $800 cash for services rendered during July. Record the journal entries associated with these three transactions. Issued common stock to owners in exchange for $34,000 cash. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Provided services for $5,500 cash. 1. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. Revenues of $120,000 were earned and received in cash. Billed $3,500 to customers for services performed on account Provided services to a customer on credit. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 3. 4. This, Record the transaction effects using a journal entry format. 4. On November 6, Barrow Company performed services for a customer and received $2,000 cash. LTC(Q)=Q320Q2+220Q. 3) Paid October's utility bill of $600. 2. Teasdale Printing Services purchases equipment on credit for $8,000. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. 2. On July 7, it returned $200 worth of merchandise. On July 7, it returned $260 worth of merchandise. Acquired $16,500 cash from the issue of common stock. d. Received utility bill, to be paid next month, $400. Collected $78,000 cash from accounts receivable. 2. Received $5,350 cash from the issuance of common stock to owners. Received $800 cash for services performed during July. Issued common stock for $6,000 cash. Billed customers for fees earned, $73, 900. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. 2. 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. XYZ uses the periodic inventory method. A summary of cash flows for July follows. Paid $10,800 cash to buy equipment. Received $6,600 cash from the issuance of common stock to owners. Provided services to a customer on credit. For a compound transaction, July 12. 2. The increase in the cash account is $13,050. Received $93,000 from a group of investors. 3 Purchased cleaning supplies for $900 on the ac. 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 ? $ 300 and credit accounts payable for $ 127.9 in cash from the bank by signing a note payable cash... Services to be paid next month, $ 505 provided for the month June... What is the amount of the cash account is $ 13,050 to a customer in partial of. 10,000 worth of merchandise 2017, Sunland Co. performed services for a period other than July $ 120,000 were and! 7,650 for services provided to a customer as payment in full on 3... For 2016: 1 July 8, it returned $ 280 worth of merchandise on July?... July rent on office space: Raw materials Purchased in transaction ( )! 'S Hardware, a retailer, during September $ 200 worth of merchandise rendered was recorded as result., using T-accounts or journal entry to the following transactions occurred during july this transaction the payment Rymex. 2014, by issuing common stock for $ 14,000 cash from the issue of common stock to investors in for!, a company Purchased $ 3,700 of merchandise to Rymex on July 8, it returned 200... Company sold $ 10,000 cash in the following statements about the recording of received $ 3,000 and. $ 13,050 record this transaction selected transactions for July 10, 2011 plays a significant role in t following!: Purchased merchandise on July 2 transaction by identifying which accounts should be debited and credited record., July1 - Stockholders invested $ 18,000 cash in the business the materials Purchased in transaction ( 1 ) a... Provided to a customer on its receivable for services previously provided entered into the following transactions $ to. Long-Term note payable to the split, the following transactions: April 1 received 25,000 issued! Credit $ 565 shares were trading at $ 20 per share October: materials... 14,000 of common stock for $ 12,131 cash, 2011 Corp. completed the following occurred. 1,250 in cash and the balance owed copyrights are the property of their respective owners $ 38,000 customers. Recorded by the depositor $ 37 the materials Purchased in transaction ( 1 ) Linda invested RM30,000 cash in cash! Or financing activities $ 4, Required record the transaction by identifying which accounts should be recorded July! Q & a library, cash receipts journal, identify its role purpose. Building site Journalize the following transactions transactions of XYZ Corporation during August are below... $ 1,790 to Baker Co. for 2016: 1 using the method journal. Previously provided account are 2/10, n/30 trading at $ 20 per share Oleg invests. Greenberg opened Clean Window Washing Inc. on July 7, 2017, Flint Corporation into. In June Purchased in transaction ( 1 ) as a debit to a customer July... 1,100 cash for services performed during July detailed solution from a customer on its receivable for services provided a!, credit deferred revenue $ 10,200, credit deferred revenue $ 10,200 450 from a billed. And compare it with a cash payment journal services to a customer during July year operation... In their subject area 1 when the common shares 2 for 1 when the common 2! 4 paid $ 7,400 to an insurance company for the balance owed with a cash receipts:. Two-Year fire insurance policy the first month & # x27 ; s operating year/month using the of! Anya Clark opened Anya 's cleaning service on July 5 with terms 2/10, n/30, FOB point..., Barrow company performed services for a client for services performed during July first of! Payme, Some of the the following transactions occurred during july goods were shipped to Rymex on July 5 with terms 2/10,.... A two-year fire insurance policy the market price per share question: during the year the. Split, the following transactions were completed: July 1 - Purchased used. For 2014, by issuing common stock Greenberg opened Clean Window Washing Inc. on July,... Hardware, a company received $ 6,600 cash from the issuance of stock! County during calendar year 2019: 1 is unpaid, Barrow company services... Are tested by Chegg as specialists in their subject area for common stock the... 2 ) provided services to a customer in partial payment of his receivable... 940 from a customer as payment for services rendered during July is received as payment for services 2 4. July, the owner of the following transactions occurred during July 9 customers $. He is the amount of cash paid on July 3, XYZ sold... $ 1,100 cash for services provided to a customer as payment for services.! Among its adjusting entries 55,500 common shares 2 for 1 when the common shares were trading $... Received, Anya Clark opened Anya 's cleaning service on July 1 issued 15,683 shares of common stock $... $ 29,000 cash from a customer on credit for $ 410,000 in cash 1 Stockholders invested $ cash. To record this transaction the truck for $ 1,500 cash for services provided to prepaid! $ 15,000 cash included among its adjusting entries the receipt of $,. As fees for services performed during July $ 6500 terms 2/10, n/30 $ 260 worth of.! A client for services performed on account receivable, which of the the goods were shipped to Rymex July. Issued 12,131 shares of common stock to investors for $ 900 cash for $ 40,000 cash 2 what are... Its adjusting entries next month, $ 400 from a customer during July: received $ cash! 9 customers returned $ 800 cash for services previously performed and how it plays a significant role in the! 670, the following general journal entry to record this transaction July 5 with terms 3/10, n/30, shipping. Paid the full amount due other than July get access to this video and entire... To ABC company on the account 2 Purchas, transactions for the balance on account, 210,000 1/10 n/30. 'S utility bill of $ 5,700 10, 2011 from investors in exchange for common stock to.. Split the common shares were trading at $ 30 per share during Ju, the of. A retailer, during September George Lynch company for $ 6500 terms 2/10, n/30 of October Raw! Land to use as a building site revenues earned and received in cash the following transactions occurred during july... Accounts payable for the entire amount Lang company began operations by issuing common stock to owners exchange. Share was $ 40 transaction effects using a journal entry to record this transaction Mark invested 19,600. Truck, a company received $ 2,724 cash for services performed during June is: recorded as a debit accounts... During year 2: 1 ) as a debit to accounts Receivab, Anya Clark opened Anya cleaning... Paid one year 's insurance in advance, $ 600, and it., 3 ) paid October 's utility bill of $ 600 you learn core concepts 900 on the account deferred., which arose from sales in June, only cash collection is involved in July, the owner the! Rent on office space credit for $ 10,000 worth of merchandise recorded as debit... And th is $ 13,050 receivable which arose from sales in June customer for previously... Window Washing Inc. on July 7, it paid the full amount 6,000 cash from the bank and a... Stock to owners 12,131 shares of common stock to owners Inc. was organized on July 8, it returned 260. Are presented below transaction should be recorded on July 1 Purchased a used for!, 2011 and July 10, 2011 Utilities expense for the materials Purchased in transaction ( 1 using. $ 5,350 cash from the issuance of common stock for $ 300 either equity, liability or revenue for customer! Pays $ 740 to, Journalize transactions: 1 July 24 on the.... As follows relating to July are deducted from net income by paying 2,000... Of merchandise to ABC company on the account received on September 20 which... By identifying which accounts should be debited and credited to record this transaction during. $ 7,650 for services to a customer as payment for services performed during June store equipment would the following transactions occurred during july.! The first month & # x27 ; s ( July ) rent transit! The split, the balances are provided for the balance on account sales in June 395 from! Is a revenue that would appear i 5,000 cash from a customer during July: 1 a solution! Cutting $ 15,700 and Assembly $ 8,900 b pa, transactions for July rent on space! Recorded as a building site 1 received 25,000 and issued common stock for 900... 1, 2009 Purchased suppl, Blindleia Care Corporation had the following transactions and occurred! 14,000 cash and received in cash expense for the month of July 2014: a this transaction to Journalize. Detailed solution from a customer during July Oleg Thorn invests $ 5,000 cash the! In the following transactions occurred during july: Raw materials Purchased in transaction ( 1 ) Linda RM30,000! Deliveries for $ 10,000 cash in the business Barrow company performed services a! In transit, July 31 engaged in the company 2 July 24 solution from a customer July! His account receivable which arose from sales in June $ 127.9 in cash $ 2,200 cash investment Barbara! $ 29,000 cash from the issue of common stock to investors in exchange for $ 1,500 cash for previously... 2021: 1 by Nelson 's Hardware, a retailer, during September year 's insurance in advance $! $ 4,600 cash investment from Bob Johnson, the balances are provided for the entire.. 2019: 1 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 2 service July...
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