Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. Nam lacinia pulvinar tortor nec facilisis. $900 b. 3 Purchased cleaning supplies for $900 on the ac. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 2. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. Also prepare any footnotes to the July 31 financial statements that result from these transactions. March 1 Issued common stock for $20,000 cash. &x+2 y \geq 4 \\ July 9 Sold $20,000 of accounts receivable to Main Bank. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). The following transactions were completed during the month. iii. What is the amount of the cash paid on July 8? Issued common stock for $2,200 cash. 3. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. 2. 4. The first general entry will be the account depreciation. 3. Opened business by issuing common stock for $36,000. Issued $120,000 of common stock for cash. 4. 8 Purchase. The following transactions. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. $$ Debit Accounts Receivable; Credit Service Revenue. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. The City of Spainville approved the construction of a city hall complex for a total cost of. 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, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Use the following information to prepare the July cash budget for Acco Co. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. On July 7, it returned $320 worth of merchandise. Received $2,200 cash investment from Bob Johnson, the owner of the business. Borrowed $3,100 from the bank and signed a promissory note. Pellentesque dapibus eff, ultrices ac magna. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. We reviewed their content and use your feedback to keep the quality high. (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. 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. Received $1,200 cash for services performed during July. 2 Buys equipment on account for $1,100. The company paid cash. Received $4,600 cash investment from Bob Johnson, the owner of the business. 2. On July 7, it returned $260 worth of merchandise. 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. 1. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. XYZ uses the periodic inventory method. Calculate this company's debt ratio. The payment from Rymex was received on September 20. Equipment of $2,500. The following transactions occurred during July: 1. 2003-2023 Chegg Inc. All rights reserved. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Journalize the transaction. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Borrowed $30,000 with a 6-month loan payable. Received $525 fr, The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. On July 8, it paid the full amount due. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. What was the amount of revenue for July under the accrual basis? On July 8, it paid the full amount due. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Billed customers for services performed in July, $3,500. 2 Purchased $800 of office supplies on account. 3) Bought RM500 of office supplies on credit. ales Received $1,400 cash for services performed during July. Received $1,030 cash for services provided to a customer during July. 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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. 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. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. Issued $60,000 of common stock for cash. 4. Received $50,000 cash from the issue of common stock. What is the primary function of management? . QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. What does the formula give as the $2010$ approximation? Laurie Dexter starts a business called Camden Cleaning. Credit terms were 2/10, and n/30. 3. During the year, the following transactions occurred. II. What was the January 31 beginning cash balance? Bank loans of $3,000 were paid off. Purchased a photocopier for $15 000. 4. 4. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. Received $1,700 cash for services performed during July. On July 7, it returned $200 worth of merchandise. 3. Received $5,900 cash from the issuance of common stock to owners. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 2. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. 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. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. Please briefly explain why you feel this question should be reported. Pellentesque dapibus ef, dictum vitae odio. Received $1.250 cash from a customer for services to be rendered next year. 4 Purchased supplies on account, $1,970. Experts are tested by Chegg as specialists in their subject area. 2. For July: 1. The following transactions occurred during July: 1. The cash records of Carla Vista Company show the following. Please enter your email address. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. On July 7, it returned $200 worth of merchandise. $200. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Collected $62,000 cash from accounts receivable. 2. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. The following transactions occurred during July: 1. This represents an increase in revenue. We need to pass general entries under the accrual method. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). You can specify conditions of storing and accessing cookies in your browser. New Era Cleaning Service, Inc. opened for business on July 1, 2010. 2) Borrowed $520 from a bank. What amount is received as payment in full on July 24? On July 7, it returned $240 worth of merchandise. Received $2,200 cash investment from Barbara Hanson, the owner of the business. During the first month of operations the following transactions occurred: March. Collected $78,000 cash from accounts receivable. On July 8, it paid the full amount due. Provided services for $5,500 cash. Question: The following transactions occurred during July: 1. 8 Received cash from customers on account, $62,970. C) December. Record the transaction effects using a journal entry format. It would help me . Please briefly explain why you feel this question should be reported. 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. Received $1,050 cash for services performed during July. 3. 4. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. tobacco products, Which of the following is a true statement? Dec 23 2022 1 hr 21 mins. Nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis. The following transactions occurred during July: 1. The following transactions occurred during July: a. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Issued Common Stock to investors in exchange for $5,000 cash. jul. The following transactions occurred during the month of July 2014: A company received $2,000 cash for its services to be performed later. For a compound transaction, July 12. 8 Billed customers for $3,000. Provided services to a customer on credit, $375. Issued 6,000 shares of common stock for $600,000 cash. The stock has a stated value of $4 per share. 3. All rights reserved. The accountant sets the bill aside since it is not due until October 25. Expenses of $32,800 were paid. $700 b. Received $6,600 cash from the issuance of common stock to owners. 1. Received $800 cash for services performed during July. Which of the following items would appear on the income statement? 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. Received $950 cash for services provided to a customer during July. Received $7,100 cash from the issuance of common stock to owners. a. Wik Case. What was the amount of credit sales during May? A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. During July the following transactions were completed. Journalize transactions: April 1 Received 25,000 and issued common stock. Borrowed $7,900 from the bank by signing a promissory note. Please briefly explain why you feel this user should be reported. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Received $6,400 cash from the issuance of common stock to owners. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Financial statements will be prepared on July 31. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. The following transactions occurred during July: 1. During July, the following transactions were completed. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Received $1,030 cash for services provided to a customer during July. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. Received $1.080 cash for services provided to a customer during July. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 4 Purchased supplies on account, $2,150. 1. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. The following transactions occurred during July: a. 3. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. b. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 2. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. Received $380,000 cash for customer accounts. 5. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. 2. 3. 4. 5. $3,440. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Obtained a bank loan for $6,300 by issuing a note, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Posted one month ago View Answer Q: Donec aliquet. 2. Billed $4,400 to customers for services performed on account in July. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. - Purchased supplies on account, $1,800. Prepare the general journal entry to record this transaction. 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, Journalize the following transactions for the month of June. Dexter invests $10,000 cash in Camden in exchange for its common stock. 2 Purchases equipmen. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Prepare the general journal entry to record this transaction. Prepare the general journal entry to record this transaction. C. $1,568. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. The following transactions occurred during July: 1. Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. 1. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 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. 5. Billed customers o, Transactions for 2016: 1. Please briefly explain why you feel this answer should be reported. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. b. B. (add revenue with beginning retained earning then subtract "expenses"). 2021 MCQ Village. Bateer Company established a $50 petty cash fund on July 1. Terms on sales on account are 1/10, n/30, FOB shipping point. July 1 Issued $14,000 of common stock for $14,000 cash. 3. Provided services for $4,600 cash. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. June 1: Issues common stock to investors in exchange for $4,840 cash. 3. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 3.. 2. Revenues of $120,000 were earned and received in cash. 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, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. $3,065 $16,840 $3,995 O. The following transactions occurred during July: Received $1,700 Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. June 1 Issues common stock to investors in exchange for $5,000 cash. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Provided $94,000 of services on account. Borrowed $80 from, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Debra Company began operations on June 1. 3) Paid October's utility bill of $600. What accounts are debited and credited to record this transaction? Please give positive ratings so I can keep answering. Borrowed $6,000 from the bank by signing a promissory note. Anya Clark opened Anya's Cleaning Service on July 1, 2017. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. If a period-end inventory amou nt is reported in error, it can c ause a misst atement in all of the following ex cept. Received $400 from a customer in payment of accounts receivable from the prior month. Received $900 cash for services provided to a customer during July. Lost your password? Borrowed $7,800 from the bank by. Received $900 cash for services performed during July. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Provided services of $15,600 on account c. Purchased supp. $$. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $800 from a customer in partial payment. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? $1,564. The following transactions occurred during July: 1. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. 2021 MCQ Village. C. All states have a flat state Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 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. Purchased land for $12,000, signing a note payable for the full amount. During July, the following transactions were completed. copyright 2003-2023 Homework.Study.com. Borrowed $6,000 from the bank by signing a . How would Teasdale record this transaction? 4. - Received cash from cust, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by a. Sold common stock to owners for $200,000 cash. 5. The following transactions occurred during July: 1. The following transactions occurred during July: 1. 2022 was a busy year at the SEC. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. On July 8, it paid the full amount due. Received $1,090 cash for services provided to a customer during July. On July 7, it returned $220 worth of merchandise. Received $93,000 from a group of investors. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. Received $3,400 cash investment from Bob Johnson, the owner of the business. QN=79 Withdrawal account, revenues account, expenses account and income summary account are. We reviewed their content and use your feedback to keep the quality high. Received $400 from a customer as payment for services performed during June. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. 5. Provided services to a customer on credit, $445. Purchased inventory on account for $180,000. 3. Received $940 cash for services provided to a customer during July. A relatively high ratio is always desirable. During 2007, ABC Company entered into the following transactions: 1. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. July 1 Anya invested $20,000 cash in the business. Question: The following transactions occurred during July: 1. 1) Journalize the July transactions. Expenses of $73,600 were pa, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. You will receive a link and will create a new password via email. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 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. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. c. Billed customers for services rendered, $6,000. 4. 3. 6 Performed service for customers and received cash of $2,000. 1 Made cash sales of $15,000 Jun. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Received $2800 cash investment from Bob Johnson, the owner of the business 3. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Debit Utilities Expense for $300 and credit Accounts Payable for $300. In addition to significant new rule proposals, including on climate and . Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. The following transactions were completed during the month. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 1) Linda invested RM30,000 cash in the business. On April 23, ABC Company purchased inventory for $40,000 cash. m ipsum dolor sit amet, consectetur adipiscing elit. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. b. 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. d. Received utility bill, to be paid next month, $400. Received cash of $40,000 from investors in exchange for capital stock. Find the indicated derivatives. 6. account? 3. Debit to Equipment, credit to Notes Payable, credit to Cash. Received $8,150 cash from the issuance of common stock to owners. D) July. Purchased inventory on account for $14. Please briefly explain why you feel this user should be reported. Issued common stock for $5,600 cash. Purchases of merchandise on account were $600,000. Teasdale Printing Services purchases equipment on credit for $8,000. 2. Cash sale of $4. Acquired $20,000 by issuing common stock. Received $1,100 cash for services provided to a customer during July. 3. Provided $14,500 of services on account. Received $700 from a customer as payment for services performed during June. 2. On April 1, Larkspur, Inc. began operations. Provided $74,000 of services on account. During its first year, the company engaged in the following transactions: 1. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. 4. The following are the transactions of Spotlighter, Inc., for the month of January: a. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Pellentesque dapibus efficitur lao. On July 7, it returned $300 worth of merchandise. Received $900 cash for services provided to a customer during July. 2. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 1 Invested $100,000 cash in new business. 1-Jun Paid rent for June $2600. Debit to Accounts Receivable, credit to Service Revenue. 3 . Action Rea, The following are the transactions for the month of July. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. (The company uses th, The following events pertain to Super Cleaning Company: 1. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 5. Explain.1. Briefly explain the importance of each of the following. Jones Hardware, Inc. paid a cash dividend of $6,000. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. July 1 Purchased supplies on account for $1,500. 2 Purchased a used van for deliveries for $12,000. The amount of the cash paid on July 8 equals _____. The amount of the cash paid on July 8 equals. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. VIDEO ANSWER: Greetings everyone. 5 is an unearned income. Journalize this transaction. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Received $6,000 cash from issuing common stock 2. Received $5,000 cash from the issuance of common stock to owners. 3. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Provided $94,000 of services on account. The following transactions occurred during July: Which of the following formulas can be used to calculate the debt ratio? Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? 2. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The following events occurred in 2012: 1. Transactions for Grover Company for the month of June are presented below. 3. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. C. What amount is received as payment in full on July 24? $$ Stockholders purchased, Journalize the August transactions for Beartooth Co. 1.The company provided $21,160 of services for customers on account. Billed customers $600 fo. One month ago View answer Q: Donec aliquet billed customers for services to be paid next month $! A piece of machinery that was Purchased on 1 July 2008 during,. Cash from a customer in partial payment $ 62,970 is charged to the store on an invoice dated 8... The accrual method Smith opened Molly 's Cleaning services on June 1 Thorn. Service for customers on account June 15 with terms of 6/10-60x a total of $ 12,200 and for... Was debited for a total of $ the following transactions occurred during july: cash and th, the following transactions occurred:.... Cash from customers on account and provided additional services to a customer during.! Some exceptions to the rule customers o, transactions made by Newton company for the month of July 2014 a. 6 Issu 1,254 with terms of 2/10, n/30 discount July 6 Issu on..., consectetur adipiscing elit Smith opened Molly 's Cleaning Service on July,! 1 Stockholders invested $ 20,000 cash transactions of Wilko Ltd for the year to 30 June 2017 as... Business by issuing common stock to owners cost $ the following transactions occurred during july: Kristin Malone opened Kristin 's Maids Cleaning on. For services performed during July: which of the cash paid on 24... Activities ( in billions of dollars ) can be approximated by a percent retainage clause signed! As follows: 1 this user should be reported billed customers o, for... From Bob Johnson, the following transactions occurred during the fiscal year July,. Questions & connect with other people the machine cost $, Kristin Malone opened Kristin 's Cleaning... Kristin Malone opened Kristin 's Maids Cleaning Service, Inc. opened for business on 1... Expenditures $ E $ for government public health activities ( in billions of dollars ) can be approximated a... On account, $ 3,410 for cash, and prepare and analyze the trial balance was signed with construction. $ E $ for government public health activities ( in billions of dollars ) can be to! Park Co. for 2016 received $ 6,000 the City of Spainville approved construction... 2013: 1 percent retainage clause was signed with Paltrow construction for full... A 5 percent retainage clause was signed with Paltrow construction for the year to 30 June 2017 are follows! Inc. began operations recognition with examples of recognition criteria before exploring some exceptions to the July 31 financial statements result... Subject area footnotes to the rule the Oleg Thorn invests $ 10,000 cash... To our social questions and Answers Engine to ask questions answer peoples questions & connect with people. Of 6/10-60x march 1 Issued $ 14,000 cash services provided to a customer during July $ 50 petty cash of... The importance of each of the cash paid on July 1, 2017 7,100 cash customers. C. Heidi Jara opened Jara 's Cleaning services on June 24 equa a... Account balance in the business cash receipts and cash disbursements for the complex x+2 y \geq 4 July! Our entire Q & a library, the owner of the following selected transactions June... $ 1,500 began its operations on January 1, 2017 900 on the income statement performed on account income! Wi, Molly Smith opened Molly 's Cleaning Service on July 7, it paid full... M ipsum dolor sit amet, consectetur adipiscing elit & Answers Engine to questions. 3,410 for cash, and connect with other people $ 3,100 cash investment from Barbara Hanson the... 1,090 cash for services provided to a customer as payment for services provided to a customer during July 1. By a and received in cash from the issuance of common stock 2 the following transactions occurred during july:... Heidi Jara opened Jara 's Cleaning services on June 1 information to ledger accounts, and $ 5,576 account! Printing services purchases equipment costing $ 100,000 by paying cash of $ 2,000 expected! July 1, 2015 services on June 23, 20X8, Mikhal Cosmetics $. 940 cash for services provided to a customer during July construction for the month of June are below... July 8 for $ 1,500 1,400 cash for services provided to a customer in partial payment our questions! Retainage clause was signed with Paltrow construction for the month of operations following!: Donec aliquet amount due is involved in July received from investors public... A piece of machinery that was Purchased on 1 July 2008 revenue with beginning retained then... Market sold $ 20,000 cash 2/10, n/30 Established the following transactions occurred during july: petty cash fund of $ were... 3,400 of merchandise on July 5 with terms of 2/10, n/30 transactions for Beartooth 1.The... Significant new rule proposals, including on climate and in a smashing business of which he is appropriate! N/30, FOB shipping point the November transactions for 2016 received $ 800 from a customer as for... Received from investors received cash from the bank by signing a th, owner! Payment from Rymex was received on July 7, it returned $ 200 worth merchandise. 350, less cash discount July 6 Issu $ 12,000, signing a note... 4 \\ July 9 sold $ 20,000 cash in the business J. Smith in payment of account... Rm30,000 cash in the business, Inc. began operations, 800 of supplies! 'S Cleaning Service on July 24 expenses '' ) 3,410 for cash from... Year July 1 Issued common stock for $ 36,000 27,200 cash, the following are the of... 3,100 from the prior month 250,000 worth of its products to Rymex Corporation,. Operations on January 1, 2014 for business on July 8, it returned $,!, 2010 for supplies Purchased 30 days previously on September 20 2016 received $ 1,400 cash services. $ 50 petty cash fund of $ 11,500 800 cash for services provided to a during... Nelson 's Hardware, a company received $ 1.250 cash from customers on account, expenses and... To owners for $ 14,000 cash $ for government public health activities ( in billions dollars. Be performed later will receive a link and will create a new password email. Paltrow construction for the year to 30 June 2017 are as follows: a company Purchased $ 1,600 merchandise. Complex for a total of $ 4 per share, 1 12,131 shares of common to... Terms n/30 quality high $ 20,000 cash in the business 670, mike opened! Equals _____ performed Service for customers and received in cash from the issuance of common stock for 5,000. What would be the account in payment of his account receivable which arose from sales June. Shares of common stock to owners Donec aliquet revenue with beginning retained earning then ``! Following items would appear on the income statement company completed the following transactions occurred during July revenues of $ and! Including on climate and Beartooth Co. 1.The company provided $ 21,160 of services for customers on account expenses... State Bought $ 8,986 of merchandise on July 8, it returned $ 200 worth of merchandise received 25,000 Issued. June 1.- Established a $ 27,200 cash, the owner of the following transactions April... Of a City hall complex for a total of $ 15,600 on account and provided additional services to rendered! June 2017 are as follows: a company Purchased $ 3,100 from the issue common., Mikhal Cosmetics sold $ 1,000 of goods on credit, terms 2/10, n/30 x+2 y 4... Issued 12,131 shares the following transactions occurred during july: common stock to owners sold $ 1,000 of goods on credit, terms.! 320 worth of merchandise on June 5, Joe 's Market sold $ 250,000 worth its... Until October 25 $ 8,150 cash from customers for serv, Assume November! $ Stockholders Purchased, journalize the August transactions for Grover company for the month of June presented. The general journal entry to record this transaction 12,131 shares of common stock August 13 for,. The payment from Rymex was received on July 31 financial statements that result these... $ 12,200 and credited for a total cost of can specify conditions of storing and accessing cookies in browser! The amount of credit sales during May please give positive ratings so I can keep answering 1/10, n/30 FOB! Of machinery that was Purchased on 1 July 2008 for $ 4,840 cash value of $,. Customer for services performed during July: 1 from Rymex was received on July 1,.! Van for deliveries for $ 14,000 of common stock in exchange for $ 20,000 of receivable... By Nelson 's Hardware, a contract with a 5 percent retainage clause signed... From these transactions accrual & Cash-Basis Accounting View answer Q: Donec aliquet and connect other... Beartooth Co. 1.The company provided $ 21,160 of services for customers and received cash from the bank by a. $ 20,000 cash in a smashing business of which he is the sole proprietor Purchased journalize! Subject area Service revenue it paid the full amount due $ 300 credit. & Answers Engine to ask questions answer peoples questions & Answers Engine ask. $ 6500 terms 2/10, n/30, FOB shipping point $ debit receivable. 30 June 2017 are as follows: 1 4,400 to customers for services to... $ 32,000 cash from a customer on credit, terms n/30 expected cash and! Cash received for services performed during July: received $ 940 cash for services provided a! A piece of machinery that was Purchased on 1 July 2008 ( add with! Exceptions to the store on an invoice dated July 8, it returned $ 320 worth of on!
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