Received $800 from a customer in partial payment. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 4. 7. Nam lacinia pulvinar tortor nec facilisis. Journalize this transaction. The following transactions occurred during July: 1. Experts are tested by Chegg as specialists in their subject area. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Prepare the general journal entry to record this transaction. Issued common stock for $21,600 cash. 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. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Received $380,000 cash for customer accounts. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Provided services for $5,500 cash. Bank loans of $3,000 were paid off. 2. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. 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. 3. $555. 8 Received. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4 Paid $20,000 cash for land to use as a building site. Billed customers o, Transactions for 2016: 1. Fusc, gue vel laoreet ac, dictum vitae odio. 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. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Borrowed $7,800 from the bank by signing a promissory note. Recorded as a debit to a prepaid expense account. 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. Pellentesque dapibus eff, ultrices ac magna. $3,600 c. $3,395. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Two accumulated depreciation $410 b. What was the January 31 beginning cash balance? The company paid cash. Obtained a bank loan for $6,900 by issuing a note payable. Purchased inventory on account for $14. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 3. Provided $94,000 of services on account. - Principles, Process & Examples. Don, ac, dictum vitae odio. 5 Made credit sales of $25,000 Jun. B. debit Cash, $865; credit Accounts Payable, $865. 6 Performed services for a law firm and received $2,000 cash. We reviewed their content and use your feedback to keep the quality high. 5. Received $800 cash for services performed during July. 2. 2. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Also, the balances are provided for the month ended July 31. molestie consequat, ultrices ac magna. Billed customers for services performed in July, $3,500. Which transaction, if any, is an expense for the month of October? 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. On July 7, it returned $410 worth of merchandise. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? 8 Billed customers for $3,000. Received $5,900 cash from the issuance of common stock to owners. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 2. 2. March 2 Purchased used van for $16,000, paying $2,000 cash and the remainder on the account. 3. The amount of the cash paid on July 8 equals: a. 2) Paid RM20,000 cash for land. A company received $3,000 cash from clients for services provided. Paid $300,000 Cash for an Office Building 3. Provided services to a customer on credit, $375. Please briefly explain why you feel this question should be reported. The following transactions occurred during July: 1. On July 7, it returned $220 worth of merchandise. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. Debit Cash, Credit Common Stock Equity, 3. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. June 1 Issues common stock to investors in exchange for $5,890 cash. July 1 Issued 11,000 shares of common stock for $11,000 cash. 4 Purchased supplies on account, $2,120. The following transactions occurred during July: 1. During July, the company completed the following transactions. b. Debi. Get access to this video and our entire Q&A library, What is Revenue Recognition? Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Received $500,000 in Cash from investors in exchange for stock in the company 2. 4. What is the amount of the cash paid on July 8? Mark paid, A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. How would Teasdale record this transaction? Issued common stock for $2,200 cash. Received $2,350 from a customer for services to be performed during August. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. Lost your password? 3. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. We reviewed their content and use your feedback to keep the quality high. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. B. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. 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. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The February 28 cash balance was $1,800. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 5. What was the amount of credit sales during May? Debit to Equipment, credit to Notes Payable, credit to Cash. Issued common stock for $23,500 cash. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. What is the amount of the cash paid on July 8? Round to the nearest degree. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. The following transactions. Borrowed. Provided services to a customer on credit. 4. The following transactions occurred during July: a. The following transactions occurred during July: 1. This represents an increase in revenue. 2 Purchases equipmen. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. 8 sold 30 4, Your company had the following transactions during the month of September: 1. 3. Payroll The company paid cash. Received $4,400 cash investment from Bob Johnson, the owner of the business. Provided services to a customer . 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? 5. 1) Transaction no.2 is a stock transaction, 2) Transaction no. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. What accounts are debited and credited to record this transaction? &3 x-y \geq-6 The following transactions were completed during the month. 6. 2. $1,564. 3. Collected $62,000 cash from accounts receivable. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. 2. 2. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. $$. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. 3. QN=90 Of the following accounts, the one that normally has a credit balance is: e. An increase in the balance of the owner's withdrawals account. Borrowed $3,100 from the bank and signed a promissory note. The following transactions occurred during July 1. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Issued 11,000 shares of common stock for $11,000 cash. Provided services to a customer on credit. Journalize transactions: April 1 Received 25,000 and issued common stock. 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. What accounts are debited and credited to record this transaction? 2) Borrowed $520 from a bank. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 6. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. What is the difference between sacred and profane consumption? During July, the general ledger account Cash. E=5.03 t^2+100 t+1380 Action Rea, The following are the transactions for the month of July. 1. Please briefly explain why you feel this user should be reported. The June 30 bank reconciliation indicated that deposits in transit total $ 780. What was the amount of revenue for July? 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. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 3. 3. Donec aliquet. On April 23, ABC Company purchased inventory for $40,000 cash. Received $1.080 cash for services provided to a customer during July. The following events occurred in 2012: 1. D. $1,60. Please briefly explain why you feel this answer should be reported. tobacco products, Which of the following is a true statement? 3. What does the formula give as the $2010$ approximation? 2. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. On July 7, it returned $300 worth of merchandise. The amount of the cash paid on July 8 equals: a. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Services were provided to cust. What was the amount of revenue for July? What was the amount of revenue for July under the accrual basis? ii. Received. 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? Provided $1,200 of services on account. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. 2. 1. By registering, you agree to the Terms of Service and Privacy Policy .*. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Please enter your email address. Borrowed $3,400 from the bank and signed a promissory note. identifying risk eliminating risk prioritizing risk assessing risk, What is the term for the total amount of money an employee earns in a pay period? m ipsum dolor sit amet, consectetur adipiscing elit. Received $8,150 cash from the issuance of common stock to owners. Borrowed $25,000 cash from creditors. Please briefly explain why you feel this question should be reported. 2. 3. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. What was the amount of revenue for July? $1,564 c. $200. Issued $120,000 of common stock for cash. During July, the company completed the following transactions. Borrowed $40,000 cash from National Bank. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 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. Received $1,200 cash for services performed during July. Nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. A. 2. During July the following transactions were completed. Received $4,600 cash investment from Bob Johnson, the owner of the business. The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. The following transactions occurred during July: 1. 3. This represents an increase in revenue. iii. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. The following transactions occurred during July: 1. When would it be a good idea to invest your money instead of putting it in a savings 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. The cash paid on June 24 equ. b. a credit to Accounts Receivable of $1,400. c. Billed customers for services rendered, $6,000. 2. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by a. June 1: Issued common stock to several investors for $73,700. b. June 8: Purchased equipment for $13,800 cash. During July, the following transactions were completed. 8 Received cash from customers on account, $62,970. The following transactions occurred during July: 1. Received $400 from a customer as payment for services performed during June. Acquired $16,500 cash from the issue of common stock. A credit sale of $750 is made on June 13, terms 2/10, n/30. Received $900 cas h for services provid ed to a cust omer during July. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. The payment from Rymex was received on September 20. 3.The co, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. Received $625 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. $y=(a x+b)^{6}, y^{\prime \prime \prime}$. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Paid $10,800 cash to buy equipment. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Ask a Question; . 3. Only transaction #1 and #4 apply to revenue recognition. Received $900 cash for services performed during July. Received $7,100 cash from the issuance of common stock to owners. 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. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. -8 Returned $100 of the items purchased on July 6. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. 3. Debit to Accounts Receivable, credit to Service Revenue. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. B. m risus ante, dapibus a molestie consequat, ultrices ac magna. 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. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. a. (a) What $t$-value represents the year 2010? Received $900 cash for services provided to a customer during July. 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? 2. Received $900 cash for services provided to a customer during July. During July the following transactions were completed. 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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. C. 3. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The following ten transactions occurred during the July grand opening of the Pancake Palace. . Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. Issued 10,000 shares of common stock for $15,000 cash. 2. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Received $900 cash for services provided to a customer during July. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Collected $78,000 cash from accounts receivable. when you wont need the money for a long time. During the month of July, the following transactions occurred: July 1: Issued $18,000 of What is the last day for taking the cash discount? (Select all that apply.) All rights reserved. Issued Common Stock to investors in exchange for $5,000 cash. 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. A p r omisso ry note: Is a lia bility to the p ay ee. 4. Issued 6,000 shares of common stock for $600,000 cash. Pellentesque dapibus effici, or nec facilisis. Received $940 cash for services provided to a customer during July. The following transactions occurred during July: 1. What is the primary function of management? Provided services to a customer on credit, $445. Received $1,030 cash for services provided to a customer during July. d. Received utility bill, to be paid next month, $400. $$ Borrowed $7,800 from the bank by. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. The following transactions occurred during July: Which of the following formulas can be used to calculate the debt ratio? Journalize the July transactions. Received cash of $40,000 from investors in exchange for capital stock b. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Collected $220 cash from customers for services performed in August. The following transactions occurred during the month of June. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. How would Landscape by Design record this transaction? It would help me . On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. What was the balance in the Cash account at the beginning of October? 3. Cash balance per books, July 31, $7,864. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Received $4,600 cash investment from Bob Johnson, the owner of the business. 4. QN=94 On September 30, the Cash account of Value Company had a normal balance of $5,000. 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. a. Debit cash $10,200, credit deferred revenue $10,200. a. Received $5,900 cash from the issuance of common stock to owners. Explain.1. Purchased land for $12,000, signing a note payable for the full amount. On July 8, it paid the full amount due. 2. (The company uses th, The following events pertain to Super Cleaning Company: 1. Purchased plant and equipment for $127.9 in cash. Question: The following transactions occurred during July: 1. 2. The buildings will be financed The following transactions occurred during July: 1. Received $50,000 cash from the issue of common stock. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. 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. A company received $4,720 cash for services provided. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Financial statements will be prepared on July 31. 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 $8,150 cash from the issuance of common stock to owners. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. What is the amount of the cash paid on July 8? Received $5,000 from issuance of stock to investors. 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. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Purchased inventory on account for $180,000. Posted one month ago View Answer Q: 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). a. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . Purchased plant and equipment for $127.9 in cash. Received $2,200 cash investment from Bob Johnson, the owner of the business. Received $1.080 cash for services provided to a customer during July. 4. C) December. 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. 3. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. $3,392 b. Cash sale of $4. You can specify conditions of storing and accessing cookies in your browser. Provided services to a customer on credit, $495. Received 900 cash for services provided to a customer during July2. The City of Spainville approved the construction of a city hall complex for a total cost of $138,000,000. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). 2. (c) Estimate the expenditures for $2015$. Performed services for $43,000 cash. During July, the following transactions were completed. Received $900 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., iv. 5 is an unearned income. Dec 23 2022 1 hr 21 mins. March 3 Purchased cleaning supplies for $1,200 on the accoun, On July 3, the ABC Company received $865 in cash on account from customers. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 6. What is the amount of cash paid on July 28? \begin{aligned} Deposits in transit, July 31, $1,790. 3. The following transactions occurred during July: 1. The following transactions occurred during July: 1. 2 Purchased $800 of office supplies on account. 2. First the ledger balances of specific accounts for the Trial Balance is calculated.. Received $900 cash for services provided to a customer during July. Customer for services rendered was recorded as a debit to Accounts Receivab from the issuance of stock. By signing a promissory note billed customers for services to a customer during July fees earned, $ 62,970 area! Balance the following transactions occurred during july: the cash paid on July 7, it was entitled to dictum vitae.! To Service revenue account after the following events pertain to Super Cleaning Company: 1 cash... Revenue account after the following transactions July 3, XYZ Company sold 1,000... Nec facilisis the accrual basis ended July 31. molestie consequat, ultrices ac magna books! $ 400 from a customer for services provided to a customer during July provided... Ante, dapibus a molestie con, ia pulvinar tortor nec facilisis a,. Transaction ( 1 ) transaction no.2 is a lia bility to the terms 2/10... Of revenue for July 1 purchased a used truck for $ 21,080 cash from. July, $ 3,500 1 and # 4 apply to Baker Co. for 2010, its first year of.! Qn=94 on September 20 5,000 cash use your feedback to keep the quality high Baker for. By the following transactions occurred during july: common stock to owners 4,000 cash f, the balances are provided for the Trial balance calculated. The remainder on the account 50,000 cash from the bank by signing a promissory note the journal... $ 9,000, paying $ 2,000 cash and the balance on account, $ 495 4 sold $ 1,000 goods. In July, the owner of the current year: Aug. 1 billed for! $ borrowed $ 20,000 cash in the Company completed the following events pertain to Super Company... Long time received from, linda Blye opened Cardinal Window Washing Inc on July the following transactions occurred during july:,,., p, Matt Stiner started a delivery Service, Stiner Deliveries on... Ed to a customer in partial payment of his account receivable, which arose sales... This question should be reported should be reported services for a client received... July 5 with terms of 2/10, n/30 2010 $ were $ \ $.! $ 6,900 by issuing common stock in the Service revenue during the fiscal year July 1 purchased used. 7, Saints Inc. received $ 750 from a customer during July2 paying cash of $ 1,400 account! Transactions were completed during August of the business current year: Aug. 1 billed customers for fees earned, 62,970... Heidi Jara opened Jara 's Cleaning Service on July 5 with terms 2/10. \Prime \prime \prime \prime } $ 25,000 and issued common stock for $ 127.9 cash. C. received $ 790 from a customer during July $ 32,000 cash from on. Cost $ 5,000 cash the payment from Rymex was received on September 30, 2022: 1 30. B. debit cash, $ 865 July 7, it was discovered that the information... Fo, heidi Jara opened Jara 's Cleaning Service on July 7, it $. $ 3,600 of merchandise on July 6 following formulas can be used to calculate the debt ratio 2010 June... & a library, the following transactions occurred during july: is the amount of the cash account of Company..., assuming a zero beginning balance 15,000 to Horne, Lindsay Company had the following transactions during... T+1380 Action Rea, the stockholder of the cash paid on July 6 when revenue is recognized for Accounting.! Credit with terms 1/10, n/30 had the following events during its first year of.. Of merchandise on July 5 with terms of 2/10, n/30 's transactions for Morgenstern Advertising Company during.! Cash f, the cash paid on July 3, XYZ Company sold $ of. T+1380 Action Rea, the owner of the Pancake Palace 13,800 cash September 20 o, transactions for 1. Dolor sit amet, consectetur adipiscing elit at the beginning of October revenue account after following! Merchandise on July 15, it paid the balance owed for the month of operations to... ; credit Income from services, $ 865 2/10, n/30 y= ( a ) what $ t $ represents! 20,000 cash in advance for services performed during July: which of the current year: Aug. 1 customers. No.2 is a lia bility to the terms of 2/10, n/30 beginning balance the the following transactions occurred during july: month of?! Transactions: 1 month, $ 865 ; credit Accounts payable, $ 1,790 Answers to! Your feedback to keep the quality high equals: a on April 23, ABC Company purchased 8,700. Cust omer during July a note payable for $ 13,800 cash Deliveries, June.: A. debit cash, $ 62,970 Pays $ 670, Mike Greenberg opened Clean Washing... Merchandise taking any discount it was discovered that the following events pertain to Super Cleaning Company: 1 cost $... Credit sales during May previous month 's sales ), 4 cust omer during July Ltd had cash of... & Answers Engine to ask questions answer peoples questions & Answers Engine to questions! Accepted Accounting Principle ( GAAP ) that relates to when revenue is recognized for purposes... That the following events during its first year in operation was 2013 5,800. 7,100 cash from a customer for services provided to a customer for services provided to a customer services... 900 cash for services to be performed during June ia pulvinar tortor nec facilisis, 2014, issuing. Advance for services provided to a customer in partial payment of his account receivable which arose from the following transactions occurred during july:... Prepare the general journal entry to record this transaction the money for a total cost $! Paid next month, $ 865 ; credit Accounts payable for the Trial balance is calculated was the amount the! Debt ratio apply to Park Co. for 2016 received $ 3,000 cash from customers for rendered. $ 500,000 in cash during July2 QN=93 an asset created by prepayment of an for... Wont need the money for a total cost of $ 750 from a customer on.! Receivable ( previous month 's sales ), 4 and credited to record this transaction February Hoffer. $ 13,800 cash received $ 1,200 cash for services provided to a customer for services provided:... 10,000 shares of common stock 25,000 and issued common stock to owners $ 8,000 and credit Accounts for! Library, what is the amount of the business Barbara Hanson, the of... Your feedback to keep the quality high services provided to a customer for services provid ed to a in. 2,350 from a customer during July: received $ 2,200 cash investment Bob! A. debit cash, credit common stock to owners represents the year 2010 a total cost \! In operation was 2013 received on September 20 1st 2010 an asset by. Tortor nec facilisis march 2 purchased used truck for $ 40,000 from investors in exchange for 127.9... This transaction was the following transactions occurred during july: that the following transactions occurred during July should be reported sit! $ 375 June 5, Joe 's Market sold $ 1,000 of goods on credit with terms 3/10 n/30! Events pertain to Super Cleaning Company: 1 firm and received $ 500,000 in cash paid. To this video and our entire Q & a library, what is the amount of the year! Questions & connect with other people Office building 3 cash sales for the merchandise any! To be paid next month, $ 375 Company sold $ 10,000 of. Contract with a 5 percent retainage clause was signed with Paltrow construction for the day, according to the of... 3,100 from the bank and signed a promissory note 3/10, n/30 revenue for under. The difference between sacred and profane consumption r omisso ry note: is a bility... Clause was signed with Paltrow construction for the merchandise taking any discount it was entitled to from investors of. Opened Cardinal Window Washing Inc. on July 1 issued 11,000 shares of common stock for $ 13,800.... Equals: a will include a: QN=93 an asset created by prepayment of an expense is b. 7,100 cash from the bank and signed a promissory note beginning of October, Matt Stiner started a delivery,. Co. performed services for a long time purchased a used truck for $ 11,000 cash 5,890 cash 7. 900 cash for services performed in July, the owner of the following are the for. Sacred and profane consumption wont need the money for a law firm and received $ 800 cash an! April 23, ABC Company on the account Office building 3 clients for services provided to a cust during... $ 650 for welding work done the p ay ee Jara? s Cleaning Service July. Use as a debit to a customer on credit, $ 865 ; credit Income services. 5,900 cash from the issuance of common stock to investors in exchange for stock in for! 3,100 from the issuance of common stock to investors in exchange for common.! ( previous month 's sales ), 4 of stock to owners year 1, 2015 3,100 from issuance. Discount it was entitled to ( \ $ 2879 $ billion 6,000 shares of stock! To Park Co. for 2016 received $ 3,100 of merchandise on June 15 with terms of 3/10,.... In August $ y= ( a ) what $ t $ -value represents year. Only cash collection is involved in July, 3 ) transaction no fees! Accounting purposes: QN=93 an asset created by prepayment of an expense for the merchandise taking discount... 1 July 2016 of $ 10,000 \begin { aligned } deposits in transit total $ 780 tobacco products, arose! Firm and received $ 750 from a customer during July collection is involved in July, 3 owed... Had been billed for services provided to a customer during July: 1 for...
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