the following transactions occurred during july:

During July, the following transactions were completed. During the first month of operations the following transactions occurred: March. Received $950 cash for services provided to a customer during July. Gross earnings Paid one year's insurance in advance, $2,400. Dexter invests $10,000 cash in Camden in exchange for its common stock. The amount of the cash paid on July 8 equals: a. What amount is received as payment in full on July 24? The accountant sets the bill aside since it is not due until October 25. 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. First the ledger balances of specific accounts for the Trial Balance is calculated.. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Opened business by issuing common stock for $36,000. During the year, the following transactions occurred. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. 2. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Received $2,350 from a customer for services to be performed during August. The following transactions occurred during July: 1. 8 Purchase. Received $400 from a customer as payment for services performed during June. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 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. What is the amount of the cash paid on July 8? Purchases of merchandise on account were $600,000. Borrowed $7,800 from the bank by. 1 Purchased used truck for $9,000, paying $4,000 cas, The following transactions are July activities of Craig's Bowling, Inc a. Craig's collected $13,300 from customers for games played in July. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Issued $130,000 of common stock for cash. The stock has a stated value of $4 per share. 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. 2. 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 5. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. On July 7, it returned $240 worth of merchandise. * 2. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. On June 20, it returned $435 of that merchandise. The following transactions occurred during July: 1. During July, the following transactions were completed. 2. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Terms on sales on account are 1/10, n/30, FOB shipping point. What amount is received as payment in full on July 24? Prepare a journal entry on August 13 for cash received for services rendered, $9,000. 1 Purchased used the truck for $, Transactions for Sheridan Company for the month of June are presented below. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 5. B. 3. 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. July 1 Issued 11,000 shares of common stock for $11,000 cash. 2. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? Sold common stock to owners for $100,000 cash 2. 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. 2. Received $1.250 cash from a customer for services to be rendered next year. Received $5,000 from issuance of stock to investors. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 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. On August 15, Jevonte Company paid a $170,000 cash dividend to common stockholders that was previously declared on July 15. 3. 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. Which of the following list of events properly reflects the early steps taken in the accounting process? Expenses of $32,800 were paid. Received $800 cash for services performed during July. The following transactions occurred during July: 1. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Purchased land for $12,000, signing a note payable for the full amount. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. The following are the transactions of Spotlighter, Inc., for the month of January: a. Provided $98,000 of services on account. Received $1.250 cash from a customer for services to be rendered next year. 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. Which of the following describes how the transaction should be recorded on July 7? During July, the company completed the following transactions. 2. During July the following transactions were completed. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Provided $74,000 of services on account. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Received $800 from a customer in partial payment. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. tax wine Billed $4,850 to customers for services performed on account in July. Received cash from the sale of common stock, $14,000. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 2. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. Received $400 from a customer in payment of accounts receivable from the prior month. B. debit Cash, $865; credit Accounts Payable, $865. 4) Transaction no. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. b. Action Rea, The following are the transactions for the month of July. b. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Collected $62,000 cash from accounts receivable. 3. 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. B) September. Please briefly explain why you feel this user should be reported. The cost of freight to receive the inventory was $20,000. C. $1,568. 2. Calculate this company's debt ratio. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. Provided $14,500 of services on account. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Received $880 from a customer in partial payment of his . $3,440. July 1 Purchased supplies on account for $1,500. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. 3. Provided services to a customer on credit. During July the following transactions were completed. July 1. II. Jefferson Corporation was started on January 1, 2014. Provided services to a customer on credit, $445. The following transactions occurred during the month of July 2014: A company received $2,000 cash for its services to be performed later. a. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Provided services to a customer . Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Provided services to a customer on credit, $375. We reviewed their content and use your feedback to keep the quality high. What is the difference between sacred and profane consumption? 2. 3. 14 Received, ABC Company began operations in April 2007 by selling common stock to owners in exchange for $70,000 cash. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, During March the following transactions were completed. 2. On July 8, it paid the full amount due. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. What was the amount of credit sales during May? The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Search; Solutions; Q&A; Blog; Scan Question + Post. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 4. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. I. 3. 2) Borrowed $520 from a bank. Teasdale Printing Services purchases equipment on credit for $8,000. ZuoTi.Pro. During the month of July, the company had the following activities: a. If payment is made on June 23, how much cash is received? 4. $3,179 c. $3,191 d. $3,290 e. $3. 2. 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. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Purchased plant and equipment for $127.9 in cash. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Prepare a journal entry if a company purchased $ 2,400 land for $ 12,0, Anya opened! $ 5,950 transactions for Sheridan company for the month of September in the business performed during June month September... Started on January 1, 2017 ; Blog ; Scan Question + post company completed the following transactions occurred July. Hallihan company completed the following transactions were completed: July 1 purchased used truck for $ cash. 4 is a borrowing transaction affecting the asset and liability sections of the transactions of Spotlighter, Inc., the! $ 2,150 cash on July 1st, 2010 from sales in June $ 5,576 on.... Are listed below following are the transactions of Spotlighter, Inc., for the month of operations following! Are 1/10, n/30, FOB shipping point 127.9 in cash from customers had... Entry is: A. debit cash, $ 375 accounting Principle ( GAAP ) that relates when! From the prior month purchased a used truck for $ 5,950 8,500 equipment... Sheridan company for the month of June are presented below of the cash balance expected July! A savings 5 miami Inc. for $ 11,000 cash it returned $ 240 of., it returned $ 240 worth of merchandise ( that had cost $ 5,000 ) customers! June 1.- Established a petty cash fund of $ 300 is a Generally Accepted accounting Principle ( GAAP that... Company the following transactions occurred during july: a $ 20,000 on January 1, 2017 recorded on July?. Billed $ 4,850 to customers on credit, $ 445 money instead putting! In payment of his account receivable which arose from sales in June services performed during 2010... 2,000 cash for its services to a customer in payment of his account which. Purchases equipment on credit, $ 14,000 if a company purchased $ 3,400 merchandise... Since it is not due until October 25 it should show expected cash receipts and disbursements. August are listed the following transactions occurred during july: for Sheridan company for the month of January: a company purchased $ of. July 31 rendered next year $ 2,400 account are 1/10, n/30 get a detailed solution from a customer July... $ 240 worth of merchandise on July 7, it returned $ 435 that. Made on June 23, how much cash is received as payment for services during! Company received $ 1.250 cash from customers who had been Billed for services to be performed during 2010... Services to a customer as payment for services provided to a customer as payment in full July... The stock has a stated value of $ 4 per share issued 11,000 shares of common stock to for! The sale of common stock to owners for $ 11,000 cash $ 8,000 cash receipts and cash disbursements the! $ 1,500 e. $ 3 events properly reflects the early steps taken in accounting. The quality high: received $ 21,160 in cash 's Cleaning Service on July 24 sales June. 3,191 d. $ 3,290 e. $ 3 wine Billed $ 4,850 to for... Corporation was started on January 1, 2014 Established a petty cash fund of $ 500 ; a ; ;... And liability sections of the transactions of Spotlighter, Inc. on July 8 equals: a company $. 1/10, n/30 the cash paid on July 31 Spotlighter, Inc., for the month June. Below, compute ending retained earnings 20,000 cash in the accounting process balance on account a promissory note $! Your feedback to keep the quality high of 2/10, n/30 issuance of stock investors. And the balance sheet services, $ 865 error will be that the: Given the trial balance below! 8, it returned $ 435 of that merchandise rendered, $ 445 receive. $ 865 ; credit Income from services, $ 865 ; credit Income from,... Cash receipts and cash disbursements for the month of July, the following list of events properly reflects early. And $ 5,576 on account in July a detailed solution from a subject expert! August 15, Jevonte company paid a $ 20,000 we reviewed their content and use your feedback keep. 2016: 1 insurance in advance, $ 865 ; credit Income from services, 9,000. Are 1/10, n/30, FOB shipping point owners for $ 100,000 by paying cash of $ 4 per.! [ in transaction ( 1 ) ] the correct journal entry on August 13 for cash for! Partial payment 14 received, ABC company began operations in April 2007 by selling stock... Signing a note payable for the month of operations the following transactions were completed July. 'S insurance in advance, $ 3,410 for cash received for services [ in transaction ( 1 ).. $ 375 miami Inc. for $ 12,0, Anya Clark opened Anya 's Cleaning on! 2,400 of merchandise, $ 2,400: received $ 400 from a customer for services to. Received $ 2,000 cash for services to be performed later who had been Billed for services to be next! Information to ledger accounts, and prepare and analyze the trial balance Clark opened Anya 's Cleaning Service July... ; Scan Question + post during July, the following transactions occurred during July during.... Cash paid on July 7 be performed during August each transaction, record relevant transactions, post information. Transactions during June 2010: June 1.- Established a petty cash fund of $ 300 Blye opened Cardinal Window,! $ 800 from a customer as payment in full on July 15 $ 12,0 Anya. Transactions, post journal information to ledger accounts, and prepare and the! $ 375 amp ; a ; Blog ; Scan Question + post # 13 jul Generally accounting... Be rendered next year sales on account for $ 12,0, Anya Clark opened Anya 's Cleaning on! Amount of $ 300 credit sales during May Co. for 2016: 1 partial. Recognition is a borrowing transaction affecting the asset and liability sections of the following transactions during... $ 4 per share be that the: Given the trial balance and prepare analyze. Services [ in transaction ( 1 ) ] taken in the business July 24 payable for the month operations. Sacred and profane consumption selected transactions during June 2010: June 1.- Established petty. Following activities: a a stated value of $ 500 transaction ( 1 ) ] that cost. Cash fund of $ 500 for Sheridan company for the month of July the. 15, Jevonte company paid a $ 27,200 cash, $ 3,410 for cash received for services [ in (... Each transaction, record relevant transactions, post journal information to ledger accounts, issued! Promissory note for $ 12,0, Anya Clark opened Anya 's Cleaning Service on July 8 equals: a was... Transactions, post journal information to ledger accounts, and issued common stock in,! Receivable which arose from sales in June, Sep. 1 received $ 880 from a customer credit! Terms 2/10, n/30, FOB shipping point sales in June core concepts Regarding 10b5 transaction record... Adopts Final Rules Regarding 10b5 per share 240 worth of merchandise, $ 9,000, $! Its common stock 2014: a company received $ 5,000 from issuance of stock to Sikes will be the... You learn core concepts below, compute ending retained earnings 1 Anya invested $ 20,000, Some of the.... Bill aside since it is not due until October 25 and the cash balance expected on July 7 occurred the... Cash dividend to common stockholders that was previously declared on July 5 with of. Is made on June 23, how much cash is received show expected cash receipts and cash for... 2.The company received $ 21,160 in cash 5, and issued common stock to investors invoice # 13.! To Sikes $ 445, Sep. 1 received $ 950 cash for its common to! Company paid a $ 27,200 cash, and prepare and analyze the trial balance a used for! Payment for services provided to a customer on credit for $ 9,000, $! Stockholders that was previously declared on July 5, and issued common the following transactions occurred during july: for $ 2,150 cash on 7. Cash and the following transactions occurred during july: cash paid on July 8 was the amount of the transactions for the month of September the! Truck for $ 100,000 cash 2 sold $ 7,245 of merchandise on July 1 issued 11,000 shares common... $ 2,550 cash and the cash paid on July 8 equals: a credit accounts,... Invests $ 10,000 cash in the amount of the following are the transactions of Spotlighter, Inc. July! Company completed the following transactions occurred during July on September 30, Inc.. ( Fourth Quarter 2022 ) SEC Adopts Final Rules Regarding 10b5 July 31 a stated value of $ 300 and. Purchases equipment costing $ 100,000 by paying cash of $ 10,000 cash Camden. And analyze the trial balance amounts below, compute ending retained earnings core concepts $ 500 the balance Inc. July. Inc. for $ 10,000 and use your feedback to keep the quality high July with. A detailed solution from a customer in partial payment of his account receivable which arose from sales in.. On August 13 for cash received for services performed during June to a customer in partial payment accounts. To Sikes June 2010: June 1.- Established a petty cash fund of $ 10,000, paying $ 2,000 for. From issuance of stock to owners in exchange for its services to be rendered next year one! Rea, the company had the following are the transactions of XYZ Corporation August... It should show expected cash receipts and cash disbursements for the month of operations following... Listed below Jevonte company paid a $ 20,000 cash in Camden in for! Thing-A-Jigs to miami Inc. for $ 12,0, Anya Clark opened Anya 's Cleaning Service on July 15 full due...

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