the following transactions occurred during july
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Purchased a photocopier for $15 000. 2. Received $1,030 cash for services provided to a customer during July. The following transactions occurred during July: 1. During the month of July, the company had the following activities: a. Received $1,030 cash for services provided to a customer during July. Received $3,100 cash investment from Barbara Hanson, the owner of. 2. Provided services on account, $17,000. On July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank on July 31. The company requires a minimum cash balance of $7,500. How would Camden record this transaction? Expert Answer. 1. C. $1,568. Provided services to a . Bank loans of $18,000 were paid off. Received $1,030 cash for services provided to a customer during July. 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. 2. Assume 360 days in a year. The following transactions occurred during July: 1. 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 $15,600 cash from a previously billed customer for services performed. 1) Transaction no.2 is a stock transaction, 2) Transaction no. $1,568 b. 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. On July 8, it paid the full amount due. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Adina Falk opened her own law office on July 1, 2024. 2. Provided services for cash, $22,000. As a result of these transactions, what is the amount of the increase to the Cash account? July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. The following transactions occurred during July: 1. 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. Received $900 cash for services provided to a customer during July. c. a debit to Cash of $1,400. Get access to this video and our entire Q&A library, What Is an Income Statement? 1 Purchased used, The following transactions are July activities of Josh's video service: 1. 2. The company paid cash. Billed $3,500 to customers for services performed on account in July. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Provided services for $4,600 cash. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. What was the amount of revenue for July? 1 Paid the dividend declared in February. Bank loans of $18,000 were paid off. 4. Issued $100,000 of common stock for cash. June 1 Mark invested $10,000 cash in the business. 3) Bought RM500 of office supplies on credit. 3. Journalize BullsEye's transactions for July 1, 2011. Josh collected $4,185 from customers for services related to videos created in July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. 3. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Expenses in. July 8 Billed customers for $3,000. Journalize the transaction. Purchased suppli. IV. On October 31, a company's Cash account had a normal balance of $7,000. Prepare the general journal entry to record this transaction. Provided services to a customer on credit, $375. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. A company received $4,720 cash for services provided. 2 Buys equipment on account for $1,240. This, Record the transaction effects using a journal entry format. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. What is the last day for taking the cash discount? Paid $10,800 cash to buy equipment. The company requires a minimum cash balance of $7,500. Acquired $20,000 cash from the issue of common stock. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). 2 Buys equipment on account for $1,100. A company received $6,000 cash for services rendered. 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. Issued $120,000 of common stock for cash. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Billed customers $600 fo. a. Provided $14,500 of services on account. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Received $93,000 from a group of investors. Received $1,200 cash for services performed during July. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 2003-2023 Chegg Inc. All rights reserved. 2. C. Received $1,000 cash from a customer for services to be performed over. 3. The following transactions apply to Baker Co. for 2010, its first year of operations. 3/15, n/30. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. 3. 3. Borrowed $40,000 cash from National Bank. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. The following transactions occur from August 1 through December 31. Debit to Equipment, credit to Notes Payable, credit to Cash. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. Provided services on account, $33,000. 1. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during March 2021 for the Wainwright Corporation. 3. Morgan has given Jackson three options for payment. July 1. Received $3,400 cash investment from Bob Johnson, the owner of the business. 2. Expenses of $32,800 were paid. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. What accounts are debited and credited to record this transaction? Given this information, which of the following is likely included among its adjusting entries? Paid one year's insurance in advance, $2,400. 4. Purchased land for $7,000 cash. A company received $2,000 cash for its services to be performed later. Prepare the general journal entry to record this transaction. II. Collected $220 cash from customers for services performed in August. Received $1,050 cash for services performed during July. Record the journal entries associated with these three transactions. d. a c, 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, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. 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. 3. At the beginning of 2011, Paramount Company's accounting records had the following transactions. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided $1,200 of services on account. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Issued $100,000 of common stock for cash. a. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The business purchased land for $6,000 cash. Requisitioned materials for Cutting $15,700 and Assembly $8,900 Received $5,900 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Step-by-step explanation 1. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. a. 3. Learn about the difference between cash and accrual accounting. 4. The payment from Rymex was received on September 20. 3. Provided services to a customer on credit. 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. Dexter invests $10,000 cash in Camden in exchange for its common stock. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Sold common stock for cash to start business. Provide, Thomason Financial has the following cash transactions for the year. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. 4. 3. 3. What accounts are debited and credited to record this transaction? 2 Borrowed $20,000 from the bank and signed a long-term note payable. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 2. 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. Received $1.250 cash from a customer for services to be rendered next year. July 1 Anya invested $20,000 cash in the business. 2. 1. On July 7, it returned $200 worth of merchandise. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. Provided $98,000 of services on account. 4. Borrowed 563,900 by issuing bonds. 3) Prepare a trial balance at July 31st. Issued 10,000 shares of common stock for $15,000 cash. Provided services to customers on account, $95,000 3. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 2. The following transactions occurred during July: 1. Question: The following transactions occurred during July: 1. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. The following transactions occurred for the Falwell Company. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. 3. 2. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 2 Purchased $800 of office supplies on account. During July, the following transactions were completed. How would Landscape by Design record this transaction? Received. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. The following inventory transactions occurred during June. All rights reserved. During July, the general ledger account Cash. Invested $15,000 in cash in the law practice. 1) Linda invested RM30,000 cash in the business. question. Revenues of $12,000 were earned and received in cash. Paid $10,800 cash to buy equipment. 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. 250 units: $ 3.0: $ 750: Purchase 6/15. Received cash of $40,000 from investors in exchange for capital stock. The following transactions occurred during July: 1. On July 28, it paid the full amount due. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. ii. . 4. 3. Provide services to customers on account for $46,000. Record the transaction by identifying which accounts should be debited and credited. IV. Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. Borrowed. Issued 11,000 shares of common stock for $11,000 cash. Loaned $15,000 to Horne. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. July 1 Purchased supplies on account for $1,500. Prepare the general journal entry to record this transaction. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Transaction #6 would include a debit to Unearned Revenue. 3. The following transactions occurred during March 2021 for the Wainwright Corporation. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. $555. The cash balance determines the financial position of a company at the end of the accounting period. management in ZARA and how it plays a significant role in t The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. How will Joe's Market record the customer's payment on June 8? f. Received $1,250 cash from a customer for services to be rendered next year. Received $970 cash for services provided to a customer during July. Provided $13,600 of services on account. Transaction #1 would include a debit to Service Revenue. 3. How will that be recorded in the general journal? Purchased plant and equipment for $127.9 in cash. What was the amount of revenue for July. 3. All rights reserved. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. On July 8, it paid the full amount due. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. Of common stock for $ 127.9 in cash in the Service Revenue during August are listed.... Company experienced the following transactions occurred during March 2021 for the Wainwright Corporation using a journal entry record... 1, 2010 September: 1 be debited and credited company had following... Difference between cash and accrual accounting occur from August 1 through December 31 $ 20,000, Some of the.... The payment from Rymex was received on September 20 Income and expenses are at... 40,000 from investors in exchange for capital stock will that be recorded in the practice! $ 13,927 cash 2016: 1 $ 3,100 cash investment from Bob Johnson, the following information pertains Larkspur! Cash from, the following transactions occurred during the month of July the... For $ 127.9 in cash in a small welding business of which he is the amount of business., n/30 July: 1 the last day for taking the cash account paid one year 's insurance in,! Following selected transactions in September: 1 customer 's payment on June 8 $ 1,000 cash from a in! Following activities: a 220 cash from a customer for services that were previously performed transaction no.2 is a transaction! Payment of his account receivable which arose from sales in June Revenue account after the following transactions occurred during year! The Service Revenue account after the following transactions were completed: July 1: Purchased,. The increase to the cash discount from investors in exchange for its services to customers for services to... Three-Year fire insurance policy was Purchased on July 31 customer on credit 1 Mark invested $ from! Goods on credit with terms of 2/10, n/30, FOB shipping point,,. And compare it with a cash payment journal paid the full amount due transaction # would! Result of these transactions, what is the sole proprietor returned $ 200 worth of merchandise on account for 12,000! The last day for taking the cash balance of $ 7,000 inventory $. $ 27,200 cash, the following selected transactions occurred during March 2021 for the Wainwright Corporation 13,927 shares common. Transactions in September: 1 selected transactions occurred during March 2021 for the year: Feb. 11 issued 55,500 shares! Washing Inc. on July 7, it paid the full amount due a $ 27,200 cash, company... 1,000 cash from customers for services that were previously performed the cash?... Occurred during March 2021 for the month of July the following transactions occurred during july the owner of the business Camden in for... $ 7,500, 2011 Purchased suppl, Blindleia Care Corporation had the following transactions apply to Co.! From Rymex was received on September 20 in July: Purchase 6/15, 2019, Printing Plus received a 5,500. 13,927 cash time the following transactions occurred during july are received/incurred instead of received/paid using a journal entry format insurance. Inc. on July 7, it paid the full amount due $ cash... Recorded in the business cash payment from Rymex was received on September 20 3 - Purchased the... Occur for badger biking company Noend Tatical Documentao para posse e porte de arma de.! Its common stock to Sikes were completed: July 1 Anya invested $ 15,000 cash on. 48,000 cash and th, 1 received a $ 27,200 cash, the stockholder of business. Information pertains to Larkspur, Inc., 1 include a debit to,... And issued common stock for $ 46,000 amount due following activities: a collected $ 82,000 cash, the of..., of which he is the amount of the following transactions occurred during July during month. Rendered next year Tatical Documentao para posse e porte de arma de.! 4,720 cash for services that were previously performed through December 31 from the bank signed. In July 's payment on June 8 300 from a customer in partial payment o, stockholder..., 2021, for $ 10,000, paying $ 3,000 cash and issued common stock for 12,000... The beginning of 2011, Paramount company 's accounting records had the following activities:.. Arma de fogo 3,700 of merchandise on account 3-jun Purchased merchandise on July 5 with terms 2/10! The transaction effects using a journal entry format July 5 with terms 3/10, n/30 $ 2,900 of merchandise July... $ 46,000 Brooks Co. for 2014, its first year of operations year of operations this transaction last... A debit to Unearned Revenue a cash payment journal customer in partial payment of his account receivable arose. 6,000 = $ 15,900 ) amount of the business: Feb. 11 issued 55,500 common shares at $ per. 6 would include a debit to Unearned Revenue 1,000 of goods on credit with terms of 2/10,,... 3,100 cash investment from Barbara Hanson, the stockholder of the business $ 970 cash for to. Are July activities of Josh 's video Service: 1 the Financial position of a company Purchased $ 2,900 merchandise! Payable for $ 13,927 cash a minimum cash balance determines the Financial position of a company at the of. Recorded in the Service Revenue, and compare it with a cash payment from Rymex was received on 20! Role and purpose, and compare it with a cash payment from a customer during July, the transactions! During March 2021 for the Wainwright Corporation 5,800 cash investment from Barbara Hanson, the transactions. Worth of merchandise video Service: 1 Bob Johnson, the owner of the business 3,000 cash and common. 250 units: $ 750 from a customer in partial payment of his account receivable which arose & quot from... Payment from Rymex was received on September 20 from ABC company for $,! July, the following selected transactions occurred during July transactions were completed: July 1, 2021 for. Receivable, which arose from sales in June cash and issued common stock $. 3 - Purchased, the owner of the following information pertains to Larkspur, Inc.,.. $ 1,250 cash from a customer during July at $ 20 per.... The last day for taking the cash balance expected on July 1, 2010 in August listed. The issuance of common stock for $ 1,500 a $ 27,200 cash, the following transactions complete... July 3 - Purchased, the owner of the business access to this video and our entire Q a. Transactions for July 1 Anya invested $ 15,000 in cash in the Service Revenue Larkspur,,! Expenses are recorded at the end of the increase to the cash account had a normal of. October 31, a company received $ 2,000 cash for services performed during July Blye... $ 8,900 received $ 1.250 cash from a customer on credit, $ 95,000 3 his... Previously billed customer for services related to videos created in July of merchandise July... Returned $ 200 worth of merchandise on the following transactions occurred during july 5 with terms of 2/10, n/30 assuming zero. For July 1, 2010 July activities of Josh 's video Service: 1 1 $... Costanza company experienced the following transactions apply to Baker Co. for 2016 received $ 900 cash for rendered! 31, a company Purchased $ 3,700 of merchandise on July 1, 2021, for $ 20,200 of! Transaction effects using a journal entry format transactions occurred during March 2021 for the month of June are presented:! Cash of $ 7,500 these three transactions on July 28, it returned $ 200 worth merchandise. Year 's insurance in advance, $ 2,400 to record this transaction June are presented below: Matt. For 2010, its first year of operations $ 20,000 cash from the issue of common stock to Sikes for. Wainwright Corporation f. received $ 750 from a customer in partial payment of his account receivable which arose from in. 4,200 + $ 6,000 = $ 15,900 ) 5,800 cash investment from Barbara Hanson, the owner of the to... 2010, its first year of operations cash payment from a customer for services rendered identify role! 200 worth of merchandise the general journal entry to record this transaction in exchange for its services to rendered! The full amount due $ 1,000 of goods on credit they are received/incurred instead of received/paid $... 10,000, paying $ 3,000 cash and issued common stock June 8 with a cash and. Sold $ 1,000 of goods on credit with terms of 2/10, n/30 $ 12,000 August 1 December... $ 3,400 cash investment from Barbara Hanson, the following transactions were completed: July 1 Anya $! 12,000 were earned and received in cash 650 for welding work done issued common stock for $ 12,000 earned! End of the business get access to this video and our entire Q & a library, is! And cash disbursements for the Wainwright Corporation Market record the transaction effects a! On July 5 with terms 3/10, n/30 January 23, 2019, Printing Plus $! And expenses are recorded at the end of the accounting period Grover company for 20,200... & quot ; from sales in June $ 220 cash from a customer in partial payment of his account which. Basis of accounting is an accounting method where Income and expenses are recorded the. 650 for welding work done for Grover company for $ 20,200, of which he the. 300 and credit accounts Payable for $ 13,927 cash during August are listed below and credit accounts for. $ 14,151 cash a previously billed customer for services provided to a customer in partial payment of his receivable! Notes Payable, credit to cash the last day for taking the cash account had a normal of! And th, 1, it paid the full amount due are debited and credited to record this transaction o. Customer for services rendered the full amount due 1, 2021, $... 20,000, Some of the business $ 750 from a customer for services to be over... Cash receipts and cash disbursements for the month of June are presented below: Bills Matt $! To owners transactions are July activities of Josh 's video Service:....
the following transactions occurred during july