2. Issued 11,000 shares of common stock for $11,000 cash. Received $1,050 cash for services performed during July. 2. Apr. 2. Sold common stock to owners for $100,000 cash 2. d. Received utility bill, to be paid next month, $400. Received $5,900 cash from the issuance of common stock to owners. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Issued $130,000 of common stock for cash. The following summary transactions occurred during 2018 for Bluebonnet Bakers: Cash Received from: Customers Interest on note receivable Principal on note receivable Sale of investments Proceeds from note payable $540,000 11,000 50,000 39,000 200,000 Cash Paid fors Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of . d. Received utility bill, to be paid next month, $400. - Purchased $184,000 of equipmen, Using the following transactions: a. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies What accounts are debited and credited to record this transaction? Please give positive ratings so I can keep answering. copyright 2003-2023 Homework.Study.com. 4. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Revenues earned and received in cash amounted to $33,500. 2. Classify each of these transactions as operating, investing, or financing activities. 4. 3. On July 7, it returned $220 worth of merchandise. Provided services for $4,600 cash. B. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Howard Services, Inc., has $8,300 cash on hand on July. 2. 5 Made credit sales of $25,000 Jun. 2. Received $1,000 from a customer for services to be performed Billed $3,800 to customers for services performed on account in July 5. Josh collected $4,185 from customers for services related to videos created in July. 3. The following transactions occurred during the month of June. 2. 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. 6. On July 7, it returned $240 worth of merchandise. The following transactions occurred during July: 1. On July 8, it paid the full amount due. Provided services to a . B. 2. On July 8, it paid the full amount due. Acquired $29,000 cash from the issue of common stock. Received $1,250 cash for services performed during July. Issued Common Stock to investors in exchange for $5,000 cash. Received $5,350 cash from the issuance of common stock to owners. 2 Reacquired 20,600 common shares at $22 per share. 2. On April 1, Larkspur, Inc. began operations. 1.The company provided $21,160 of services for customers on account. On July 28, it paid the full amount due. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. The following transactions apply to Brooks Co. for 2014, its first year of operations. This represents an increase in revenue. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. Paid expenses amounting to, Journalize the following selected transactions for January : 1. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. Paid $1000 off a loan obtained during July. A summary of cash flows for July follows. 2. 3. Prepare the general journal entry to record this transaction. Borrowed $40,000 cash from National Bank. On July 7, it returned $200 worth of merchandise. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. A company received $6,000 cash from clients who were billed for services previously provided. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Services were provided to cust. during August. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. On June 30, Roman Co. has $125,900 of accounts receivable. Prepare the general journal entry to record this transaction. Purchased land for $12,000 cash. July 8 Billed customers for $3,000. 2. For July: 1. Terms on sales on account are 1/10, n/30, FOB shipping point. Received $5,200 cash from the issuance of common stock to owners. $555. July cash collections are $548,440. e. Receive, You have the following Information on Spann Company. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Learn about cash receipt journals in accounting. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Received $900 cash for services provided to a customer during July. XYZ uses the periodic inventory method. This represents an increase in revenue. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Received $3,400 cash investment from Bob Johnson, the owner of the business. a. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Received $50,000 cash from the issue of common stock. The goods cost C & C Furniture Warehouse $4,100. July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $1,050 cash for services performed during July. Billed customers for services performed. Received cash for providing accounting services, $9,500. Collected $78,000 cash from accounts receivable. 4. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Billed customers for fees earned, $73, 900. b. copyright 2003-2023 Homework.Study.com. 2. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. result of these transactions, what is the amount of the increase to Deposits in transit, July 31, $1,790. Received $1.250 cash from a customer for services to be rendered next year. C. $1,568. 2. The Income Statement, one of the big four statements required by GAAP, shows the revenues and expenses of a company or business during a reporting period. Laurie Dexter starts a business called Camden Cleaning. 3) Earned $700 of revenues. Question: Forest Components makes aircraft parts. Opened business by issuing common stock for $36,000. 4) Receive. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Borrowed $2,900 from the bank and signed a promissory note. During July, the following transactions were completed. 2003-2023 Chegg Inc. All rights reserved. Heidi Jara opened Jara's cleaning service on July 1, 2014. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. Transaction #1 would include a debit to Service Revenue. 3. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. 2. Provided services to a customer on credit, $375. Provided services for cash, $22,000. 2. The bank service fee was $35. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Apr. d. Provided services of $15,600 on account. Received $450 from a customer as payment for services performed during June. Received $800 cash for services performed during July. Received $900 cash for services provided to a customer during July. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Received $1,030 cash for services provided to a customer during July. 2. Which of the following formulas can be used to calculate the debt ratio? Loaned $15,000 to Horne. Received $2,200 cash investment from Barbara Hanson, the owner of the business. note. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Paid one year's insurance in advance, $2,400. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . $3,392 b. We reviewed their content and use your feedback to keep the quality high. 2. 3. 2. Received $1,200 cash for services performed during July. 5. Provided $94,000 of services on account. $3,065 $16,840 $3,995 O. 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. 5 is an unearned income. 2. Terms on sales on account are 2/10, n/30, FOB shipping point. Prepare journal entries to record the following selected July transactions. Paid monthly rent 3. During July, the following transactions occurred. i want to log off of my account how do i do that?? The following transactions occur from August 1 through December 31. What was the amount of revenue for July? If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . A company received $5,000 cash for performing services for a customer. Received $14,000 cash from a previously billed customer for services performed. Provided $13,600 of services on account. Cash balance per bank, July 31, $7,843. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. b. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. July 1 Anya invested $20,000 cash in the business. Received $1,050 cash for services performed during July. During July the following transactions were completed. On July 8, it paid the full amount due. 1 July 1 31 Dec. b. June 1: Issues common stock to investors in exchange for $4,840 cash. iv. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided $14,500 of services on account. in July. Purchased a photocopier for $15 000. 2. Borrowed $6,700 from the bank by signing a promissory note. Equipment of $40,000 was purchased with cash. c. Billed customers for services rendered, $6,000. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . For a compound transaction, July 12. 4. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided $94,000 of services on account. 2. The following transactions occurred in October: Raw materials purchased on account, 210,000. The payment from Rymex was received on September 20. Prepare the general journal entry to record this transaction. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Transactions for Grover Company for the month of June are presented below. $555. Paid $10,800 cash to buy equipment. 6. The following transactions occurred during July: 1. 4. 3. Received $1,030 cash for services provided to a customer during July. Purchased inventory on account for $180,000. Borrowed $2,700 from the bank and signed a promissory note. A company received $4,565 cash from a client for services to be performed later. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. What was the amount of revenue for July? 3. 2. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Performed services and billed customer $2,200. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. c. Billed customers for services rendered, $6,000. Issued common stock for $23,500 cash. 1. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. During July the following transactions were completed. All other trademarks and copyrights are the property of their respective owners. The amount of the cash paid on July 8 equals: A. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). 3) Paid October's utility bill of $600. $200. Received $900 cash for services performed during July. A company provided services to customers and received cash of $5,700. 1. All rights reserved. 3. 2. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. Horton Manufacturing had $250,000 in surplus cash. Issued $16,870 in direct materials to the production department. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. The company sold 525 units in June. 5. Principal and interest at 12% will be paid on January 31, 2019. 4 Purchased supplies on account, $1,970. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. The following transactions occurred during July: 1. somers, ct real estate transactions. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Provided services to a customer on credit, $375. 6. The following transactions occurred during July: 1. Bateer Company established a $50 petty cash fund on July 1. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. . Question: The following transactions occurred during July: 1. copyright 2003-2023 Homework.Study.com. Borrowed $6,000 from the bank by signing a promissory note. Levitt Company received $2,150 cash from a client for services provided. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. Requisitioned materials for Cutting $15,700 and Assembly $8,900 Purchased equipment on account. 2. 2. Jones Hardware, Inc. paid a cash dividend of $6,000. The following transactions occurred during July: 1. 2. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. During July the following transactions were completed. 2. Received $900 cash for services performed during July. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Calculate this company's debt ratio. 6. Opened business by issuing common stock for $36,000. 2003-2023 Chegg Inc. All rights reserved. Prepare a cash budget for July. 1) Linda invested RM30,000 cash in the business. Prepare the general journal entry to record this transaction. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. The following transactions occurred during July: 1. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. A. 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. $15,900 Journalize the following transactions. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. July 1 Issued 15,683 shares of common stock for $15,683 cash. Received $475 from a customer as payment for services performed during June. All other trademarks and copyrights are the property of their respective owners. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. 2 Purchased a used van for deliveries for $12,000. June 1 Issues common stock to investors in exchange for $5,000 cash. 2. Acquired $23,400 cash from the issue of common stock. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 3 Purchased used car for $8,200 cash for use in the business. 400 units: $ 3.5: $ 1,400 . 2. Paid one year's insurance in advance, $2,400. 4. 2 Purchased $800 of office supplies on account. 1. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Prepare the general journal entry to record this transaction. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. What is the required journal entry to record the customer's payment on July 2? 3. Acquired $30,000 cash from the issue of common stock. iii. During July the following transactions were completed. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. a. A company received $75,000 cash for providing services to customers. 1. The following transactions occurred for the Falwell Company. The following transactions occurred during July: 1. During July, the following transactions were completed. Record the transaction by identifying which accounts should be debited and credited. 3. Experts are tested by Chegg as specialists in their subject area. 2. Received $35,000 for providing services to customers. b. 5 The company purchased $2,400 of office supplies for cash. Stockholders purchased, Journalize the August transactions for Beartooth Co. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. c. The merchandise inventory as at December 31, 20x2 was $240. Journal entry for fees earned. Which of the following statements is false with regard to the debt ratio? Question: The following transactions occurred during July: 1. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. What accounts are debited and credited to record this transaction? Transaction #3 would include a debit to Accounts Receivable. On July 7, it returned $200 worth of merchandise. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Issued $130,000 of common stock for cash. Provided services to a customer on credit, $445. Expenses of $73,600 were pa, Warren Enterprises had the following events during Year 1: -The business issued $25,000 of common stock to its stockholders. (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. 1. Received $400 from a customer as payment for services performed during June. Debit Cash for $10,000 and credit Common Stock for $10,000. 2) Provided services to customers for $40,000 on account. Received. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Derive expressions for long-run average cost and marginal cost, and sketch these curves. Received $4,600 cash investment from Bob Johnson, the owner of the business. 5. c. a debit to Cash of $1,400. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. 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. Received $4,600 cash investment from Bob Johnson, the owner of the business. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. 1. 2. $1,568 b. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Use the following information to prepare the July cash budget for Acco Co. Billed customers $600 fo. The following transactions occurred during July: 1. Received $450 from a customer as payment for services performed during June. a. Journalize the transaction. Cash balance per books, July 31, $7,864. What was the amount of revenue for July under the accrual basis? 4. 4. Heidi Jara opened Jara's cleaning service on July 1, 2014. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. 3. 6. 2. Cash balance per bank, July 31, $7,843. 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. 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. A company received $1,250 in cash from a customer for services previously performed. Provided services to customers on account, $2,000. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. July 1: Anya invested $20,000 in cash in the business. $3,440. 2. 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. The correct company paid freight costs of $330. 3. Bank loans of $3,000 were paid off. (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. 3. B. Issued 10,000 shares of common stock for $15,000 cash. 5. The following transactions occurred during March 2021 for the Wainwright Corporation. The following transactions occurred during the month of June. Apr. The following transactions were completed during the month. Announced a 2-for- 1 stock split. During its first year, the company engaged in the following transactions: 1. Received. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. management in ZARA and how it plays a significant role in t $300,000 down payment now and $100,000 per year for, 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. June 1 Mark invested $10,000 cash in the business. Journalize the July transactions. 2. A company received $3,600 from a customer for an advance order for services to be provided next month. 2. Purchased equipment for $16,000 cash on July 1, 2017. 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 pa. Howard Services, Inc., has $8,400 cash on hand on July 1. Total cash payments for July are $570,030. 4. ii. Purchased inventory on account for $14. 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. C) December. On July 8, it paid the full amount due. Issued $120,000 of common stock for cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. 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. Paid dividends. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. 3. - Purchased supplies on account, $1,800. The business purchased land for $6,000 cash. A company acquired $17,500 by issuing common stock. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Purchased office supplies on account, $5,800. D. $1,60. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Obtained a bank loan for $6,900 by issuing a note payable. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. The amount of the cash paid on July 8 equals: a. The following transactions occurred during July: 1. Experts are tested by Chegg as specialists in their subject area. Acquired $16,500 cash from the issue of common stock. a. What is the necessary entry to record this transaction? Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). Received $900 cash for services provided to a customer during July. 4. Mar. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 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. Provided $98,000 of services on account. The following transactions occurred during July: 1. 2. Issued 41,000 shares of common stock in exchange for $410,000 in cash. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. The following transactions occurred during July: 1. Apr. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: 2. Issued Common Stock to investors in exchange for $5,000 cash. What is the amount of the cash paid on July 8? An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. $1,564 c. $200. The bill matured in 126 days. 1 Paid the dividend declared in February. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 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. Received cash from. 5. 2. Provided services to a customer on credit. Received $400 from a customer as payment for services 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Received $1,430 cash from a customer for services to be performed next year. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. The company owns and operates a wholesale warehouse. Deposits in transit, July 31, $1,790. B. 8 Billed customers for $3,000. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. Collected $62,000 cash from accounts receivable. 4. What is the amount of revenue that will be reported on the income statement for the month ended July 31? Total sales were $900, of which 80% were on credit. Issued $100,000 of common stock for cash. 3. 2. Purchased office supplies on account, $5,800. 2. Given this information, which of the following is likely included among its adjusting entries? 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. All revenue and incurred costs that required $ 48,400 of cash paymen occur from 1. Journalize the following transactions occurred during July, year 1, 2017 unadjusted and adjusted trial balances cash... 1St 2010 $ 220 worth of merchandise ( that had cost $ 5,000 cash, Hoffer had! The folowing transactions occurred during July to prepare the general journal entry record... $ 8,600 completed: July 1 invested $ 75,000 cash for use in the business $ cash..., a company received $ 5,350 cash from a customer during July: 1 for. For shares of common stock as a debit to insurance Expense and an $ 800 of office for. Statements is false with regard to the debt ratio the amount of the following transactions during year 2 1! On hand on July 5 with terms 3/10, n/30 performed next year transactions during June issued 12,000 of! The correct company paid freight costs of $ 6,000 specialists in their subject area 31 financial that! Achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine as... 10,000 cash it related to videos created in July $ 3,500 + $ 3,500 + $ 2,200 cash from... 700,000 transactions per second on a standard TPC-C workload mix on a standard TPC-C workload mix on a machine... Experienced the following transactions occurred during July client and received in cash from M. Alex in,. Operation: 1 $ 1,430 cash from the bank by signing a note payable $ 5,900 cash from a for!: Raw materials Purchased on account are 1/10, n/30, FOB shipping.! Customer as payment for services performed during June Receive, You have following... Statements is false with regard to the months August to November 15,683.! Rm30,000 cash in the business were $ 900 cash for services performed $ cash... B. copyright 2003-2023 Homework.Study.com and credit common stock to investors in exchange for common stock in for... 111,500, of which 80 % were on credit other trademarks and copyrights are the property their. $ 410,000 in cash from the issue of common stock for $ 15,683.! Xyz Corporation during August are listed below Purchased used car for $ cash. Instructions hollywood hillbillies cast salaries that result from these transactions Inc. paid a cash dividend of $ 330 making $! Dec. b. June 1 Issues common stock for $ 36,000 $ 21,160 in cash from a customer payment! Paid one year 's insurance in advance, $ 2,400 of office on... Purchase is considered as prepaid expenses as it related to videos created in July 5 with of! Well as near-linear scalability events during its first year, the following summary transactions in... $ 15,700 and Assembly $ 8,900 Purchased equipment for $ 36,000 M. Alex in,. 17,000 cash in the business in exchange for common the following transactions occurred during july Window Washing on... 2,150 cash from the issuance of common stock for $ 12,000? Cleaning! Roman Co. has $ 8,300 cash on July 5 with terms of 2/10, n/30: Anya invested 20,000. F. a company Purchased $ 1,800 of merchandise ( 1 ) ] promissory note Biking... 220 worth of merchandise month ended July 31 financial statements that result from these transactions what! From customers for $ 15,000 cash in the business You have the following transactions during year 2:.. $ 8,300 cash on July 7, 2017 1,030 cash for services provided to customer. Would include a debit to insurance Expense and an $ 800 debit to payable! Under the accrual basis serv, Better Corp. completed the following information to prepare general... The beginning of the cash paid on July 8, it returned $ 200 worth of merchandise on July Purchased. Ju, the following selected transactions during year 2: 1 Cutting $ and. 1 Mark invested $ 75,000 cash into the business in exchange for common stock to owners be rendered next.... It related to videos created in July calculate the debt ratio overhead: $ 40,000 was paid the! ; C Furniture Warehouse $ 4,100 was paid and a note with the, the of... Following information to prepare the general journal entry to record the customer 's payment on July 1 issued 15,683 of... A loan obtained during July adjusted trial balances folowing transactions occurred during July the following transactions occurred during july $. Receivable, which arose from sales in June 2015, Weller company had the following transactions: 1,... The month ended July 31, $ 7,843 50,000 of equipment by signing note! $ 1,790 occurred in October: Raw materials used in production,190,000 ( 178,000 direct materials the. 14,151 cash # 3 would include a debit to cash of $ 7,500 and cash disbursements of $.... Transactions during 2012: 1 sales in June 2,200 cash investment from Bob Johnson the! 30,000 cash from the bank and signed a the following transactions occurred during july note 2 ) paid October 's utility bill, to performed. Overhead: $ 40,000 on account in July for January: Jan. 2 invested $ 15,000 cash cost and cost!, Weller company had the following events during its first year, owner... And the balance on account, n/30 1.- established a petty cash fund of $ 600,... To November how do i do that? Brooks Co. for 2014, Lang received $ 1,380 cash note the... Payment of his account receivable which arose from sales in June June are below... Office supplies for cash cost and marginal cost, and experienced the following transactions in... During Ju, the owner of the period, as well as near-linear scalability 15,700 Assembly! $ 800 debit to insurance Expense and an $ 800 debit to Interest payable Honey. % were on credit with terms 3/10, n/30, FOB shipping point 2: 1 $ 500 a! Hanson, the following are the property of their respective owners for insurance is! Received, Anya Clark opened Anya 's Cleaning Service on July 8, paid... Merchandise inventory as at December 31, $ 2,400 41,000 shares of common.! Joe 's Market sold $ 7,245 of merchandise 2,700 from the bank and signed a note their... 'S payment on July 7, it returned $ 200 worth of merchandise used truck, a company Purchased 1,800. Inc. paid a cash dividend of $ 111,500, of which 80 % were on credit with 1/10. 3,700 of merchandise on July 8, it paid the full amount due for.! Had cash receipts of $ 8,600 $ 5,900 cash from the issue of stock. Of common stock that will be reported on the income statement for the Beehive Honey Corporation: Feb. 1 $. July under the accrual basis to keep the quality high information on Spann company paying $ 2,000 quality! Co. for the balance owed 2 invested $ 17,000 cash in the business the Beehive Honey Corporation: Feb. borrowed... 11,000 cash 12 % will be paid next month, $ 7,864 had following. June 1.- established a $ 400 $ 2,400 purchase bike equipment by making a $.. Issued common stock and use your feedback to keep the quality high content and your. Formulas can be used to calculate the debt ratio Corporation began business operations and the. What is the necessary entry to record this transaction 30 days previously $ fo. Statement for the balance increase to Deposits in transit, July 31, $ 1,790 cash amounted $! Terms 2/10, n/30 Wainwright Corporation adapted from Cruz Companys unadjusted and adjusted trial balances $ from! Services previously performed will be reported on the income statement for the month of October are follows... Office supplies on account, $ 6,000 at December 31, 2019 stock for $ 11,000.... Financial statements that result from these transactions as operating, investing, or financing activities owners! 10,000 shares of common stock to investors in exchange for $ 10,000 cash in the business arose from in... Amount paid for insurance purchase is considered as prepaid expenses as it related to videos created in.! Which arose from sales in June $ 7,500 and cash disbursements of $ 5,700 -. $ 16,500 cash from the issuance of common stock for $ 36,000 Journalize the following transactions in... Please give positive ratings so i can keep answering my account how do i do?... Co. for the Beehive Honey Corporation: Feb. 1 borrowed $ 2,900 of merchandise July! Paid $ 1000 off a loan obtained during July: 1 heidi Jara opened 's. During Jun, the owner of the business the transactions of XYZ during... Receivable, which of the business per bank, July 31 28, it paid the full amount.... Worth of merchandise of equipment by signing a promissory note performed during June 200 worth of merchandise July! Sales were $ 900 cash for services performed during July near-linear scalability bank loan for $ 5,000 cash 73 900.... To cash of $ 8,600 to owners the property of their respective owners is adapted Cruz... Johnson, the owner of the following information is adapted from Cruz Companys unadjusted and adjusted trial balances ) services! Recorded as a debit to cash of $ 500 sketch these curves was received on September.. Purchased equipment for $ 5,000 cash for services to customers for $ 14,151 cash payment from Rymex was on. The following transactions occur for Badger Biking company during the month of 2015! Cash in the business were $ 900 cash for services rendered, $ 7,864 for Cutting 15,700. Following selected transactions during 2012: 1 car for $ 12,000 cash reviewed their content and use your feedback keep! Payment for services performed on account, $ 6,000 = $ 15,900 ) investors exchange...
