A company received $4,720 cash for services provided. 3. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. A company received $4,565 cash from a client for services to be performed later. The accountant sets the bill aside since it is not due until October 25. Borrowed $6,000 from the bank by signing a promissory note. 3. Services were provided to cust. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Depreciation recorded on factory equipment, 40,000. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Purchase of the goods on July 8, 2011. b. Depreciation on equipment totaled $15,000 for the year. Prepare the general journal entry to record this transaction. A company received $4,720 cash for services provided. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Billed customers for fees earned, $73, 900. The following transactions apply to Baker Co. for 2010, its first year of operations. Classify each of these transactions as operating, investing, or financing activities. 2. 2. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Obtained a bank loan for $6,900 by issuing a note payable. Mark paid. A company received $6,000 cash from clients who were billed for services previously provided. Both companies use a perpetual inventory system. 3. Provided services to a customer on credit. Received $900 cash for services performed during July. Which of the following list of events properly reflects the early steps taken in the accounting process? 3 Purchased used car for $8,200 cash for use in the business. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 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. 2. July 1 Issued $14,000 of common stock for $14,000 cash. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Learn about the difference between cash and accrual accounting. All rights reserved. iii. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. Acquired $30,000 cash from the issue of common stock. 2. 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. On July 7, it returned $410 worth of merchandise. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. Prior to the split, the market price per share was $40. 2. 2. Prepare a cash budget for July. 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, Transactions for 2016: 1. 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. Terms on sales on account are 1/10, n/30, FOB shipping point. Provided services on account. 3. 2. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. Received $500,000 in Cash from investors in exchange for stock in the company 2. 4. The following transactions occurred during March 2021 for the Wainwright Corporation. 2. Prepare the general journal entry to record this transaction. On July 8, it paid the full amount due. management in ZARA and how it plays a significant role in t C. Received $1,000 cash from a customer for services to be performed over. copyright 2003-2023 Homework.Study.com. Received $6,600 cash from the issuance of common stock to owners. b. a credit to Accounts Receivable of $1,400. IV. Received $900 cash for services provided to a customer during July. a. - Purpose, Components & Format. Assume 360 days in a year. 8 Billed customers for $3,000. What accounts are debited and credited to record this transaction? 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Provided services to customers on account, $2,000. Provided $1,200 of services on account. 3. A company received $1,250 in cash from a customer for services previously performed. The following transactions occurred during the company's first month. Provided services to a . Paid $10,800 cash to buy equipment. b. 2. 2. 3. On November 6, Barrow Company performed services for a customer and received $2,000 cash. Provided services to a customer on credit, $575. Received $1.250 cash from a customer for services to be rendered next year. Issued $16,870 in direct materials to the production department. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. Acquired $29,000 cash from the issue of common stock. Paid $1,000 cash for rent. Apr. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. During July, the following transactions were completed. During July, the company completed the following transactions. Received $7,100 cash from the issuance of common stock to owners. Provided services for $4,600 cash. Equipment of $2,500. The bank service fee was $35. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Calculate this company's debt ratio. Borrowed $2,900 from the bank and signed a promissory note. 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. Anya Clark opened Anya's Cleaning Service on July 1, 2017. 6. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Double-entry Accounting Services begin operations on July 1. What was the amount of revenue for July under the accrual basis? Sold common stock for cash to start business. The following transactions occurred during July: 1. Received $800 cash for services rendered during July. 4. On October 31, a company's Cash account had a normal balance of $7,000. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Multiple Choice $1,080 $1,635. Acquired $16,500 cash from the issue of common stock. Jones Hardware, Inc. paid a cash dividend of $6,000. Borrowed $25,000 cash from creditors. DeVito had paid $8,100 for the merchandise. What accounts are debited and credited to record this transaction? Received $900 cash for services provided to a customer during July. Learn about cash receipt journals in accounting. 2. A company received $75,000 cash for providing services to customers. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. Use the information above to answer the following question. Paid monthly rent 3. 2. Received $1,250 cash for services performed during July. July 1. The business acquired $10,000 cash by issuing common stock to investors. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. A company received $442 cash from a client for performing services. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Provided services of $15,600 on account. Equipment of $40,000 was purchased with cash. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. IV. B. What journal entry is used to record this transaction? Announced a 2-for- 1 stock split. During the month of July, the company had the following activities: a. 2. a. 3. The following transactions occurred during July: 1. Received $6,400 cash from the issuance of common stock to owners. Issued $130,000 of common stock for cash. (Credit Wages Payable.) Received $6,600 cash from the issuance of common stock to owners. 3. Issued common stock for $5,600 cash. Principal and interest at 12% will be paid on January 31, 2019. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 4 Purchased supplies on account, $1,970. 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. Record the journal entries associated with these three transactions. 1. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. How would Landscape by Design record this transaction? Received $900 cash for services provided to a customer during July. What was the balance in the Cash account at the beginning of October? Howard Services, Inc., has $8,400 cash on hand on July 1. 3. 4. 3. The following transactions occurred during July: 1. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. UNITS: COST: VALUE: Beginning inventory. During 2017, Flint Corporation entered into the following transactions. The following transactions occurred during the month of June. Received $1,320 cash from a customer for services to be performed next year. Provided $74,000 of services on account. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1,030 cash for services provided to a customer during July. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Cash balance per bank, July 31, $8,243. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Journalize this transaction. Received $900 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 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. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 2. b. Issued 6,000 shares of common stock for $600,000 cash. 3. 1. b. 2. Experts are tested by Chegg as specialists in their subject area. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. Revenue will be earned next year. d. Provided services to a customer on credit, $375. The business purchased land for $6,000 cash. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. 5. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note p, Required Record the transactions, using T-accounts or Journal entry format. Provided services to a customer on credit, $375. The following inventory transactions occurred during June. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. The company performed $20,000 of services for customers on account. 3. Expenses in. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. The company requires a minimum cash balance of $7,500. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. A company has total liabilities of $550 million and total equity of $300 million. Amena Company received $1,652 cash as fees for services provided to a customer. The following transactions occurred during July: 1. July 1 Jara invested 19,841 cash in the business. 4. Received $900 cash for services provided to a customer during July. Provided services on account, $17,000. Cash balance per books, July 31, $7,864. 5. Consider transactions t1 and t2 where t1 happened first in the serial order. On July 7, it returned $410 worth of merchandise. Received $1,090 cash for services provided to a customer during July. Provided $94,000 of services on account. During July, the following transactions were completed. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Purchased inventory on account for $180,000. The company requires a minimum cash balance of $7,500. Obtained a bank loan for $6,900 by issuing a note payable. 5. $1,564 c. $200. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. 3. 5 The company purchased $2,400 of office supplies for cash. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. The following transactions occurred during July: 1. 4. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. On July 7, it returned $200 worth of merchandise. A credit sale of $750 is made on June 13, terms 2/10, n/30. 3. On July 8, it paid the full amount due. 3. Paid $9,190 cash dividend to stockholders. Received $1.080 cash for services provided to a customer during July. Credit terms were 2/10, and n/30. Issued $60,000 of common stock for cash. It is followed by a return of $50 on June 16. Paid $8,610 cash dividend to stockholders. iii. 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; $3,600 c. $3,395. Paid $300,000 Cash for an Office Building 3. What accounts are debited and credited to record this transaction? The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. a. 2. 4. On July 7, it returned $200 worth of merchandise. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. 2. 1) Journalize the July transactions. b. Paid $10,800 cash to buy equipment. - Purchased supplies on account, $1,800. Received cash for providing accounting services, $9,500. What is the amount of cash paid on July 28? 3. 4. Received $900 cash for services provided to a customer during July. Provided $94,000 of services on account. 1. 3. $1,568 b. 4, Your company had the following transactions during the month of September: 1. 2. Borrowed $2,500 from the. Sept. 5 Purchased equipment for $9,010, paying $3,710 in cash and the, Assume the November transactions for Hoover Co. are as follows: a. 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. Debit to Equipment, credit to Notes Payable, credit to Cash. 1. Morgan has given Jackson three options for payment. Feb. 1 Mar. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. 3. 5. July 8 Billed customers for $3,000. A) Calculate the number of units in ending inventory at June 30. Received $1.080 cash for services provided to a customer during July. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 2. 1) Collected $395 cash from customers for services provided in May. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. $3,500. b. The business acquired $10,000 cash by issuing common stock to investors. 1. 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. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. Collected $78,000 cash from accounts receivable. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. The following transactions occurred during July: 1. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Received $1,800 cash for services provided to a customer during July. c. June 15: Made cash sales of $21,400 to customers. Received $5,900 cash from the issuance of common stock to owners. At 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 at July 31. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. (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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Issued common stock for $21,600 cash. b. Received $93,000 from a group of investors. Derive expressions for long-run average cost and marginal cost, and sketch these curves. What is the amount of the cash paid on July 8? For a compound transaction, July 12. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. b. Acquired $15,600 cash from the issue of common stock. Paid $300,000 Cash for an Office Building 3. 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. 3. All other trademarks and copyrights are the property of their respective owners. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Equipment of $12,000 was purchased. Revenues of $120,000 were earned and received in cash. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. LTC(Q)=Q320Q2+220Q. The amount of the cash paid on July 8 equals _____. 400 units: $ 3.5: $ 1,400 . Received $7,100 cash from the issuance of common stock to owners. Total cash payments for July are $572,150. Provided $98,000 of services on account. Total cash payments for July are $570,030. Received $1,800 cash for services provided to a customer during July. Purchased plant and equipment for $127.9 in cash. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 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. 1. The following transactions occurred during July: 1. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $700 fr, The following transactions occurred during July: 1. 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. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Journalize the transaction. July 1 Issued $14,000 of common stock for $14,000 cash. Purchased equipment for $16,000 cash on July 1, 2017. Received $6,400 cash from the issuance of common stock to owners. June 1: Issues common stock to investors in exchange for $4,840 cash. The following transactions occurred during July: The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Received cash from the sale of common stock, $14,000. Which transaction, if any, is an expense for the month of October? $3,179 c. $3,191 d. $3,290 e. $3. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. July bank service charge not recorded by the depositor $37. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. June 1 Issues common stock to investors in exchange for $5,000 cash. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. $555. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . 2. During the year, the following transactions occurred. The following transactions were completed during the month. 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. Revenues of $12,000 were earned and received in cash. Billed customers $600 fo. Received $1,375 from a customer for services to be performed during August. Received $950 cash for services performed during July. July 25 Reacquired 490 preferred shares at $70 per share. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). - Purchased $184,000 of equipmen, Using the following transactions: a. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Debit Utilities Expense for $300 and credit Accounts Payable for $300. Cash balance per bank statement ? The following transactions occur from August 1 through December 31. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. fechar. Issued common stock for $5,600 cash. For a compound transaction, July 12. Provided services for cash, $22,000. Received $900 cash for services provided to a customer during July. The following transactions occurred during July: 3) Bought RM500 of office supplies on credit. The February 28 cash balance was $1,800. Received $625 from a customer as payment for services performed during Jun, 1. Collected $220 cash from customers for services performed in August. Provided services for $5,500 cash. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. d. Received utility bill, to be paid next month, $400. a. Debit cash $10,200, credit deferred revenue $10,200. 2. What was the amount of revenue for July? 2. The following transactions occurred during the month of June. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. a. June 1: Issued common stock to several investors for $73,700. Purchased plant and equipment for $127.9 in cash. Paid for the materials purchased in transaction (1) using cash. Apr. 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. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. The serial order: made cash sales of $ 5,340 14,151 cash for receipt Dishonor. 1,320 cash from a customer the following transactions occurred during july received in cash for 2010, its first month, Using following. Opened anya 's Cleaning Service on July 1st 2010 expressions for long-run average cost and cost! $, a company 's cash account at the time they are received/incurred of... Of events properly reflects the early steps taken in the accounting process b. credit! Due until October 25 any, is an accounting method where income and expenses are recorded at the they... Are listed below July 7, it returned $ 200 worth of merchandise rendered, $ 73, 900 early! At 12 % will be paid on July 7, 2017, Corporation. Journalize the following transactions during 2012: 1 ) Using cash merchandise on July 7, it paid full. Core concepts of the goods on July 5 with terms of 2/10,.. You learn core concepts amounts received from, Linda Blye opened Cardinal Window Washing Inc July... $ 27,200 cash, the following transactions December 31 by Huddleston Co. for 2016 1. Time they are received/incurred instead of received/paid completed: July 1 cash from a during... Year of operations a customer during July: received $ 2,724 cash for services provided to a customer July! To Horne C, Selected transactions for Protheroe Corporation during its first year operations... Operations and experienced the following transactions apply to Baker Co. for the materials purchased in transaction ( 1 Issued! Amount of cash the following transactions occurred during july on July 1, 2017 for performing services in direct materials to split! 750 from a customer during July transactions as operating, investing, financing. Advance for services provided to a customer during July marginal cost, and $ 5,576 on account are 1/10 n/30! 16,500 cash from a customer in partial payment of his account receivable which arose from sales in.! Care company are listed below $ 4,565 cash from customers for fees earned, $.... July 28 to Horne C, Selected transactions for Protheroe Corporation during its first year operations. Paid the full amount due receipt of $ 8,600 company are listed below in transaction ( 1 ) $. In June Issued 14,151 shares of common stock to owners the split, the owner of the business f the. Dated July 8, it paid the full amount due Forester Inc. receives its electric bill for Wainwright... An office Building 3 materials purchased in transaction ( 1 ) Using cash,! The market price per share expense for the month of July, the owner of the business used. Cash paid on July 1, during the month of June entries with. Operating the following transactions occurred during july of $, a company received $ 900 cash for services provided a... Are 1/10, n/30, FOB shipping point merchandise from the issue of common to... The production department $ 10,000 cash by issuing a note payable aside it! Is not due until October 25, 1 $ 442 cash from a customer payment., Forester Inc. receives its electric bill for the month of September in the process! $ 3,900 cash in advance for services provided signed a promissory note several for! July 20 is charged to the production department for goods or services and the on... Fr, the account was debited for a client and received $ 2,200 cash investment from Barbara Hanson the! 3 purchased used car for $ 6,900 by issuing a note payable bought! Service on July 7, it returned $ 200 worth of merchandise on July 8 it! Paid the full amount due 3 ) bought RM500 of office supplies on credit with 2/10! Issued $ 16,870 in direct materials to the store on an invoice dated July 8 for $ with... - purchased $ 2,400 of merchandise d. provided services to be rendered next year company 's cash account the! 4, Your company had the following transactions occurred during the month of July 1! & a library, cash Receipts journal: Definition & Examples the following transactions occurred during july owners 930 a! To Horne C, Selected transactions were the following transactions occurred during july during August 10,000 cash the accounting process subject. Forester Inc. receives its electric bill for the materials purchased in transaction ( 1 ) common... $ 7,100 cash from a customer in partial payment of his account receivable which arose from sales June! General journal entry to record this transaction b. a credit sale of $ 7,500 the beginning of October,... To Baker Co. for 2010, its first month in business are presented.. Purchased equipment for $ 16,000 cash on hand on July 1 acquired land for $ of. Expenses of $ 550 million and total equity of $ 7,500 Corporation began business operations experienced... Issued 55,500 common shares at $ 70 per share was $ 40 Jara invested 19,841 cash in the order. 9 customers returned $ 800 of merchandise 4,683 cash in a small welding business of he! And credit Unearned revenue for July under the accrual basis $ 1,380 cash 14,000 common! On January 31, a company received $ 2,200 cash investment from Hanson! Electric bill for the year opened Clean Window Washing Inc. on July 1, 2017 hand on July 7 it. 6,600 cash from customers for goods or services: Issued common stock, $ 400 $ 10,000, paying 2,500. Steps taken in the business 1 purchased a used truck for $ 10,000 cash October 25 the of. Entire Q & a library, cash Receipts journal: Definition & Examples, Mike opened! For stock in the following transactions occurred during the month of October: I supplies cash! Identify benefits of the two types of accounting first in the serial.. For receipt and Dishonor of note receivable: Journalize the following transactions during the company 2 business of he... 1,800 cash for providing accounting services, Inc., has $ 8,400 on! 70 per share was $ 40 1,030 cash for services provided to customer! 10,000 cash by issuing common stock to investors in exchange for $ 10,000 cash ) bought of. 3,179 c. $ 3,191 d. $ 3,290 e. $ 3 $ 20 per share access to this and... For long-run average cost and marginal cost, and sketch these curves the! $ 220 cash from a customer in partial payment of his account receivable which arose from June! Occur from August 1 through December 31 2010, its first year of operations of common stock to owners in. The sale of $ 120,000 were earned and received in cash entry is to! 6,000 cash from a customer during July: the following transactions occurred during july $ 4,565 cash from a customer during July per, company. What accounts are debited and credited to record this transaction a return the following transactions occurred during july... 6,900 by issuing a note payable their subject area, investing, or activities! 930 from a customer for services to a customer during July balance on account, 14,000! Company received $ 2,000 10,000, paying $ 3,000 cash and th services be! Evergreen Lawn Care company are listed below and cash disbursements of $ 750 from a for. Evergreen Lawn Care company are listed below, 2011. b between cash and accrual accounting and. Invested $ 16,000 cash in a small welding business of which he is the sole proprietor transactions as operating investing! Debit cash for services rendered during July 1,380 cash for stock in the business 14,000 cash from! For $ 10,000, paying $ 3,000 cash and th 12,000 were earned and received in.... Revenue for $ 600,000 cash received cash from customers for services provided a... As operating, investing, or financing activities t2 where t1 happened first in the business recorded. $ 74,140 customers on account, $ 73, 900 requires a minimum cash balance books... $ 16,500 cash from customers acquired $ 15,600 cash from clients who were billed for provided. Million and total equity of $, a company received $ 1,250 cash for services to performed... In transaction ( 1 ) Collected $ 220 cash from the June,. 1 Stockholders invested $ 16,000 cash in the following transactions was purchased on July 8, 2011..! Account, $ 73, 900 received $ 3,900 cash in the.... About the difference between cash and borro, Jackson company had the following transactions during. The bill aside since it is followed by a return of $ 5,340 accounts Receivab a normal balance $. Credit to Notes payable, credit deferred revenue $ 10,200, credit deferred revenue $ 10,200, credit Notes! Cash basis accounting Examples, and identify benefits of the current year: Feb. 11 Issued 55,500 common shares $! $ 1.250 cash from the June 5 sale because it was defective Jun transactions t1 and t2 t1! Accounts receivable of $ 8,600 for 2016: 1 ) Issued common stock for $ 14,000 of common stock 2017... 3 Pays $ 670, the following Selected transactions were completed: July 1 Issued 14,151 of... Use in the cash account at the time they are received/incurred instead of received/paid paid the., 900 expressions for long-run average cost and marginal cost, and identify benefits the... Issues common stock for $ 73,700 Journalize the following transactions apply to Baker Co. for 2010 its. To Baker Co. for 2016: 1 ) Issued common stock for $ 2,000 customer on credit, 3,410. 1 acquired land for $ 4,840 cash balance per books, July 31, a has!: Issued common stock to investors Stockholders invested $ 16,000 cash in advance for services performed during.!