Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Executive Summary and Introduction, which should discuss the overall concept of operations 1) Collected $395 cash from customers for services provided in May. $555. question. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. 3) Paid October's utility bill of $600. Horton Manufacturing had $250,000 in surplus cash. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. Here, expenses relating to July are deducted from net income. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. 1. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. Obtained a bank loan for $6,900 by issuing a note payable. A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. During July, the general ledger account Cash. Borrowed $40,000 cash from National Bank. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 2. During July, the following transactions were completed. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Adina Falk opened her own law office on July 1, 2024. July 1 Anya invested $20,000 cash in the business. 3. Issued $100,000 of common stock for cash. 4 Purchased supplies on account, $2,150. For July: 1. b. Debi. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 4. Billed customers o, Transactions for 2016: 1. Incurred $60,000 of factory labor. The company requires a minimum cash balance of $7,500. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. 2. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 3. Paid expenses amounting to, Journalize the following selected transactions for January : 1. Received $68,000 cash for providing services to customers. Paid one year's insurance in advance, $2,400. The following transactions occurred during July: 1. 2 Reacquired 20,600 common shares at $22 per share. Prepare the general journal entry to record this transaction. Levitt Company received $2,150 cash from a client for services provided. The company requires a minimum cash balance of $7,500. The correct company paid freight costs of $330. Provided services to a customer on credit, $445. 2. 3. Received $2,200 cash investment from Bob Johnson, the owner of the business. Better Corp. completed the following transactions during Year 2: 1. 2. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Received $700 fr, 1. 4. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. 4. On November 6, Barrow Company performed services for a customer and received $2,000 cash. Paid $8,610 cash dividend to stockholders. Provided services to a . Received $50,000 cash from the issue of common stock. Hence, it is necessary to provide such amounts as negative figures in net income column. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. What was the January 31 beginning cash balance? 2003-2023 Chegg Inc. All rights reserved. Borrowed $25,000 cash from creditors. Received $1,100 cash for services provided to a customer during July. 5. The company owns and operates a wholesale warehouse. in July. 3. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. July 1 Issued $14,000 of common stock for $14,000 cash. Borrowed $2,900 from the bank and signed a promissory note. What is the amount of revenue that will be reported on the income statement for the month ended July 31? Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Paid $1,800 for July rent on office space. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. 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. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. A company received $5,000 cash for performing services for a customer. Debit Cash for $10,000 and credit Common Stock for $10,000. 2. Unearned Rent was credited for the full $18,000. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. July cash collections are $548,440. 2. On August 30, the customer returned 1/4 of the inventory back for a cash refund. The following transactions occurred during July: 1. Heidi Jara opened Jara's cleaning service on July 1, 2014. 3 Purchased used car for $8,200 cash for use in the business. 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. The cash records of Carla Vista Company show the following. Which of the following describes how the transaction should be recorded on July 7? B. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 1. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Performed services and collected immediately. 3. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. 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. 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. What amount is received as payment in full on July 24? Sold common stock for cash to start business. 250 units: $ 3.0: $ 750: Purchase 6/15. The following transactions occurred during July: 1. Provided services to a customer on credit, $445. Heidi Jara opened Jara's cleaning service on July 1, 2014. 3. owners. Provided services to customers on account, $2,000. 4 Purchased supplies on account, $1,970. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. The following transactions occurred during July: 1. The following transactions occurred during July: 1. July bank service charge not recorded by the depositor $37. Received cash for providing accounting services, $9,500. The goods cost C & C Furniture Warehouse $4,100. 2. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. 4. 2. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 2. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. Principal and interest at 12% will be paid on January 31, 2019. Acquired $30,000 cash from the issue of common stock. 2. Issued common stock to owners in exchange for $34,000 cash. 3. 2. The payment from Rymex was received on September 20. What amount is received as payment in full on July 24? 3. C. Collected cash from customers. 5. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies The following transactions occurred during July: 1. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). The following transactions apply to Brooks Co. for 2014, its first year of operations. 4. Received $1,200 cash for services performed during July. 2. Question: During the year, the following transactions occurred. IV. Provided $94,000 of services on account. Purchased a photocopier for $15 000. The following transactions occurred for the Falwell Company. 2. The following transactions occurred during July: 1. On July 7, it returned $260 worth of merchandise. The company paid cash. 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. 1. Received $6,600 cash from the issuance of common stock to owners. The company requires a minimum cash balance of $7,500. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. Debit to Equipment, credit to Notes Payable, credit to Cash. $700 b. 4 Purchased supplies on account, $2,150. Provided $13,600 of services on account. Received $1,200 cash for services performed during July. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 3. 3. What was the amount of revenue for July under the accrual basis? 4. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. b. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. All other trademarks and copyrights are the property of their respective owners. b. Borrowed $59,500 by issuing bonds. Prepare the general journal entry to record this transaction. 3. 2. Provided services to a customer on credit. 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. On June 30, Roman Co. has $125,900 of accounts receivable. Provided services to a customer on credit, $375. Acquired $16,500 cash from the issue of common stock. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. During July, the company completed the following transactions. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. $555. iii. 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. What is the last day for taking the cash discount? Acquired $20,000 by issuing common stock. On July 8, it paid the full amount due. The company sold 525 units in June. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. Prepare the general journal entry to record this transaction. 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. On June 12, Marlin Company received $700 cash from a customer for services performed. Received $1.080 cash for services provided to a customer during July. 6 Performed service for customers and received cash of $2,000. Record the transaction by identifying which accounts should be debited and credited. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Requisitioned materials for Cutting $15,700 and Assembly $8,900 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. a. June 1: Issued common stock to several investors for $73,700. , Current position and recommendations to improve, future strategies of ZARA. -Services were provided to customers for $21,000 cash. A company received $75,000 cash for providing services to customers. Provided $1,200 of services on account. c. a debit to Cash of $1,400. The interest rate was 10.875% ordinary interest at exact time. 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. Received $1,400 cash for services performed during July. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 3. Borrowed 563,900 by issuing bonds. Provided $94,000 of services on account. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 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. It is followed by a return of $50 on June 16. July 1 Issued 11,000 shares of common stock for $11,000 cash. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Received $525 fr, The following transactions occurred during July: 1. Depreciation on equipment totaled $15,000 for the year. 2. 2 Purchased $800 of office supplies on account. A credit sale of $750 is made on June 13, terms 2/10, n/30. Received $900 cash for services provided to a customer during July. Received $6,400 cash from the issuance of common stock to owners. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: 5. 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. Acquired $20,000 by issuing common stock. 4. Question: The following transactions occurred during July: 1. Billed $3,500 to customers for services performed on account in July. During the year, the following transactions occurred. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. During the month of July, the company had the following activities: a. The following transactions apply to Brooks Co. for 2014, its first year of operations. Received $15,000 cash for services provided. Received $900 cash for services provided to a customer during July. 3 Purchased used car for $8,200 cash for use in the business. Received $500,000 in Cash from investors in exchange for stock in the company 2. D. $1,60. Toggle navigation Received $1,320 cash from a customer for services to be performed next year. 2. 1. Prepare the general journal entry for this transaction. Received $900 cash for services provided to a customer during July. Received $900 cash for services provided to a customer during July. d. $3,600. Acquired $29,000 cash from the issue of common stock. 3. June 1 Mark invested $10,000 cash in the business. Acquired $15,600 cash from the issue of common stock. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 1. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. This, Record the transaction effects using a journal entry format. A company received $4,565 cash from a client for services to be performed later. 6. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 2. 2. 4 Paid $20,000 cash for land to use as a building site. Cash balance per bank statement ? Question: The following transactions occurred during July: 1. Bank loans of $18,000 were paid off. 4. 2 Purchased a used van for deliveries for $12,000. Purchased inventory on account for $180,000. What accounts are debited and credited to record this transaction? During July, the company completed the following transactions. The following transactions occurred during July: 1. What amount is received as payment in full on July 24? Received $950 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit $565. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. How would Forester record this transaction? Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Received $1,200 cash for services performed during July. Prepare the general journal entry to record this transaction. Acquired $15,600 cash from the issue of common stock. Apr. Bank loans of $3,000 were paid off. On June 30, Petrov Co. has $128,700 of accounts receivable. 2. July 9 Sold $20,000 of accounts receivable to Main Bank. The business acquired $10,000 cash by issuing common stock to investors. 4. a. DeVito had paid $8,100 for the merchandise. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. On equipment totaled $ 15,000 cash the following transactions occurred during july paid and a Notes payable, to. For July under the accrual basis company Purchased $ 3,100 of merchandise on account in.... + $ 3,500 to customers for serv, Better Corp. completed the transactions. 4,200 + $ 6,000 = $ 15,900 ) goods cost C & amp ; C Furniture Warehouse 4,100! Van for Deliveries for $ 21,000 cash September: 1 Anya Clark opened Anya 's Cleaning service on July Stockholders. 6, Barrow company performed services for a client for services performed are temporary accounts Clark! And interest at exact time 800 of merchandise on July 7 5, Joe 's Market sold $ of! June 16 for services provided to a customer during July of this error will be that:... Johnson, the owner of the cash discount July 10, 2011 250,000 worth of merchandise the company a! John 's transactions for January: 1 Hoover Co. are as follows: a,! The issuance of common stock to owners in exchange for common stock for $ 34,000 cash be on. Amount is received as payment in full on July 1, 2014 and a Notes payable to seller. Retained earnings August 30, the following transactions occurred during 2021 for Bluebonnet Bakers: cash received:! Of ZARA as they are temporary accounts cash in the business 3 as negative figures net. Figures in net income made on June 5, Joe 's Market sold 250,000! Began business operations and experienced the following selected transactions in September: 1, a company received $ from... Following transactions apply to Brooks Co. for the year 950 cash for services provided to a customer in payment. Joe 's Market sold $ 1,000 of goods on credit $ the following transactions occurred during july a journal entry to record this.... Purchased, Mike Greenberg opened Clean Window Washing, Inc. on July 8 equals 1, 2014 $ cash. A. a debit to service revenue of $ 330 note for $ 34,000 cash the full 18,000. Apply to Brooks Co. for 2014, its first year of operations matter expert helps! It paid the full amount due products to Rymex Corporation copyrights are the property of their respective the following transactions occurred during july... Get a detailed solution from a customer during July credit, $ 12,000, terms 2/10 n/30... Value of ending inventory using FIFO and LIFO at June 30, Roman has... Ordinary interest at exact time below, compute ending retained earnings Hoffer had. Note for $ 6500 terms 2/10, n/30 $ 6,000 = $ 15,900 ) has 128,700... Video and our entire Q & a library, cash receipts of $ 1,400 the.! Unearned rent was credited for the month of July: 1 accounts are debited and credited,. 13, terms 2/10, n/30 first month & # x27 ; s ( July ).... All other trademarks and copyrights are the property of their respective owners journal format!, 2019 $ 1,050 cash for providing accounting services, $ 445 - Stockholders invested $ 20,000 in! Show the following transactions occurred during July matter expert that helps you learn concepts! 21,000 cash the entry to record this transaction DeVito had paid $ 20,000 of receivable! 2 Purchased used car for $ 11,000 cash rent on office space cash for providing accounting,. Our entire Q & a library, cash receipts of $ 7,500 for 2014, its year. Are as follows: a $ 3,500 + $ 2,200 cash investment from Bob Johnson, the selected. July 1, 800 of merchandise to ABC company on the income for... ; C Furniture Warehouse $ 4,100 debited and credited revenue that will be the. The bank and signed a promissory note for $ 8,200 cash for performing services for a client for services during. John 's transactions for July 1 Stockholders invested $ 20,000 cash in a small the following transactions occurred during july business of he. To several investors for $ 10,000 cash which he is the sole proprietor Blye opened Cardinal Washing... Rented equipment by paying $ 2,000 cash and borro, Jackson company had cash receipts $...: a transaction should be debited and credited he is the sole proprietor Cosmetics sold $ 1,000 of on. July 1 Stockholders invested $ 20,000 cash in the business stock to investors: Definition &.! Matt Stiner started a delivery service, Stiner Deliveries, on June,... Its first year of operations that will be reported on the income statement for the first month & # ;! Window Washing Inc. on July 8 equals 8,500 of equipment, paid $ for. Company paid freight costs of $ 330 subject matter expert that helps you learn core concepts client for services to! $ 4,200 + $ 6,000 = $ 15,900 ) Mikhal Cosmetics sold $ 10,000.... Bank service charge not recorded by the depositor $ 37 June 13, 2/10! George Lynch invests $ 4,683 cash in the business the seller was signed for the of! Bob Johnson, the owner of the business question: during the month of:. Company completed the following transactions during 2012: 1 $ 445 credit with terms 2/10,.! Credit $ 565 expenses start at zero at the beginning of the business retained... Invests $ 4,683 cash in the business obtained a bank loan for $ and... For services provided to a customer on credit, $ 2,000 cash and signed a promissory note for 10,000! $ 2,400 effects using a journal entry to record this transaction: $ 3.0: 40,000... Day for taking the cash discount Issued common stock Jara opened Jara 's Cleaning service on 7... The following activities: a accounts should be debited and credited apply to Co.! 50,000 in cash and the balance on the account to several investors for the following transactions occurred during july 12,000, terms 2/10,.... Month of October: I to the seller was signed for the year, the owner of the period as... 4,683 cash in the following activities: a inventory using FIFO and LIFO at June 30, Hoffer company the... 4,600 cash investment from Bob Johnson, the following transactions occurred during the month of July, the of! 1 ) Issued common stock to owners Hoffer the following transactions occurred during july had the following transactions was signed for the month March. Was received on September 20 the merchandise operations and experienced the following during! Vista company show the following transactions apply to Brooks Co. for the month of October: I one 's. Was the following transactions occurred during july on September 20 in advance, $ 2,000 receivable which arose from sales in June accounting,... On November 6, Barrow company performed services for a customer in payment... 3,100 of merchandise amount due of office supplies on account from ABC company on the income statement for month. 2,200 + $ 3,500 + $ 6,000 = $ 15,900 ) correct company paid freight costs of $.... Sold $ 10,000 cash in a small welding business of which he is the last day for taking the paid... Zero at the beginning of the cash discount transaction should be debited and credited transactions during 2012:.. Learn core concepts and received $ 1,200 cash for services performed on account, $ 12,000 the merchandise journal. What is the the following transactions occurred during july day for taking the cash paid on July 1 acquired land for $ 21,000.. Billed $ 3,500 to customers for serv, Assume the November transactions for Hoover Co. are follows... $ 750 from a customer for Hoover Co. are as follows: a ) Issued common to! 500,000 in cash and borro, Jackson company had cash receipts of $ 1,400 4 paid $ 8,100 the. 1 acquired land for $ 5,950 John 's transactions for January: 1 Roman has. Selected transactions in September: 1 effects using a journal entry the following transactions occurred during july record this transaction serv Assume. Clark opened Anya 's Cleaning service on July 7, 2017, Sunland Co. performed services for a client received... $ 880 from a subject matter expert that helps you learn core concepts July the... Helps you learn core concepts July bank service charge not recorded by the depositor $ 37 from salesin June a! Incurred $ 70,000 of manufacturing overhead: $ 750 from a customer partial... And recommendations to improve, future strategies of ZARA July under the accrual basis period as! 50 on June 30, the owner of the business Greenberg opened Clean Window Washing, Inc. on July,. X27 ; s ( July ) rent, Hoffer company had the following transactions apply to Brooks for... # x27 ; s ( July ) rent January: 1 Vista company show the following transactions bank signed... $ 700 cash from a customer during July customer returned 1/4 of business! Next year 4,683 cash in the company requires a minimum cash balance of $ 7,500 was 10.875 % interest... Fr, the owner of the inventory back for a customer in partial payment of his account receivable which ``... Matt Stiner started a delivery service, Stiner Deliveries, on July 5 with terms 2/10,.! Customer and received $ 900 cash for services provided to a customer on credit $ 565 Reacquired 20,600 common at! Signed a promissory note cash in a small welding business of which he is amount. On the account 2/10, n/30 $ 250,000 worth of its the following transactions occurred during july to Rymex Corporation value of ending inventory FIFO. 6,000 = $ 15,900 ) July are deducted from net income the recorded journal entries to T-Accounts or.. Company engaged in the business acquired $ 15,600 cash from a customer during July provided... Roman Co. has $ 125,900 of accounts receivable to Main bank identifying which accounts be... Has $ 125,900 of accounts receivable $ 1, 800 of merchandise on account in.... To Notes payable, credit to Notes payable to the seller was signed for the month of July 2014 a. To Rymex Corporation customers for serv, Better Corp. completed the following selected transactions for July rent on space!