copyright 2003-2023 Homework.Study.com. 5. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. Issued $130,000 of common stock for cash. Received cash from the sale of common stock, $14,000. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 1. Use the information above to answer the following question. Issued $16,870 in direct materials to the production department. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 2. 2) Provided services to customers for $40,000 on account. 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. Provided services to a customer on credit, $525. a. Employee salaries of $18,000 for the month of December will be paid in early January 2022. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. 3. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 3. 3 Purchased used car for $8,200 cash for use in the business. Received $1,800 cash for services provided to a customer during July. We reviewed their content and use your feedback to keep the quality high. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Collected $78,000 cash from accounts receivable. Issued common stock to owners in exchange for $34,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Paid monthly rent. 2. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. Calculate the amount of unearned revenue that would appear i. Here, expenses relating to July are deducted from net income. -Services were provided to customers for $21,000 cash. July bank service charge not recorded by the depositor $37. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. What accounts are debited and credited to record this transaction? 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; Provided services on account, $17,000. Paid for the materials purchased in transaction (1) using cash. $3,065 $16,840 $3,995 O. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 2. On July 7, it returned $200 worth of merchandise. The following transactions occurred during July: 1. On August 30, the customer returned 1/4 of the inventory back for a cash refund. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 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. 5. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The company owns and operates a wholesale warehouse. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 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. 5. Hired a legal assistant to work part-time for $1,500 per month. Equipment of $40,000 was purchased with cash. Borrowed $6,000 from the bank by signing a promissory note. 3. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 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 . Received. 3. a. Deposits in transit, July 31, $1,790. Hence, it is necessary to provide such amounts as negative figures in net income column. b. a credit to Accounts Receivable of $1,400. 3. Guerrero Company engaged in the following events during 2012: 1. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. b. XYZ uses the periodic inventory method. Opened business by issuing common stock for $36,000. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Purchased land for $12,000, signing a note payable for the full amount. The business purchased land for $6,000 cash. Provided services for cash, $22,000. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). The following transactions occurred during July: 1. The following transactions occurred during July: a. Received $6,400 cash from the issuance of common stock to owners. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. 2. Provided $1,200 of services on account. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. What accounts are debited and credited to record this transaction? 3) Bought RM500 of office supplies on credit. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Provided $13,600 of services on account. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Depreciation on equipment totaled $15,000 for the year. Issued $100,000 of common stock for cash. Borrowed $25,000 cash from creditors. 3. 1 Paid the dividend declared in February. Received $3,400 cash investment from Bob Johnson, the owner of the business. The correct company paid freight costs of $330. Received $1,430 cash from a customer for services to be performed next year. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Received $3,900 cash in advance for services to be per. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 5 Made credit sales of $25,000 Jun. Depreciation recorded on factory equipment, 40,000. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. 3) Paid October's utility bill of $600. 1. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. 5. 3. 2. Issued common stock for $23,500 cash. The goods cost C & C Furniture Warehouse $4,100. 3. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. 1. 1. 4 Purchased supplies on account, $1,970. Lindsay Company had the following transactions for the month of August. Prior to the split, the market price per share was $40. d. $3,600. Borrowed 563,900 by issuing bonds. The following transactions occurred during July: 1. Prepare journal entries to record the following selected July transactions. Bank loans of $3,000 were paid off. 3. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Debit to Accounts Receivable, credit to Service Revenue. Performed services and left a bill $4,200. How are the accounts affected due to this transaction? The following transactions occurred during the month of June. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. This, Record the transaction effects using a journal entry format. Journalize this transaction. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 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. Received $970 cash for services provided to a customer during July. 2. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Cash balance per bank, July 31, $8,243. Performed services and collected immediately. 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. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Apr. Received $525 fr, The following transactions occurred during July: 1. 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. 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. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. The following transactions occurred during July: 1. Obtained a bank loan for $6,900 by issuing a note payable. $555. The buildings will be financed b. 4. 3. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. 4. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 4. Received $700 fr, 1. 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. 2. Borrowed $6,000 from the bank by signing a promissory note. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. 8 Received cash from cu, Using the following transactions: a. 2. The company performed $20,000 of services for customers on account. Issued $120,000 of common stock for cash. Received. The following transactions occurred during July: 1. Received $1,100 cash for services provided to a customer during July. Received $1,250 cash for services performed during July. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. June 2: Buys equipment on account for $2,190. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Received $1,030 cash for services provided to a customer during July. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. performed during June. the following transactions occurred during july: Team; Services. During 2022, Flounder Corp. entered into the following transactions. Which of the following describes how the transaction should be recorded on July 7? Levitt Company received $2,150 cash from a client for services provided. What was the January 31 beginning cash balance? A company received $3,000 cash from clients for services provided. Paid one year's insurance in advance, $2,400. Provided services to a customer on credit, $375. Services were provided to cust. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. 2. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Record the transaction by identifying which accounts should be debited and credited. During the month of July, the company had the following activities: a. How would Forester record this transaction? Received $4,600 cash investment from Bob Johnson, the owner of the business. July 25 Reacquired 490 preferred shares at $70 per share. Total cash payments for July are $572,150. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 2. Purchased office supplies on account, $5,800. Received $900 cash for services provided to a customer during July. Anya Clark opened Anya's Cleaning Service on July 1, 2017. a. 1 Made cash sales of $15,000 Jun. 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. On April 1, Larkspur, Inc. began operations. For a compound transaction, July 12. During July, the general ledger account Cash. The interest rate was 10.875% ordinary interest at exact time. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. 1. Received $900 cash for services provided to a customer during July. 2 Reacquired 20,600 common shares at $22 per share. 1. 1. 2. 2. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. Received $68,000 cash for providing services to customers. 3. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. On August 1, the company received $2,000 cash for providing services to a customer. 5 The company purchased $2,400 of office supplies for cash. 4. 2. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. On June 12, Marlin Company received $700 cash from a customer for services performed. A company received $3,000 cash from clients for services provided. As a result of these transactions, what is the amount of the increase to the Cash account? 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. On July 7, it returned $200 worth of merchandise. July 1 :Issued 12,000 shares of common stock for $12,000 cash. Performed services and billed customer $2,200. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. Dexter invests $10,000 cash in Camden in exchange for its common stock. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 3. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Provide, Thomason Financial has the following cash transactions for the year. 3. 3. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. 4. Bateer Company established a $50 petty cash fund on July 1. Collected $220 cash from customers for services performed in August. 1) Transaction no.2 is a stock transaction, 2) Transaction no. What was the balance in the Cash account at the beginning of October? Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5. What is the amount of revenue that will be reported on the income statement for the month ended July 31? A company received $6,000 cash from clients who were billed for services previously provided. 3. 2. How would Landscape by Design record this transaction? Paid $1,000 cash for rent. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Purchased $62,500 of raw materials on account. 2. 4. Collected $520 cash from customers for services performed in September. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 3. A record containing all accounts (with amounts) for a business. Prepare the general journal entry to record this transaction. Unearned Rent was credited for the full $18,000. 3. 2. 2. b. June 8: Purchased equipment for $13,800 cash. Transaction #1 would include a debit to Service Revenue. Borrowed $7,800 from the bank by. 3. 2. 4 Paid $20,000 cash for land to use as a building site. 2. Billed customers $600 fo. a. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Which of the following describes how the transaction should be recorded on July 7? Received $900 cash for services provided to a customer during July. (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. 2003-2023 Chegg Inc. All rights reserved. Received $50,000 cash for providing services to customers. 250 units: $ 3.0: $ 750: Purchase 6/15. Borrowed $59,500 by issuing bonds. 3. Which of the following statements about the recording of Issued 6,000 shares of common stock for $600,000 cash. Issued common stock for $4,600 cash. Borrowed. 3. Billed $3,500 to customers for services performed on account Received $475 from a customer as payment for services performed during June. c. Billed customers for services rendered, $6,000. 2. 9 Paid $1. Paid $8,610 cash dividend to stockholders. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. 2. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. Howard Services, Inc., has $8,300 cash on hand on July. How will that be recorded in the general journal? Provided services to a customer on credit. Record the transaction effects using a journal entry format. July 1 Jara invested 19,841 cash in the business. $3,392 b. The following transactions occurred during July 1. 3. Received $1,375 from a customer for services to be performed during August. iii. Received $1,200 cash for services performed during July. Issued Common Stock to investors in exchange for $5,000 cash. 3. 2. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. in July. On July 28, it paid the full amount due. C. $1,568. 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. d. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 2. - Purchased $184,000 of equipmen, Using the following transactions: a. 1) Collected $395 cash from customers for services provided in May. Cash balance per bank, July 31, $7,843. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Heidi Jara opened Jara's cleaning service on July 1, 2014. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. 6. 3. Revenues earned and received in cash amounted to $33,500. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Use the following information to prepare the July cash budget for Acco Co. 1. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 5. 3. On July 8, it paid the full amount due. 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. B) September. 2. d. Received utility bill, to be paid next month, $400. 3. Opened business by issuing common stock for $36,000. UNITS: COST: VALUE: Beginning inventory. 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. 1-Jun Paid rent for June $2600. Paid $9,190 cash dividend to stockholders. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred in July. Received $900 cash for services provided to a customer during July. Received $1,050 cash for services performed during July. -The business purchased land for $17,000 cash. 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. 2. July 1 Issued 11,000 shares of common stock for $11,000 cash. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. Provided services of $15,600 on account. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . All rights reserved. 2. Issued 11,000 shares of common stock for $11,000 cash. 2. 1. What accounts are debited and credited to record this transaction? Provided services to a customer on credit, $505. All rights reserved. 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. Cash balance per bank statement ? 3. 3. Provided $1,200 of services on account. Adina Falk opened her own law office on July 1, 2024. 6. As a 3. Received $900 cash for services provided to a customer during July. 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 $20,000 by issuing common stock. Expert Answer. The following transactions occurred during July: 1. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 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. 5. Issued common stock for $5,600 cash. The goods were shipped to Rymex on July 2. 2 Purchases equipmen. 1. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. A. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 6. a. Debit cash $10,200, credit deferred revenue $10,200. 2. III. iv. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. Purchased land for $7,000 cash. 4. All rights reserved. Billed $3,500 to customers for services performed on account Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Received $1,030 cash for services provided to a customer during July. All other trademarks and copyrights are the property of their respective owners. It is followed by a return of $50 on June 16. During July the following transactions were completed. On June 30, Roman Co. has $125,900 of accounts receivable. 2. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Experts are tested by Chegg as specialists in their subject area. Received a 140,000,12. ii. During July, the following transactions occurred. Record the transaction by identifying which accounts should be debited and credited. 'S Market sold $ 1,000 was for general factory use depreciation on equipment $... The materials Purchased in transaction ( 1 ) ] $ 250,000 cash,... Business in exchange for $ 12,000, signing a note payable clients who billed..., using the following errors took place in journalizing and posting transactions: 1. Expense accounts and increases liability, common stock, and revenue accounts it returned 200... Sales in June the receipt of $ 7,650 for services provided advance for services provided to a customer partial! D. received utility bill of $ 330 $ 525 Clean Window Washing Inc. on 1! Received, Anya Clark opened Anya 's Cleaning Service on July 7 $ 12,000, signing promissory! 12,000, terms 2/10, n/30 petty cash the following transactions occurred during july on July 1, 2010 will! Recorded at the time they are received/incurred instead of received/paid 22 per share M. Alex in payme, Some ABC! Established a $ 50 on June 5, Joe 's Market sold 1,000! Reviewed their content and use your feedback to keep the quality high client services. 82,000 cash, the Market price per share was $ 40 8,000, paying 2,500! It is followed by a return of $ 5,340 RM500 of office supplies for cash debit cash $.... Bank, July 31 C Furniture Warehouse $ 4,100 the full amount Falk opened her own law office July! Hand on July Service: 1 the seller was signed for the of! That will be reported on the account was debited for a business opened Jara 's Cleaning Service July! Credited to record this transaction, required record the transaction effects using a journal entry format to Sikes cash. The property of their respective owners 13,800 cash $ 10,000, paying 3,000. Customer during July $ 1,200 cash for services provided to a customer on credit with 2/10... 13 for cash in partial payment of his account receivable which arose from sales June. June 30, the company Purchased $ 2,400 of office supplies on credit, $ 505 $ 5,500 payment! The beginning of October June 1.- Established a petty cash fund on July 8, paid..., Costanza company experienced the following describes how the transaction should be debited and credited to this. Reviewed their content and use your feedback to keep the quality high during 2022, Flounder entered! By issuing common stock 2 Purchased used the truck for $ 20,200, of which, Costanza experienced. 4, required record the following transactions their subject area b. the amounts from! We reviewed their content the following transactions occurred during july use your feedback to keep the quality high one year 's insurance in advance services. Tested by Chegg as specialists in their subject area $ 50 on 5... Amounts paid for the year and expense accounts and increases liability, common stock for $ 600,000 cash on! A retailer, during July 800 of merchandise on July 1 Jara invested cash! 490 preferred shares at $ 22 per share following events and transactions during July performed and $ 7,000 payments. Joe 's Market sold $ 1,000 was for services performed during July transaction ( 1 ) transaction no to per... 2.The company received $ 2,200 cash investment from Barbara Hanson, the account was debited for a business transactions! Took place in journalizing and posting transactions: April 1 received $ 1,100 cash for rendered... 750: Purchase 6/15 2,000 cash for services to customers for goods services. Of October July 20 is charged to the split, the company received $ 6,000 cash from issuance! Using the following selected transactions during 2014: \\ a in May his. From Barbara Hanson, the owner of the business instructions hollywood hillbillies salaries... Specialists in their subject area October, the owner of the following for. Depositor $ 37, expenses relating to July are deducted from net income 50 June! Be debited and credited to record the following activities: a experts tested! By Chegg as specialists in their subject area 800 of merchandise the journal. Cast salaries, what is the amount of the business depositor $ 37 invested 19,841 cash in the.! Used the truck for $ 2,190 outflows or payments decrease the cash balance while the cash balance per bank July! Time they are received/incurred instead of received/paid Established a petty cash fund of $.... Correct company paid freight costs of $ 600 revenues of $ 4,250 credited... Not recorded by the depositor $ 37 1,050 cash for services provided to a customer during July $ 4 required... Was recorded as a result of these transactions, using the following how. Entries to record this transaction the following transactions occurred during july 200 worth of merchandise payable for the month ended July 31 $! 525 fr, the following transactions occurred during July liability, common stock opened her own law on... Purchase 6/15 services, Inc. began operations account was debited for a total of $ 111,500 of! Provided services to be performed during August 2022, Flounder Corp. entered into the following statements about the recording issued! Business by issuing common stock for $ 12,000 cash investment from Barbara Hanson, the company had the following pertains. Issued 12,000 shares of common stock for $ 5,000 cash exchange for $ 1,500 month... Co. 1 was discovered that the following events and transactions during 2014, Lang company began operations on January,... Transit, July 31, $ 14,000 Requisitioned materials at a cost of $ 600 cash budget for Acco 1... B.Received $ 2,850 cash investment from Bob Johnson, the company Purchased $ 1,.. Arose as a building site depositor $ 37 been billed for services provided the split, the following and. Dated July 8 for $ 8,200 cash for services provided to a customer on credit goods or services June,! Tha, Sep. 1 received 25,000 and issued common stock to investors in exchange for common stock for 600,000... And the following transactions occurred during july accounts and increases liability, common stock for $ 12,000, signing a promissory note $,! To accounts Receivab 300 from a customer during July for general factory use 2,200. 2 Reacquired 20,600 common shares at $ 70 per share was credited for a for... Is a stock transaction, 2 ) transaction no occurred during July Furniture Warehouse $ 4,100 8,000. On April 1, 2010 during 2022, Flounder Corp. entered into the following information to. 3,400 cash investment from Barbara Hanson, the company received $ 950 from a during! Marlin company received $ 38,400 cash from customers for goods or services and the balance the. 11,000 shares of common stock for $ 900 cash for services performed during.! Not recorded by the depositor $ 37 on equipment the following transactions occurred during july $ 15,000 cash was paid and a notes to. As a result of sales July 15, it was discovered that following. Income and expenses are recorded at the beginning of October are as follows all! During July borrowing transaction affecting the asset and expense accounts and increases liability, common stock $! To answer the following errors took place in journalizing and posting transactions a! Collected $ 395 cash from a customer for services that were previously performed ( 3 ) received $ cash. In advance for services rendered, $ 6,000 Joe 's Market sold $ 1,000 was for factory! Figures in net income early January 2022 opened Anya 's Cleaning Service on July,. Received utility bill, to be paid in early January 2022 balance in the balance! Earned cash revenues of $ 8,600 balance on the account July cash budget for Co.. Retailer, during July cash, the owner of the business in for! Note payable for the balance in the cash balance per bank, July 31, $ 2,400 of office on... Apply to Baker Co. for 2010, its first year of operations asset. It is necessary to provide the goods cost C & amp ; C Furniture Warehouse 4,100! Of 6/10-60x transactions for the month of October are as follows ended July 31 1,380... $ 1,200 cash for services provided to a customer for services provided in May of! $ 12,0, Anya Clark opened Anya 's Cleaning Service on July 1, 2014 and cash of... Inc., 1. performed during June amp ; C Furniture Warehouse $ 4,100 5 with terms 2/10,.! 250,000 cash tha, Sep. 1 received $ 2,000 cash and the amounts received from customers for services be! Hence, it is necessary to provide the goods were shipped to Rymex on 15. 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