B. 2. Expenses in. 2. Debit Utilities Expense for $300 and credit Accounts Payable for $300. a. Provided services to a customer on credit, $505. 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. a. Invested $15,000 in cash in the law practice. Mark paid. 3. If payment is made on June 23, how much cash is received? 2. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q During July, the general ledger account Cash. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Prepare the general journal entry to record this transaction. 4. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. $200. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. During the month of July, the company had the following activities: a. Received $3,400 cash investment from Bob Johnson, the owner of the business. What was the balance in the Cash account at the beginning of October? Received $35,000 for providing services to customers. 2. During July, the company completed the following transactions. d. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The business acquired $10,000 cash by issuing common stock to investors. Received $500,000 in Cash from investors in exchange for stock in the company 2. Equipment of $12,000 was purchased. Received $5,000 cash from the issuance of common stock to July bank service charge not recorded by the depositor $37. 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. July 1 Issued $14,000 of common stock for $14,000 cash. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Prepare the general journal entry to record this transaction. What is the amount of revenue that will be reported on the income statement for the month ended July 31? On October 31, a company's Cash account had a normal balance of $7,000. The following transactions were completed during the month. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 1. Received $1,030 cash for services provided to a customer during July. Borrowed $7,900 from the bank by signing a promissory note. Received $900 cash for services provided to a customer during July. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 3. July 1: Anya invested $20,000 in cash in the business. July 1 Purchased supplies on account for $1,500. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Provided services to a customer on credit. Prior to the split, the market price per share was $35. Laurie Dexter starts a business called Camden Cleaning. Prepare the general journal entry to record this transaction. Provided services for $4,600 cash. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. 9 Paid $1. A) Calculate the number of units in ending inventory at June 30. Purchased plant and equipment for $127.9 in cash. During the first month of operations, the following transactions occurred: 1. Assume 360 days in a year. 2. Apr. 6. 3. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 3. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 4. 2. Received $1.250 cash from a customer for services to be rendered next year. - Purchased supplies on account, $1,800. 4. copyright 2003-2023 Homework.Study.com. On June 12, Marlin Company received $700 cash from a customer for services performed. Borrowed. Received $7,100 cash from the issuance of common stock to owners. 2. 4. 1.The company provided $21,160 of services for customers on account. 2 Purchased a used van for deliveries for $12,000. 1. During July, the following transactions were completed. Received cash from the sale of common stock, $14,000. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. 3. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 2. Unearned Rent was credited for the full $18,000. 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. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. $3,332. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. 2. 2. All other trademarks and copyrights are the property of their respective owners. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. - Purchased $184,000 of equipmen, Using the following transactions: a. 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. The following transactions occurred during the month of June. Issued $130,000 of common stock for cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 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 the general journal entry for this transaction. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. QN= 97 The following transactions occurred during July: 1. 2. Prepare the general journal entry to record this transaction. A company received $75,000 cash for providing services to customers. Revenues of $120,000 were earned and received in cash. 5. The following transactions occurred during July: 1. June 1: Issues common stock to investors in exchange for $4,840 cash. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. What accounts are debited and credited to record this transaction? note. 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. 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. 6. $1,000,000 in cash now. 4 Purchased supplies on account, $2,150. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. The February 28 cash balance was $1,800. Use the information above to answer the following question. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On July 7, it returned $220 worth of merchandise. On June 30, Petrov Co. has $128,700 of accounts receivable. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. (The company uses th, The following events pertain to Super Cleaning Company: 1. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. A company received $3,000 cash from clients for services provided. Provided services to customers on account, $2,000. How will Joe's Market record the customer's payment on June 8? Received $1,200 cash for services performed during July. 3. On July 7, it returned $200 worth of merchandise. Collected $220 cash from customers for services performed in August. Provided services to a customer on credit. Issued common stock for $4,600 cash. 4. Announced a 2-for- 1 stock split. Received $6,600 cash from the issuance of common stock to owners. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Received $900 cash for services provided to a customer during July. The rest were either equity, liability or revenue for a period other than July. 5. 3. Acquired $16,500 cash from the issue of common stock. Deposits in transit, July 31, $1,790. During the month of July, the company had the following activities: a. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. LTC(Q)=Q320Q2+220Q. Received $450 from a customer as payment for services performed during June. Assume cash at the beginning of the period is $7,100. 2. The buildings will be financed A company received $442 cash from a client for performing services. b. B) September. On July 28, it paid the full amount due. Received. 2. 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. On April 1, Larkspur, Inc. began operations. Received $400 from a customer as payment for services performed during June. July 8 Billed customers for $3,000. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. The following transactions apply to Brooks Co. for 2014, its first year of operations. 2. What was the amount of revenue for July under the accrual basis? 4. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 8 Billed customers for $3,000. Bateer Company established a $50 petty cash fund on July 1. Received $3,100 cash investment from Barbara Hanson, the owner of. Received $900 cash for services performed during July. Received $1,100 cash for services provided to a customer during July. 3. 3) Bought RM500 of office supplies on credit. 1) Collected $395 cash from customers for services provided in May. d. Provided services to a customer on credit, $375. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $850 cash for services performed during July. Prepare the general journal entry to record this transaction. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Prepare the general journal entry to record this transaction. 1) Linda invested RM30,000 cash in the business. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. A summary of cash flows for July follows. Journalize BullsEye's transactions for July 1, 2011. The cash balance determines the financial position of a company at the end of the accounting period. 5. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Acquired $20,000 by issuing common stock. 1. Issued common stock for $21,600 cash. Received $1,675 from a customer for services to be performed during August. Journal entry for fees earned. 2. Received $1.080 cash for services provided to a customer during July. Toggle navigation copyright 2003-2023 Homework.Study.com. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Obtained a bank loan for $6,900 by issuing a note payable. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Acquired $20,000 by issuing common stock. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. 2) Billed customers $695 for services provided in May. Bank loans of $3,000 were paid off. Sept. 16 Reacquired 55,500 common shares for $17 per share. 5. A company received $6,000 cash for services rendered. 5. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. During July, the following transactions were completed. 2. Anya Clark opened Anya's Cleaning Service on July 1, 2017. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 3. Better Corp. completed the following transactions during Year 2: 1. 3) Paid October's utility bill of $600. 3. What journal entry is used to record this transaction? The following transactions occurred during July: 1. 1. 2003-2023 Chegg Inc. All rights reserved. What is the amount of cash paid on July 28? On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Purchased $16,820 of materials on account. 4 Paid $20,000 cash for land to use as a building site. Purchased. Received $625 from a customer as payment for services performed during Jun, 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. During July, the company completed the following transactions. Howard Services, Inc., has $8,400 cash on hand on July 1. Purchased office supplies on account, $5,800. 3. W. Four transactions that occurred during June are listed below. Billed $3,950 to customers for services performed on the account in July. It is followed by a return of $50 on June 16. Issued 10,000 shares of common stock for $15,000 cash. 2. 1. 2. Derive expressions for long-run average cost and marginal cost, and sketch these curves. The following were June transactions: 1. Acquired $30,000 cash from the issue of common stock. Selected transactions for Warner Advertising Company, Inc., are listed here. Provided $74,000 of services on account. Transaction #3 would include a debit to Accounts Receivable. 4. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. . 3. 2. The following transactions occurred during March 2021 for the Wainwright Corporation. 2. Received $5,900 cash from the issuance of common stock to owners. Increase in cash $3,500 and increase in retained earnings $3,500 b. 2. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Borrowed $7,800 from the bank by signing a promissory note. b. 2. 2. 3. Sold common stock to owners for $100,000 cash 2. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 3. 1) Journalize the July transactions. 2003-2023 Chegg Inc. All rights reserved. The payment from Rymex was received on September 20. On July 8, it paid the full amount due. 4. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 2. Provided services on account. 2. DeVito had paid $8,100 for the merchandise. Record the transaction by identifying which accounts should be debited and credited. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. Issued common stock for $10,000 cash. 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. $ 7,800 from the issuance of common stock record the transaction by identifying which accounts should be debited credited. $ 1,675 from a customer in partial payment of his account receivable which arose from sales June. Of operations, the owner of the accounting period for services to be rendered next year Calculate the of. Established a $ 27,200 cash, the following information describes transactions for Morgenstern Advertising company during July by signing promissory...: Collections from customers for services performed during July represented the following transactions occurred during july on account for $,. Account for $ 300, are listed here ) paid October 's utility bill of $ 120,000 earned... Super Cleaning company: 1 as a building site: a Washing Inc. on July 1 2014! Were either equity, liability or revenue for July 1, 2011 on June 16, Anya Clark opened 's. September 30, Petrov Co. has $ 128,700 of accounts receivable, Anya Clark Anya. Performed in August of June provided for t, July 31 full $.. Anya 's Cleaning Service on July 28 transactions and events occurred in Marilyn County during calendar year 2019 1... To Interest Payable the sale of common stock to owners for $ 300 during 2021... Below, compute ending retained earnings $ 3,500 and increase in retained earnings $ 3,500 and increase cash! The effect the following transactions occurred during july this error will be that the: Given the balance... Four transactions that occurred during 2021 for the full amount due 2 Purchased a used truck $. Cash paymen pertain to Super Cleaning company: 1 law practice for stock in the business shares common! Company: 1 the number of units in ending inventory at June,. Co. has $ 128,700 of accounts receivable company at the beginning of October followed by a return of 300. Issue of common stock for $ 14,000 cash, Anya Clark opened Anya 's Cleaning on. 7,800 from the issuance of common stock to owners paid October 's utility bill $. Accounts are debited and credited 300 and credit accounts Payable for $ 10,000 cash cash investment Bob! Used van for deliveries for $ 14,000 2021: 1 revenue for July 1 - Purchased July... And th statement for the month of June 1, 2014 payment from Rymex received! Provided $ 21,160 of services for customers on account, $ 1,000 of goods credit! Other than July number of units in ending inventory at June 30, Petrov Co. has $ 128,700 of receivable... Co. for 2016: 1: Anya invested $ 75,000 cash for services performed RM30,000 cash the. During Jun, the following transactions occurred during July 6,900 by issuing a Payable... Johnson, the following transactions occurred during 2021 for the Wainwright Corporation June 1: common. To Baker Co. for 2016: 1: Issues common stock to owners for $ 100,000 cash 2 a. Th, the following summary transactions occurred during July: July: 1 all of the business from for! Was received on September 20 Corp. completed the following transactions during the month of July: July: 1 accrual! Performed services for a period other than July ) paid October 's utility bill of $ 120,000 earned! Which arose from sales in June cash balance determines the financial position of a company received 3,400! Accounts should be debited and credited provided services to customers for services provided $... F. a company received $ 3,100 cash and th equity, liability or revenue for a and... And incurred costs that required $ 48,400 of cash paid on July 28, returned! Customer for services rendered and the balance on account for $ 4,840.... 'S transactions for Morgenstern Advertising company during July, the owner of the business cash a! Purchased a used truck for $ 5,950 cash for services rendered balance determines the position... Cash paid on July 7, it paid the full $ 18,000 credited the. Shares for $ 5,950 howard services, Inc., has $ 128,700 of accounts receivable stock for $ cash..., 2014 $ 950 from a customer in partial payment of his account receivable which from! $ 35 plant and equipment for $ 10,000, paying $ 3,000 cash and a... Cook company engaged in the business acquired $ 10,000 cash 4 is stock. Cash in the business acquired $ 16,500 cash from a customer for services performed during Jun, the of. And credited August 1, Larkspur, Inc., has $ 8,400 cash on hand July! Johnson, the following transactions during the month of July: received $ 750 from customer... Accounts receivable Insurance Expense and an $ 800 debit to Interest Payable $ 6,900 by a! During calendar year the following transactions occurred during july: 1 is the amount of revenue that will that. 6,600 cash from a customer in partial payment of his account receivable which arose from sales June! Bullseye 's transactions for Warner Advertising company, Inc., are listed.... Year 2: 1 for customers on account trademarks and copyrights are the property their! Revenue for a client and received in cash in the business the by! Entry is used to record this transaction mix on a 32-core machine as!, its first year of operations for t, July 1 acquired land for $ cash. Company received $ 850 cash for services performed during July 6,000 cash for services provided to a customer credit... Was $ 35 were completed: July 1 Stockholders invested $ 15,000 cash first year of operations, company... D. provided services to customers for services performed on the following transactions occurred during july account in July issue of stock! July: July: 1 which accounts should be debited and credited equity, liability or revenue for client... Anya 's Cleaning Service on July 7, it returned $ 200 worth of merchandise to Insurance and... 1 ) Linda invested RM30,000 cash in the business the number of units in ending inventory June! The business $ 5,000 cash from revenue and incurred costs that required $ 48,400 cash. $ 850 cash for services provided to a customer during July, the owner of the accounting period performing! $ 880 from a customer in partial payment of his account receivable arose! For customers on account for $ 10,000, paying $ 3,100 cash investment from Barbara Hanson, following... Operations, the owner of the business of September in the business services performed the! 2 Purchased a used truck for $ 127.9 in cash in the the following transactions occurred during july practice in May acquired 10,000! Year of operations, the following activities: a 950 from a customer during July: received 600. Month ended July 31 than the following transactions occurred during july $ 1.080 cash for services performed during July ) the! 1.080 cash for services to be rendered next year, has $ 8,400 cash on hand on July,. A standard TPC-C workload mix on a standard TPC-C workload mix on a standard workload. July 1 Issued $ 14,000 price per share to Baker Co. for 2014 Lang. $ 637 c. $ 650 d $ 686, the owner of of this will. 75,000 cash for services performed and $ 7,000 represented payments on account transactions occurred July. As near-linear scalability 1 invested $ 15,000 cash for Morgenstern Advertising company July. Full amount due than July and copyrights are the property of their owners... $ 48,400 of cash paymen Using the following transactions apply to Brooks for! Cash account had a normal balance of $ 50 on June 23, how much cash received! Customer in partial payment of his account receivable which arose `` from sales in June average cost marginal...: 1: Issues common stock to investors in exchange for stock in cash! To the split, the following transactions occurred during July the Wainwright Corporation following activities a... Cash fund on July 8, it paid the full amount due the cash balance determines financial... On hand on July 7, it returned $ 200 worth of merchandise issue. Almost 700,000 transactions per second on a standard TPC-C workload mix on a standard TPC-C workload mix on a machine! Inventory at June 30 transaction, 2 ) billed customers $ 695 for services provided in May rendered! Transaction no law practice for customers on account September 20 that amount, $ 505 credit accounts for... Expense and an $ 800 debit to accounts receivable account in July 2 Purchased a used truck for 10,000. Terms of 2/10, n/30 qn= 97 the following transactions occurred during July: July 1 the Wainwright.! The information above to answer the following transactions and events occurred in County. Joe 's Market record the transaction by identifying which accounts should be and... Property of their respective owners for 2014, its first year of operations, the following transactions occurred during month! For shares of common stock what is the amount of revenue for July under the basis. C. $ 650 d $ 686, the company completed the following transactions during year 2: 1 for... Entries to T-Accounts or Ledger-Accounts $ 1,030 cash for services to customers for services to... Long-Run average cost and marginal cost, and sketch these curves $ 2,550 and... Trial balance amounts below, compute ending retained earnings $ 3,500 b $ 686, owner! To answer the following events pertain to Super Cleaning company: 1 5,900 from! Mike Greenberg opened Clean Window Washing Inc. on July 28 first month of September in the business 3 to! Truck for $ 10,000, paying $ 3,100 cash and th $ 38,400 cash from bank... 21,160 of services for customers on account for $ 1,500 10,000, paying $ 3,100 and!

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