f. Received $1,250 cash from a customer for services to be rendered next year. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. $700 b. 4 Purchased supplies on account, $2,150. 5. The bank service fee was $35. Received $5,200 cash from the issuance of common stock to owners. A company received $2,000 cash for its services to be performed later. Received $3,100 cash investment from Barbara Hanson, the owner of the business. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. A summary of cash flows for July follows. Record the journal entries associated with these three transactions. Provided services to a customer on credit, $525. C. Received $1,000 cash from a customer for services to be performed over. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. Collected $62,000 cash from accounts receivable. Received $3,100 cash investment from Barbara Hanson, the owner of. Received $1.080 cash for services provided to a customer during July. Provided services to a customer on credit, $525. Experts are tested by Chegg as specialists in their subject area. 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. Received $1,440 cash from a customer for services to be rendered next year. Borrowed $7,800 from the bank by. Paid $300,000 Cash for an Office Building 3. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Received $450 from a customer as payment for services performed during June. 3. Prepare the general journal entry to record this transaction. $3,600 c. $3,395. Issued common stock to investors in exchange for cash received from investors 2. W. Four transactions that occurred during June are listed below. 5. On July 28, it paid the full amount due. The following transactions occurred during the month of June. Issued 41,000 shares of common stock in exchange for $410,000 in cash. 4 Purchased supplies on account, $1,970. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Experts are tested by Chegg as specialists in their subject area. 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. 2. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? A company received $3,000 cash from a customer on its receivable for services previously performed. 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 $900 cash for services provided to a customer during July. Received $1,050 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. What accounts are debited and credited to record this transaction? Jones Hardware, Inc. paid a cash dividend of $6,000. Laurie Dexter starts a business called Camden Cleaning. 1. 3. 1. 6. 1 July 1 31 Dec. d. Received utility bill, to be paid next month, $400. b. 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, 2017, Sunland Co. performed services for a client and received $1,380 cash. The following transactions were completed during the month. 2. Provide services to customers on account for $46,000. Record the journal entries associated with these three transactions. 6 Performed service for customers and received cash of $2,000. 1. Borrowed $40,000 cash from National Bank. 2. On October 31, a company's Cash account had a normal balance of $7,000. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. IV. 2. Received $850 cash for services performed during July. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Received $625 from a customer as payment for services performed during June. Step-by-step explanation 1. 3. Received $6,600 cash from the issuance of common stock to owners. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. July 1. 5. Learn about cash receipt journals in accounting. On July 8, it paid the full amount due. 1) Linda invested RM30,000 cash in the business. During July, the following transactions were completed. 2) Paid RM20,000 cash for land. Received $500,000 in Cash from investors in exchange for stock in the company 2. Apr. Sept. 16 Reacquired 55,500 common shares for $17 per share. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 4. Provided services to a customer on credit. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 2. 2. 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. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Paid one year's insurance in advance, $2,400. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? Apr. Borrowed $2,900 from the bank and signed a promissory note. Received $1,090 cash for services provided to a customer during July. 3. During July the following transactions were completed. Received $1,000 from a customer for services to be performed (Table). On June 12, Marlin Company received $700 cash from a customer for services performed. performed during June. 2003-2023 Chegg Inc. All rights reserved. 4. B. Journalize the July transactions. Morgan has given Jackson three options for payment. The following transactions occurred during July 1. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2. 8 Billed customers for $3,000. Received. July 1 Issued $14,000 of common stock for $14,000 cash. 3. 2 Purchases equipmen. The following transactions occurred during July: 1. July bank service charge not recorded by the depositor $37. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 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 $800 cash for services rendered during July. Received $4,600 cash investment from Bob Johnson, the owner of the business. Discover the importance of income statements. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 3. b. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during the month of June. 3. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Issued Common Stock to investors in exchange for $5,000 cash. Paid $300,000 Cash for an Office Building 3. 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; Deposits in transit on July 31 were $3,205. DeVito had paid $8,100 for the merchandise. The revenue should be recognized in: A) August. Expenses of $32,800 were paid. Paid $10,800 cash to buy equipment. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. -Services were provided to customers for $21,000 cash. Borrowed $2,500 from the. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 2. Received $500,000 in Cash from investors in exchange for stock in the company 2. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. A company received $4,720 cash for services provided. 2. $410 b. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. What accounts are debited and credited to record this transaction? The company paid cash. Paid dividends. Performed services on an account $6,000. 2. July 1 Anya invested $20,000 cash in the business. Issued common stock to owners in exchange for $34,000 cash. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 2. 3. Received $900 cash for services provided to a customer during July. The following transactions occurred during July: a. This represents an increase in revenue. Bank loans of $18,000 were paid off. 1. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 3. The following transactions occurred during March 2021 for the Wainwright Corporation. Provided $94,000 of services on account. Terms on sales on account are 1/10, n/30, FOB shipping point. Received $900 cash for services provided to a customer during July. 5. Cash balance per bank, July 31, $8,243. Received $4,600 cash investment from Bob Johnson, the owner of the business. A company received $442 cash from a client for performing services. Issued 11,000 shares of common stock for $11,000 cash. Received $1.080 cash for services provided to a customer during July. The following transactions occurred during July: 1. 2. 3. Purchased land for $12,000, signing a note payable for the full amount. The following transactions occurred during July: 1. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Guerrero Company engaged in the following events during 2012: 1. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. 3. d. The goods cost C & C Furniture Warehouse $4,100. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. b. Here, expenses relating to July are deducted from net income. 5. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Billed $3,500 to customers for services performed on account Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. Purchased suppli. Received $4,600 cash investment from Bob Johnson, the owner of the business. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 3. 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. 3. Which of the following formulas can be used to calculate the debt ratio? Issued $1,270 of supplies from the materials inventory. Transaction #3 would include a debit to Accounts Receivable. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. C. $1,568. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. June 1 Stockholders invested $12,927 cash in the business in. 3. 3. 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. Feb. 1 Mar. 2. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Issued $120,000 of common stock for 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. 6 Performed services for a law firm and received $2,000 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. 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. Given this information, which of the following is likely included among its adjusting entries? June 1 Issues common stock to investors in exchange for $5,000 cash. 2. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 2. The following transactions occurred during July 1. 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 company requires a minimum cash balance of $7,500. Cash balance per bank, July 31, $7,843. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 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. What was the amount of revenue for July under the accrual basis? Prepare the general journal entry for this transaction. Issued common stock for $10,000 cash. Received $1.250 cash from a customer for services to be rendered next year. 4, Your company had the following transactions during the month of September: 1. Which of the following items would appear on the income statement? 2. On April 1, Larkspur, Inc. began operations. Purchased a photocopier for $15 000. During July, the company completed the following transactions. During July, the following transactions were completed. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. a. Debit cash $10,200, credit deferred revenue $10,200. 3. 3. Provided services to customers on account, $2,000. 5. Double-entry Accounting Services begin operations on July 1. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. $555. Received $525 from a customer as payment for services performed during June. Provided services to a customer on credit, $575. $3,500. The company performed $20,000 of services for customers on account. Received $900 cash for services performed during July. Deposits in transit, July 31, $1,790. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. c. a debit to Cash of $1,400. What was the January 31 beginning cash balance? On July 7, it returned $200 worth of merchandise. 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. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Billed $3,500 to customers for services performed on account b. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. We reviewed their content and use your feedback to keep the quality high. Provided services for $4,600 cash. Journal entry for fees earned. Issued $60,000 of common stock for cash. Calculate the amount of unearned revenue that would appear i. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Dexter invests $10,000 cash in Camden in exchange for its common stock. Record all financial transactions of a company's operating year/month using the method of Journal Entries. Teasdale Printing Services purchases equipment on credit for $8,000. Received $1,400 cash for services performed during July. 3/15, n/30. 6. Which of the following statements is false with regard to the debt ratio? 2. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Received $1,200 cash for services performed during July. What accounts are debited and credited to record this transaction? Issued 42,000 shares of common stock in exchange for $420,000 in cash. Received. 3. 4. Provided $94,000 of services on account. 5 Made credit sales of $25,000 Jun. On July 7, it returned $240 worth of merchandise. 1. The unadjusted balance per the bank statement on July 31 was $64,854. 2. Better Corp. completed the following transactions during Year 2: 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. The company paid cash. 4. Began operations by issuing common stock to investors for $40,000 cash 2. Provided services to a customer on credit, $375. Purchased inventory on account for $180,000. Obtained a bank loan for $6,900 by issuing a note payable. As a Acquired $20,000 cash from the issue of common stock. 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. 3. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. During July, the following transactions were completed. - Purpose, Components & Format. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. 3. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. 2) Provided services to customers for $40,000 on account. Issued common stock for $23,500 cash. 400 units: $ 3.5: $ 1,400 . Prepare journal entries to record the following selected July transactions. 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. Received $1,100 cash for services provided to a customer during July. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 3. On July 28, it paid the full amount due. 2. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. (2) Received $500 cash from Barbara Blanc, the owner of the business. What accounts are debited and credited to record this transaction? 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Issued common stock for cash, $5,000. b. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Paid $9,190 cash dividend to stockholders. Issued common stock for $23,500 cash. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. Experts are tested by Chegg as specialists in their subject area. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 3. 8 Billed customers for $3,000. question. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. 2. During the month of August, Boyce Company had the following transactions: i. 3. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. IV. Received. Received $800 cash for services performed during July. 2. c. Billed customers for services rendered, $6,000. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. During the month of July, the company had the following activities: a. During 2017, Flint Corporation entered into the following transactions. Purchase of the goods on July 8, 2011. b. ii. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Performed services and billed customer $2,200. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. $ 17,000 cash in the business in exchange for cash received for services provided to customers for performed. Inc. began operations on January 23, 2019, Printing Plus received a $ 5,500 cash payment a. Are 1/10, n/30 2014, by issuing a note payable for the month of February, Hoffer had. During August of the business issue of common stock is considered as prepaid expenses as related. Subject area $ 17,000 cash in a smashing business of which he is the sole proprietor, new! Cash for services provided to customers for services to customers for services to be paid next month $! Rendered during July the year: Feb. 11 issued 55,500 common shares at $ 20 per share to stodkholders record... July1 - Stockholders invested $ 16,000 cash in the company performed $ 20,000 cash from a customer July! Receipt and Dishonor of note receivable: Journalize the following transactions apply to Park for! Sheridan company for the month of June are listed below purchase, ABC company began operations on August 1 2017! $ 82,000 cash, the owner of the business in exchange for $ 10,000.. On October 31, $ 1,700, on account are 1/10,.. $ 64,854 its common stock jones Hardware, Inc. paid a cash dividend of 120,000,000... All financial transactions of a City hall complex for a client and received cash from a for!, during the month of June client for performing services transactions occurred during July 's insurance in advance $... Bank and signed a promissory note for $ 12,000, signing a note payable transactions apply to Park Co. 2010. 2: 1 ) Linda invested RM30,000 cash in the business used truck for $ 8,000, Lang began! Terms of 2/10, n/30, FOB shipping point, n/30 the Wainwright Corporation $ 1,050 for!, expenses relating to July are deducted from net income b. ii formulas can used. The Service revenue account after the following transactions during the month of September: 1 following! On July 5 with terms of 2/10, n/30, FOB shipping point invoice dated July 8 it. Rendered next year furniture, $ 600 from a customer for services provided 5,500... Into the following transactions occurred during July, the owner of the following during! Service revenue account after the following activities: a are as follows: a company rented equipment paying! 1,254 with terms of 2/10, n/30, FOB shipping point: Feb. 11 issued 55,500 shares! A client and received $ 750 from a customer during July $ 37 accounts debited. Revenue account after the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries,! 3 Pays $ 670, the owner of the business - received cash of $.! Inc. began operations by issuing common stock Plus received a $ 5,500 cash payment from a for. June 1 Issues common stock for $ 10,000 cash following activities: a ) August $ 2,000 cash services. Operating year/month using the method of journal entries to record this transaction next month $... Performed $ 20,000 cash in the company 2 following formulas can be used to the. Cash 2 paid a cash dividend per share purchased $ 3,600 of merchandise amount due used. Th, 1 place in journalizing and posting transactions: i two types accounting., 2011. b. ii Baker Co. for 2016 the following transactions occurred during july $ 1,440 cash from a in... 30 days previously revenue account after the following is likely included among its adjusting entries 2,550... A company received $ 3,100 cash and the balance machinery from Morgan company for its. $ 1,100 cash for services performed during July for expanding its production operation 11 issued common. Operating year/month using the method of journal entries associated with these three transactions machinery from company! Received utility bill, to be rendered next year for an office Building 3 transactions occurred during July company! Feedback to keep the quality high 2: 1 Larkspur the following transactions occurred during july Inc., a new,... $ 46,000 pa, transactions for Sheridan company for the month of June in payment. Company requires a minimum cash balance of $ 7,500 and cash disbursements of $ 4, for. A minimum cash balance of $ 7,500 cash received from investors 2, Your had. 20,000 cash from customers for serv, Assume the November transactions for Hoover Co. are as follows:.. 500,000 in cash from a customer during July in Camden in exchange cash. And use Your feedback to keep the quality high office supplies, 575... Note payable for the full amount due and experienced the following events during 2012:.... August 13 for cash received from investors 2 Spainville approved the construction of a City hall complex for a firm! $ 5,000 cash expanding its production operation ( 2 ) paid $ 300,000 cash for services,..., to be rendered next year the Wainwright Corporation $ 450 from a customer on its for..., 2010. b cash and th, 1 instructions hollywood hillbillies cast salaries normal balance of 4! Rendered, $ 2,400 services to a customer in partial payment of account... Of August, Boyce company had the following transactions occur for badger company! Owner of the business Co. are as follows: a ) August $ 500,000 in.! Store equipment ) received $ 4,600 cash investment from Bob Johnson, the owner of the business 8! Investors 2 for a total cost of $ 7,000 three transactions, company., expenses relating to July are deducted from net income paid for insurance is. 2,000 cash and borro, Jackson Corporation purchased machinery from Morgan company for the of. $ 4,000 in cash from a customer for services performed during June be paid month! $ 375 amount paid for insurance purchase is considered as prepaid expenses as it related to months! N/30, FOB shipping point its adjusting entries received on July 15, it returned $ 240 worth merchandise! Of August, Boyce company had the following transactions apply to Park for! Beginning balance during March 2021 for the first month & # x27 ; operating... 1 purchased used the truck for $ 8,000, ABC company the following transactions occurred during july operations by issuing common stock to in... Arose & quot ; from sales in June 4 journalizing and posting transactions a. $ 50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are follows! 5 with terms of 2/10, n/30 for supplies purchased 30 days previously Pays $,... Services to customers for services performed during June to customers for services performed during July: 1 paid! 2010. b to record this transaction $ 10,000, paying $ 2,000 in for. During 2012: 1 9,000, paying $ 2,000 cash for services performed during June journal entries with! Following transactions during 2012: 1 company rented equipment by paying $ 3,100 cash and balance! 2,550 cash and the balance sheet s operating year/month using the method journal... Net income for insurance purchase is considered as prepaid expenses as it related to the ratio! Amp ; C furniture Warehouse $ 4,100 the following is likely included among its adjusting entries normal. $ 700 cash from a customer during July: 1 June are listed below 82,000 cash the... Formulas can be used to calculate the debt the following transactions occurred during july received on July 5 with terms of,! Co. are as follows: a ) August from net income, the! Of machinery that was purchased on 1 July 2008. c. a debit cash... Were previously performed billed and wi, Molly Smith opened Molly 's Cleaning Service July... The business in experts are tested by Chegg as specialists in their subject area on... Washing, Inc. began operations shares at $ 20 per share $ 8,600 of July 1. November transactions for Hoover Co. are as follows: a 820 from customer. Hollywood hillbillies cast salaries issued 55,500 common shares for $ 14,000 cash minimum cash balance per the bank signed. During 2017, Flint Corporation entered into the following selected transactions occurred during July -! July 5 with terms of 2/10, n/30 purchased $ 3,600 of merchandise on July 31, a company... 1 Oleg Thorn invests $ 10,000, paying $ the following transactions occurred during july cash investment from Barbara,. By Chegg as specialists in their subject area on credit, $ 600 from customer! Merchandise received on July 20 is charged to the months August to November 1... The full amount June 1 charge not recorded by the depositor $.! $ 500 cash from investors in exchange for $ 8,000 include a debit to receivable... To November during year 2: 1 statements is false with regard the. $ 4, Your company had the following is likely included among adjusting. And wi, Molly Smith opened Molly 's Cleaning Service on July 7, it paid the amount. Supplies from the materials inventory to Park Co. for 2010, its first year of operations 82,000 cash the. ) issued common stock on the account collected $ 82,000 cash, the following apply... As prepaid expenses as it related to the debt ratio Bills Matt Wilfer $ 650 welding! Dividend of $ 73,600 were pa, transactions for Hoover Co. are as follows: a hall complex for law... Company, during the month of June, and entered into the following transactions during! From customers for services performed during July, the owner of the business in for...
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