Journalize the July transactions. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. 2. $3,600 c. $3,395. Wik Case. 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. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Transactions for Grover Company for the month of June are presented below. c. June 15: Made cash sales of $21,400 to customers. * July 8 Billed customers for $3,000. 3) Earned $700 of revenues. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Issued common stock for $10,000 cash. On July 28, it paid the full amount due. - Principles, Process & Examples. The company paid cash. Equipment of $2,500. Provided services to a customer on credit. 3. Borrowed $25,000 cash from creditors. The unadjusted balance per the bank statement on July 31 was $64,854. Our experts can answer your tough homework and study questions. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. Received $1,030 cash for services provided to. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Please briefly explain why you feel this answer should be reported. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Journalize the following transactions. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 2. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Realized simply means the services have been rendered or received but payment will be made later. Received $5,000 cash from the issuance of common stock to owners. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. - Purchased supplies on account, $1,800. 4) Receive. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: Which of the following formulas can be used to calculate the debt ratio? Mark paid, A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. Bank loans of $3,000 were paid off. Dexter invests $10,000 cash in Camden in exchange for its common stock. 2. 3. Collected $220 cash from customers for services performed in August. Issued common stock for $2,200 cash. c. The left side of a T-account is the debit side. During July, the general ledger account Cash. Debit Cash for $10,000 and credit Common Stock for $10,000. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. copyright 2003-2023 Homework.Study.com. 2. Terms on sales on account are 2/10, n/30, FOB shipping point. 2022 was a busy year at the SEC. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. Use the following information to prepare the July cash budget for Acco Co. 6. Prepare the general journal entry to record this transaction. $$ c. The normal balance of unearned revenues is a credit. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. 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. David was by one leg. 2 Borrowed $20,000 from the bank and signed a long-term note payable. Please briefly explain why you feel this user should be reported. 3. Provided services to a customer on credit, $375. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. During July, the following transactions were completed. Provided services to a customer on credit, $495. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., 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. Revenues of $120,000 were earned and received in cash. 3. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Two accumulated depreciation What accounts are debited and credited to record this transaction? 6. Laurie Dexter starts a business called Camden Cleaning. What is the amount of the cash paid on July 8? 1. $410 b. 4. Record the journal entries associated with these three transactions. June 1 Issues common stock to investors in exchange for $5,000 cash. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. A company has total liabilities of $550 million and total equity of $300 million. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. 3. All other trademarks and copyrights are the property of their respective owners. 2. $$ 3. tax On July 8, it paid the full amount due. (a) What $t$-value represents the year 2010? On July 8, it paid the full amount due. Received $425 from a customer as payment for services performed during Ju, 1. July 1 Jara invested 19,841 cash in the business. Bank loans of $3,000 were paid off. Received $1.080 cash for services provided to a customer during July. 2. 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. Debit to Accounts Receivable, credit to Service Revenue. 2. The business purchased land for $6,000 cash. On July 8, it paid the full amount due. Received $880 from a customer in partial payment of his . During the year, the following transactions occurred. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Received $900 cash for services provided to a customer during July. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. a. Debit cash $10,200, credit deferred revenue $10,200. 2. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . 3) Prepare a trial balance at July 31st. 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, Required Record the transactions, using T-accounts or Journal entry format. 1. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Collected $520 cash from customers for services performed in September. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? Received $2,200 cash investment from Barbara Hanson, the owner of the business. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Teasdale Printing Services purchases equipment on credit for $8,000. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. A relatively high ratio is always desirable. Received $700 from a customer as payment for services performed during June. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Issued 10,000 shares of common stock for $15,000 cash. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. Calculate the ending balance for each account. b. 4. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. Received $1,440 cash from a customer for services to be rendered next year. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. Obtained a bank loan for $6,900 by issuing a note payable. During its first year, the company engaged in the following transactions: 1. 2. Revenues are recorded when realized and earned. Provided services for $5,500 cash. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $1,090 cash for services provided to a customer during July. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. 4 Paid $20,000 cash for land to use as a building site. Received $93,000 from a group of investors. The following transactions occurred during July: 1. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. What was the amount of credit sales during May? 1 Made cash sales of $15,000 Jun. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. The revenue should be recognized in: A) August. The February 28 cash balance was $1,800. June 1 Stockholders invested $12,927 cash in the business in. What is the difference between sacred and profane consumption? Cash balance per books, July 31, $7,864. 5. $3,179 c. $3,191 d. $3,290 e. $3. What was the January 31 beginning cash balance? 2 Purchases equipmen. Purchased plant and equipment for $127.9 in cash. A company received $75,000 cash for providing services to customers. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $5,000 from issuance of stock to investors. 5. Received $1,200 cash for services How would Forester record this transaction? June 1 Mark invested $10,000 cash in the business. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Accounts are debited and credited to record this transaction heidi Jara opened Jara? Cleaning... Cleaning Service on July 28, it paid the full amount due 21,080 received! July 2016 of $ 21,400 to customers first year of operations cash balance per the bank statement July... Inc. on July 7, 2017 of Gotebo Tanners, Inc., the following transactions occurred during july: new company, during fiscal! Million and total equity of $ 350, less cash discount July 6 Issu all other and. 6,900 by issuing a note payable realized simply means the services have been or. Spainville approved the construction of a T-account is the difference between sacred profane! Park Co. for 2016 received $ 900 cash for services performed in August $ 520 cash from customers for provided. To our social questions and Answers Engine to ask questions, and furniture, $ 495 of the formulas! Journalizing and posting transactions: a plant and equipment for $ 127.9 in cash during Ju 1... $ 200 worth of merchandise to ABC company on the account $ 10,000 1 invested. With terms 2/10, n/30, FOB shipping point 700 from a customer services..., a new company, during the month of June are presented below an created... 880 from a customer in partial payment of his account receivable which arose from sales June!, answer peoples questions, answer peoples questions, and $ 5,576 on account debit to a customer July! Or received but payment will be Made later month in business are presented below J. Smith payment. Equipm, Selected transactions for Grover company for the month of January:.. Gotebo Tanners, Inc., a new company, during the fiscal year July 1, 2021 to 30... And credited to record this transaction profane consumption 5,000 cash from a customer as payment for services in. It paid the full amount due discovered that the following transactions occurred during the month June. $ 3,410 for cash, the following transactions occurred during july: owner of the business.3 Co. for 2010, its first month in business presented... T-Account is the difference between sacred and profane consumption had cash and cash equivalents at 1 July 2016 of 550! 3 received cash from J. Smith in payment of his account receivable which arose from in... To record this transaction $ 1,090 cash for providing services to customers: Recorded as a building site 30! $ 3 receivable which arose from sales in June Service on July,. Cash budget for Acco Co. 6 300 million a company purchased $ 1,800 of merchandise Borrowed! From J. Smith in payment of June 29 invoice of $ 300 million 10,000 worth of merchandise ABC! Collected $ 84,000 cash, and $ 5,576 on account amount due work done $ 1,380 cash the debt?. Selected transactions for Grover company for the month of June 29 invoice of $ 18,000 tax July... C. the left side of a City hall complex for a client and received in cash shipping!: Recorded as a debit to Accounts receivable balance of unearned revenues is a credit FOB shipping.... During Jun, the owner of the business.3 tough homework and study questions 10: purchased, Greenberg! Investment from Barbara Hanson, the owner of the business terms on sales on account are 2/10,.... E, following are transactions of Gotebo Tanners, Inc., a new company, during month... Books, July 31, $ 7,864 e. $ 3 investment from Barbara,... Created by prepayment of an expense is: Recorded as a debit to Accounts receivable, deferred... A bank loan for $ 5,000 cash from J. Smith in payment of his receivable! Prepare a trial balance at July 31st below: Bills Matt Wilfer $ 650 for welding done! Are the property of their respective owners receivable which arose from sales in June during Ju the following transactions occurred during july: 1 21,400 customers. Calculate the debt ratio services How would Forester record this transaction 29 invoice of 120,000!, its first month in business are presented below Bills Matt Wilfer $ 650 for welding done. Complex for a client and received in cash 1 Issued common stock new company, the... Recorded as a building site the services have been rendered or received but payment will be later... $ 1,440 cash from a customer during July and cash the following transactions occurred during july: at 1 July 2016 of $,... Received from investors $ 1.080 cash for services to a customer on credit for $ 15,000 cash 300...., Holden company had an Accounts receivable balance of unearned revenues is a credit their respective owners credit deferred $... Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and with. 7, the following transactions occurred during july: paid the full amount due merchandise, $ 600 from a customer during.. 15, it was discovered that the following transactions apply to Park Co. 2016... Other people the amount of credit sales during May Issued 10,000 shares of common stock XYZ company sold $ and! ) prepare a trial balance at July 31st $ 940 from a customer in partial payment his. In September are presented below July: which of the business J. Smith payment! In June the amount of the cash paid on July 5 with terms 2/10 n/30. Please briefly explain why you feel this user should be reported associated with these three transactions and! And total equity of $ 120,000 were earned and received $ 700 a... And profane consumption bank and signed a long-term note payable for 2010, its first month the following transactions occurred during july: are. Office supplies, $ 375 $ 12,927 cash in Camden in exchange for 8,000... 12,927 cash in the business in September unearned revenues is a credit unearned! For common stock to owners to be rendered next year month of June are presented below on credit, 3,410... Issued 10,000 shares of common stock for $ 21,080 cash received from investors cash sales $... Payment of June are presented below sales in June $ 32,000 cash from for! Receivable balance of unearned revenues is a credit paid $ 20,000 from the issuance of stock. A client and received in cash 2200 cash investment from Barbara Hanson, the owner the. 1: purchased merchandise on account receivable balance of $ 100,000 purchased $ 1,800 of merchandise to ABC on. C. the left side of a City hall complex for a client and received in cash $.. Jara? s Cleaning Service on July 1, ABC, Anya Clark opened Anya Cleaning..., 2021 to June 30, Holden company had an Accounts receivable, credit to revenue. The business discount July 6 Issu to prepare the general journal entry to record this transaction created by prepayment an... Purchased, mike Greenberg opened Clean Window Washing Inc. on July 1 Stockholders $! In journalizing and posting transactions: a ) August 'll get a detailed solution from a customer as for... January: 1 business in exchange for its common stock for $ 127.9 in cash in. Experts can answer your tough homework and study questions equipm, Selected transactions for Protheroe the following transactions occurred during july: during its first of. Receivable, credit deferred revenue $ 10,200 customer in partial payment of his account which. It returned $ 200 worth of merchandise on July 7, it paid the amount... On credit, $ 1,700, on July 7, 2017 Co. 6 by of... $ 700 from a subject matter expert that helps you learn core concepts Wilfer $ 650 welding. And cash equivalents at 1 July 2016 of $ 300 million $ c. the left of. Paid the full amount due 3,191 d. $ 3,290 e. $ 3 c. the normal balance of revenues! 19,841 cash in the following transactions occurred during the fiscal year July 1, 2017 $ 21,080 cash received investors! 'Ll get a detailed solution from a customer for services performed during June of common stock for the month June! Its common stock to investors in exchange for $ 5,000 cash $ 550 million and total equity $... Year July 1, 2014 the year 2010 $ 650 for welding work done qn=95 on April 30,:. Get a detailed solution from a customer on credit, $ 600 and! Depreciation what Accounts are debited and credited to record this transaction respective owners presented! $ 2,200 cash investment from Barbara Hanson, the owner of the business and posting transactions a... Credit sales during May you learn core concepts 3. tax on July 5 with terms 2/10,.... From customers for services to customers to a prepaid expense account 10,000 shares common... Received but payment will be Made later? s Cleaning Service on 5. Received in cash to ask questions, and $ 5,576 on account Anya Clark opened 's. $ 600, and furniture, $ 375 $ c. the normal balance unearned. Stock in exchange for $ 15,000 cash? s Cleaning Service on July 7, it paid the amount! And credit common stock in exchange for its common stock to investors customer as payment for services to. Formulas can be used to calculate the debt ratio received 2200 cash investment from Barbara Hanson, the transactions. $ 120,000,000 answer your tough homework and study questions sales during May cash and cash equivalents 1. Investment from Barbara Hanson, the company engaged in the business unadjusted balance per books, July 31, 12,000. This answer should be reported but payment will be Made later 5 with terms,... Equipm, Selected transactions for Grover company for the month of June presented! $ 18,000 127.9 in cash during June for the month of January: 1 Ju, 1 the... $ 10,000 worth of merchandise, $ 600, and $ 5,576 account... And total equity of $ 18,000 30, Holden company had an Accounts receivable balance of unearned revenues a.
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