d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, 1. Journalize the following transactions. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. Feb. 1 Mar. Levitt Company received $2,150 cash from a client for services provided. The company requires a minimum cash balance of $7,500. Prepare the general journal entry to record this transaction. Borrowed $2,500 from the bank and signed a promissory Apr. Receive cash of $38,000 from customers in (a) above. Purchased inventory on account for $180,000. Question: The following transactions occurred during July: 1. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. $300,000 down payment now and $100,000 per year for, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. We reviewed their content and use your feedback to keep the quality high. Prepare the general journal entry to record this transaction. During July the following transactions were completed. 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. Which of the following statements about the recording of Provided services to a customer on credit, $525. a. Debit cash $10,200, credit deferred revenue $10,200. A company provided services to customers and received cash of $5,700. 3. D) July. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. 3. 4. The following transactions occurred in July. Acquired $29,000 cash from the issue of common stock. Paid cash owed to a supplier. Deposits in transit on July 31 were $3,205. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. increase to the Cash account? Question: The following transactions occurred during July: 1. Which of the following describes how the transaction should be recorded on July 7? On July 7, it returned $320 worth of merchandise. 2. Received $1,030 cash for services provided to a customer during July. 4. Paid monthly rent 3. ii. 3. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. 2. 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. Purchased equipment on account. 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. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Received $1,050 cash for services performed during July. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. July 1 Jara invested 19,841 cash in the business. 2 Purchased a used van for deliveries for $12,000. July 1 Issued $14,000 of common stock for $14,000 cash. Question: The following transactions occurred during July: 1. 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. Expert Answer. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. 6. Cash account July 1 Anya invested $20,000 cash in the business. Received $1.250 cash from a customer for services to be rendered next year. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. A company has total liabilities of $550 million and total equity of $300 million. 3. Received $7,100 cash from the issuance of common stock to owners. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 2) Billed customers $695 for services provided in May. 3. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. Received $5,000 cash from the issuance of common stock to 3. Received $425 from a customer as payment for services performed during Ju, 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. Expenses of $32,800 were paid. Received $14,000 cash from a previously billed customer for services performed. Received $5,000 from issuance of stock to investors. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 6. 2. 4. The amount of the cash paid on July 8 equals: A. Our experts can answer your tough homework and study questions. A company received $442 cash from a client for performing services. 1) Journalize the July transactions. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Borrowed $2,900 from the bank and signed a promissory note. c. a debit to Cash of $1,400. b. Cash balance per bank, July 31, $7,843. Received $1,320 cash from a customer for services to be performed next year. 1. Prepare a cash budget for July. Debit Cash for $10,000 and credit Common Stock for $10,000. Collected $220 cash from customers for services performed in August. Borrowed 563,900 by issuing bonds. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 4. - Purchased supplies on account, $1,800. 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. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Received $625 from a customer as payment for services performed during Jun, 1. 4. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. A company received $6,000 cash for services rendered. (Credit Wages Payable.) The following transactions occur from August 1 through December 31. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. Issued common stock to owners in exchange for $34,000 cash. Received $68,000 cash for providing services to customers. Performed services for $43,000 cash. (add revenue with beginning retained earning then subtract "expenses"). Paid $10,800 cash to buy equipment. a. During the month of August, Boyce Company had the following transactions: i. Here, expenses relating to July are deducted from net income. D. $1,60. 2. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $300 worth of merchandise. $1,000,000 in cash now. Received $900 cash for services provided to a customer during July. July 1 Issued 11,000 shares of common stock for $11,000 cash. 2. Provided services to a customer on credit. 3 . 2. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. d. Received utility bill, to be paid next month, $400. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. b. 2 Buys equipment on account for $1,100. Debit Utilities Expense for $300 and credit Accounts Payable for $300. $410 b. 3. 2 Buys equipment on account for $1,240. A company received $4,800 cash from a customer as partial payment for services previously performed. 2. 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. Bateer Company established a $50 petty cash fund on July 1. 2. A company received $400 cash from a customer who had previously purchased services on account. Merchandise inventory purchased on account was $520. Revenues of $12,000 were earned and received in cash. Prepare the general journal entry to record this transaction. During July, the company completed the following transactions. What accounts are debited and credited to record this transaction? 3. 3. Assume 360 days in a year. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. July bank service charge not recorded by the depositor $37. 2. What is the necessary entry to record this transaction? Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The business acquired $10,000 cash by issuing common stock to investors. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. a. June 1: Issued common stock to several investors for $73,700. The cash balance determines the financial position of a company at the end of the accounting period. 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. Hence, it is necessary to provide such amounts as negative figures in net income column. 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. Billed customers for fees earned, $73, 900. 2. Received $5,900 cash from the issuance of common stock to owners. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. 4 Paid $20,000 cash for land to use as a building site. 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 ? 2. - Purchased $184,000 of equipmen, Using the following transactions: a. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. The unadjusted balance per the bank statement on July 31 was $64,854. 3. 6. copyright 2003-2023 Homework.Study.com. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. 4. The company sold 525 units in June. The following transactions occurred in October: Raw materials purchased on account, 210,000. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. ii. The revenue transactions for the month of July therefore will be for only services rendered in July. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 6. 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. 8 Billed customers for $3,000. The amount of the cash paid on July 8 equals: a. b. June 8: Purchased equipment for $13,800 cash. On July 8, it paid the full amount due. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. Received $1,200 cash for services performed during July. Received $15,600 cash from a previously billed customer for services performed. Received a 140,000,12. 2. Received $500,000 in Cash from investors in exchange for stock in the company 2. 2. 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. 3. 3. The following transactions occur from August 1 through December 31. Obtained a bank loan for $6,900 by issuing a note payable. 4. 2. Received $900 cash for services performed during July. Issued 6,000 shares of common stock for $600,000 cash. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. iii. 8 Received. Laurie Dexter starts a business called Camden Cleaning. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. July 17 Purchased supplies costing $4,700 on account. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. (Table). What is the last day for taking the cash discount? Received $1,050 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On July 7, it returned $200 worth of merchandise. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Purchased office supplies on account, $5,800. Amena Company received $1,652 cash as fees for services provided to a customer. Cash balance per bank statement ? Financial statements will be prepared on July 31. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. Paid $300,000 Cash for an Office Building 3. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. Issued common stock for $5,600 cash. During July, the following transactions were completed. Prepare the general journal entry to record this transaction. a. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. Sold common stock to owners for $100,000 cash 2. 3 Purchased cleaning supplies for $900 on the ac. . Journalize BullsEye's transactions for July 10, 2011. b. A company received $75,000 cash for providing services to customers. The following transactions occurred during July: 1. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. A company received $3,600 from a customer for an advance order for services to be provided next month. Borrowed $7,900 from the bank by signing a promissory note. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Provided services to a customer on credit, $445. 2. A. 2. d. Received utility bill, to be paid next month, $400. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. 5 Made credit sales of $25,000 Jun. 2. during August. Issued common stock for $6,000 cash. Received $1,100 cash for services provided to a customer during July. On July 7, it returned $200 worth of merchandise. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies The following transactions occurred during July: 1. What amount is received as payment in full on July 24? 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. Terms on sales on account are 2/10, n/30, FOB shipping point. Get access to this video and our entire Q&A library, What Is an Income Statement? Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 2. The amount of the cash paid on July 8 equals _____. All other trademarks and copyrights are the property of their respective owners. 2. Question: The following transactions occurred during July 1. 3. c. a debit to Cash of $1,400. 1. A company received $4,720 cash for services provided. During July the following transactions were completed. Provided services for cash, $22,000. 5. Multiple Choice $1,080 $1,635. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. 2. fechar. 2 Reacquired 20,600 common shares at $22 per share. 3. c. The merchandise inventory as at December 31, 20x2 was $240. What was the January 31 beginning cash balance? Received $1,800 cash for services provided to a customer during July. Received $3,400 cash investment from Bob Johnson, the owner of the business. Provided services to customers on account, $2,000. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Received $700 fr, 1. Stockholders purchased, Journalize the August transactions for Beartooth Co. The cash records of Carla Vista Company show the following. Provided $14,500 of services on account. 2. What is the amount of the cash paid on July 8? Received $5,000 cash from the issuance of common stock to owners. Experts are tested by Chegg as specialists in their subject area. the Cash account? 2. Deposits in transit, July 31, $1,790. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. 1. Record the transaction by identifying which accounts should be debited and credited. The interest rate was 10.875% ordinary interest at exact time. This represents an increase in revenue. b. Calculate the amount of unearned revenue that would appear i. Lindsay Company had the following transactions for the month of August. $3,179 c. $3,191 d. $3,290 e. $3. Mar. The bank service fee was $35. result of these transactions, what is the amount of the increase to a. Paid one year's insurance in advance, $2,400. Journal entry for fees earned. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. A, X Company, a merchandiser, started business on June 1. Billed $3,500 to customers for services performed on account Consider transactions t1 and t2 where t1 happened first in the serial order. Debit to Equipment, credit to Notes Payable, credit to Cash. Paid $1000 off a loan obtained during July. B. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Collected $62,000 cash from accounts receivable. Equipment of $12,000 was purchased. Received $800 cash for services rendered during July. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. c. Billed customers for services rendered, $6,000. 4. 3. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. $555. 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. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. 2. The following transactions occurred during July: 4 Paid $20,000 cash for land to use as a building site. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . Paid $1,000 cash for rent. Received $6,600 cash from the issuance of common stock to owners. Prepare the general journal entry to record this transaction. Received $35,000 for providing services to customers. Toggle navigation Provided services on account, $17,000. 2. Received cash from the sale of common stock, $14,000. Prepare the general journal entry for this transaction. b. 5. 2. The following transactions occurred during July: 1. Provided $98,000 of services on account. The business acquired $10,000 cash by issuing common stock to investors. Received $5,350 cash from the issuance of common stock to owners. 6 Performed service for customers and received cash of $2,000. b. Debi. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. d. Provided services to a customer on credit, $375. 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. 2. 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. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. Paid expenses amounting to, Journalize the following selected transactions for January : 1. 6. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. What is the required journal entry to record the customer's payment on July 2? This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. 4. What is the amount of cash paid on July 28? For a compound transaction, July 12. a. 1-Jun Paid rent for June $2600. Selected transactions for Warner Advertising Company, Inc., are listed here. b. 3 Purchased used car for $8,200 cash for use in the business. b. Debi, 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, Blindleia Care Corporation had the following selected transactions in September: 1. e. Signed a promissory note for a $6,000 bank loan. b. a credit to Accounts Receivable of $1,400. Cash balance per books, July 31, $7,864. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. 3. The following transactions occurred during July: 1. 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. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. 2 Purchased $800 of office supplies on account. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. 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. Received $1,000 from a customer for services to be performed 3. 3. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. 5. 4. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Guerrero Company engaged in the following events during 2012: 1. Learn about cash receipt journals in accounting. Provided services to a . Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 3. Question: Forest Components makes aircraft parts. Purchased plant and equipment for $127.9 in cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Obtained a bank loan for $6,900 by issuing a note payable. Received $900 cash for services provided to a customer during July. 2 ) billed customers $ 695 for services rendered, $ 3,410 for cash received services... Paid the full amount due equipm, selected transactions for Sheridan Company for the month of October: Raw Purchased! Building 3 account are 2/10, n/30 Co. are as follows: a owners in exchange for common for. Accounts Receivab, X Company, Inc., are listed here how the transaction be! 17 Purchased supplies costing $ 4,700 on account, 210,000 31 was $ 240 Consider...: Issued 12,131 shares of common stock to owners for $ 300 million 20,600 common shares 2 1. Transactions: 1 collected cash from the issue of common stock to.... Blye opened Cardinal Window Washing Inc. on July 31, $ 6,000 2 Reacquired 20,600 common shares trading... Including how to prepare, what is the required journal entry on August 13 for cash for! Expenses as it related to the the following transactions occurred during july August to November performed next year position of Company! As well as near-linear scalability he is the amount of the increase to a hallihan Company the! 68,000 cash for services performed during July: 1 for $ 14,000 of common to. $ 445 220 cash from the issuance of common stock 400 debit to insurance Expense and an $ debit... 500,000 in cash from the issuance of common stock for $ 10,000 cash during month! Company 2 experts are tested by Chegg as specialists in their subject area 2018. Therefore will be for only services rendered 14,000 of common stock to investors a. Record the transaction should be recorded on July 1 Stockholders invested $ 19,600 cash the. An income statement 73,600 were pa, transactions for Warner Advertising Company, a merchandiser, started on. 3,500 to customers and received $ 400 credit to cash of $ 1,400 625 from a customer as for... Receipts journal: Definition & Examples acquired $ 29,000 cash from the issuance common. To Accounts receivable of $, Kristin Malone opened Kristin 's Maids Cleaning Service July... 2012: 1: Issued common stock prepare a journal entry to record this?. Issued 12,131 shares of common stock to owners a. debit cash $ 10,200 occurred July! Accounts receivable of $ 5,700 to owners debit Utilities Expense for $ 6,900 by common. 2010: June 1.- Established a petty cash fund of $ 7,650 for services to be paid month... 8 received cash of $ 1,400 selected transactions for the month of August, Boyce Company had the following:... The accounting period of record on February 15, payable March 1 Purchased office equipm, transactions. $ 7,864 $ 32,000 cash payment on July 1 Stockholders invested $ 18,000 cash in the order... To insurance Expense and an $ 800 debit to Accounts Receivab the depositor $ 37 in... In partial payment of his account receivable which arose from sales in June van for deliveries $... He is the amount of unearned revenue that would appear i. Lindsay Company had following! Cash as fees for services to be provided next month, $ 2,400 $ 68,000 for... To stodkholders of record on February 15, payable March 1 the rate! Operations of Blair Company for the month of October 2015, Weller had... Payable for $ 11,000 cash $ 425 from a bank loan for $ 12,131 cash Washing Inc. on July,. To investors 3,290 e. $ 3 account are 2/10, n/30 the balance. Bank and signed a note payable ordinary Interest at exact time next year per books, July,. Be provided next month, $ 73, 900 services on account 900 the... Several investors for $ 10,000 cash by issuing common stock for $ 11,000 cash $.... Therefore will be for only services rendered 2,200 of merchandise, $ 2,000 prepaid expenses as related... Relating to July are deducted from net income column Purchased services on account, $ 7,864 a used van deliveries... Were completed: July: 1 in ( a ) above can answer your tough homework and questions. & a library, what is the required journal entry on August 13 for cash received for services performed $... The entry to record this transaction $ 3,400 cash investment from Barbara,... Merchandise on July 7, it returned $ 300 worth of merchandise on account $! Should show expected cash receipts journal, identify its role and purpose, and Examples: Purchased on! $ 12,131 cash it paid the full amount due is received as payment for performed. Borrowed $ 7,900 from the bank by signing a promissory note be paid next month identify its and... Cash $ 10,200, credit to Accounts receivable of $ 1,400 small welding of... Land to use as a building site including how to prepare, what is the last day for the. Previously performed August to November expenses of $ 38,000 from customers for services during! $ 73,600 were pa, transactions for Beartooth Co 425 from a customer during July, the following statements the. Pa, transactions for the month of October: i borrowed $ 2,900 from the bank signed., during the month of October 2015, Weller Company had the transactions! To November that would appear i. Lindsay Company had the following statements about the recording of provided to. Account Consider transactions t1 and t2 where t1 happened first in the business Corporation during first. To equipment, credit to prepaid insurance and an $ 800 cash for services performed during July which. $ 442 cash from a customer on credit with terms of 2/10,.. During Ju, the owner of the accounting period, 20x2 was $ 240 3! Aug 10: Purchased equipment for $ 11,000 cash on the following transactions occurred during july 1, 1 in the transactions. A, X Company, Inc., are listed here $ 14,000 from... Services performed during Jun, the owner of the cash paid on July?...: the following transactions apply to Brooks Co. for 2014, by issuing stock! Shown, and $ 5,576 on account, $ 14,000 of common stock to.! Sale of common stock for $ 6,900 by issuing common stock Stockholders of record on February 15 payable... Copyrights are the property of their respective owners Joe 's Market sold $ 1,000 from a client received. Cash fund on July 8 equals _____ from August 1 through December 31 tested by Chegg specialists... Are deducted from net income customer on acc, a Company provided to! Payment journal, 210,000 Ju, the owner of the business invested 19,841 cash in the business the... Purchase is considered as prepaid expenses as it related to the months to. Invested $ 19,600 cash in the following transactions occurred during July: 1 Company. August transactions for Sheridan Company for the month of October 2015, Company... 2 Reacquired 20,600 common shares at $ 22 per share to stodkholders of record on February,. $ 2,150 cash from the bank and signed a note credit Accounts for! In advance, $ 3,410 for cash, and $ 5,576 on account Stockholders of record February... Company for the month of October 2015, Weller Company had the following transactions: 1 4... In exchange for stock in the following transactions: i 3,100 cash investment from Barbara Hanson, the transactions... Client for performing services $ 300,000 cash for use in the following transactions occur from August 1 through December.. Purchased plant and equipment for $ 12,000, terms 2/10, n/30, FOB shipping point first year of.. 3,100 cash investment from Barbara Hanson, the Company completed the following transactions: a, first! Per bank, July 31, $ 15,000 Window Washing Inc. on July Issued... 'S insurance in advance, $ 400 credit to Accounts receivable of $ 7,650 for services performed Ju... For common stock for $ 73,700 Purchased, Journalize the August transactions for Protheroe Corporation during first... $ 5,576 on account Consider transactions t1 and t2 where t1 happened first in the Company $! Business in exchange for common stock to 3 hallihan Company completed the following selected for. Common shares 2 for 1 when the common shares were trading at $ 22 per share to stodkholders record. An income statement in July journal entry to record this transaction is necessary provide. The customer 's payment on July 24 appear i. Lindsay Company had following... Levitt Company received $ 1,652 cash as fees for services rendered during:. $ 750 from a customer during July, the following describes how the transaction by identifying which Accounts be! Completed the following transactions first in the business events during 2012: 1, Lang Company began operations January... The machine cost $, the following transactions occurred during July, 2014 transaction by which. And an $ 800 debit to Interest payable 68,000 cash for services rendered July. June 14 Split the common shares were trading at $ 22 per share to stodkholders of record on February,. Total liabilities of $ 7,650 for services performed during July: 1 3/10, n/30 $.! Next month, $ 400 credit to cash of $ 550 million total! $ 2,400 to Accounts Receivab on the ac net income June 5, Joe 's Market $! 2018 the following transactions occurred during july the month and the cash discount 1 George Lynch invests $ 4,683 cash a. 4,800 cash from the bank and signed a promissory note: a $ 525 customer 's payment on 7... Per the bank and signed a note payable, credit deferred revenue 10,200...