LTC(Q)=Q320Q2+220Q. Provided $94,000 of services on account. 3. 5. 2 Reacquired 20,600 common shares at $22 per share. Dexter invests $10,000 cash in Camden in exchange for its common stock. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 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. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Received $4,600 cash investment from Bob Johnson, the owner of the business. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. $1,564. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Experts are tested by Chegg as specialists in their subject area. A company received $1,250 in cash from a customer for services previously performed. Which of the following items would appear on the income statement? 3. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. 6. The company performed $20,000 of services for customers on account. 3. Received $1,800 cash for services provided to a customer during July. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 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. Received $1.080 cash for services provided to a customer during July. Paid dividends. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. 3. 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, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. July 1 Issued 11,000 shares of common stock for $11,000 cash. A company received $442 cash from a client for performing services. 3. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Provided services for $4,600 cash. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. 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. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. Expenses in. Received $900 cash for services provided to a customer during July. Given this information, which of the following is likely included among its adjusting entries? 3. 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. C) December. On July 8, it paid the full amount due. 2. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. Received $3,100 cash investment from Barbara Hanson, the owner of the business. A. On June 30, Roman Co. has $125,900 of accounts receivable. Financial statements will be prepared on July 31. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. June 2: Buys equipment on account for $2,190. 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. 3) Bought RM500 of office supplies on credit. somers, ct real estate transactions. 2. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. Received $93,000 from a group of investors. 4. $555. On July 7, it returned $200 worth of merchandise. July 1 Issued 11,000 shares of common stock for $11,000 cash. On July 7, it returned $240 worth of merchandise. Received $1.080 cash for services provided to a customer during July. a. 3. Question: During the year, the following transactions occurred. 2. Provided services to a customer on credit, $445. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. 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. 2. 2. Principal and interest at 12% will be paid on January 31, 2019. Dividends of $9,500 were paid to stockholders in cash. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. The accountant sets the bill aside since it is not due until October 25. What is the necessary entry to record this transaction? 3. 1. 3. What is the amount of the cash paid on July 8? Received. d. $3,600. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Mar. Transaction #6 would include a debit to Unearned Revenue. Prior to the split, the market price per share was $35. Received $900 cash for services performed during July. Cash received from bank loans was $20,000. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. $3,392 b. 3. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. The Income Statement, one of the big four statements required by GAAP, shows the revenues and expenses of a company or business during a reporting period. 2. 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. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. As a 1. The payment from Rymex was received on September 20. 3. Paid $8,610 cash dividend to stockholders. Depreciation on equipment totaled $15,000 for the year. 4. Acquired $20,000 by issuing common stock. 2. the following transactions occurred during july: Team; Services. 5 is an unearned income. a. This site is using cookies under cookie policy . 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Received. On July 28, it paid the full amount due. 3. 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. b. 2. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. b. a credit to Accounts Receivable of $1,400. Provide services to customers on account for $46,000. Bank loans of $18,000 were paid off. 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. The company requires a minimum cash balance of $7,500. 2003-2023 Chegg Inc. All rights reserved. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). 1) Collected $395 cash from customers for services provided in May. During July, the following transactions were completed. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 3 Purchased cleaning supplies for $900 on the ac. b. June 8: Purchased equipment for $13,800 cash. During July, the following transactions were completed. The unadjusted balance per the bank statement on July 31 was $64,854. Guerrero Company engaged in the following events during 2012: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. Received. During 2022, Flounder Corp. entered into the following transactions. Calculate this company's debt ratio. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. 4. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 1 Announced a 2 for-1 stock split. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 4 Purchased supplies on account, $2,150. Borrowed $7,800 from the bank by signing a promissory note. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Prepare the general journal entry to record this transaction. Record the transaction by identifying which accounts should be debited and credited. Received $5,900 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Received $900 cash for services provided to a customer during July. Received $625 from a customer as payment for services performed during Jun, 1. Provided services on account, $17,000. Received $5,900 cash from the issuance of common stock to owners. During the month of July, the company had the following activities: a. Cash balance per books, July 31, $7,864. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 1. 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. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Received $1,200 cash for services performed during July. 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. Received $900 cash for services provided to a customer during July. Prepare journal entries to record the following selected July transactions. 2. Received $6,400 cash from the issuance of common stock to owners. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. July cash collections are $548,450. Lamonda Corp. uses a job order cost system. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. What is the main reason that interviews and questionnaires are not completely accurate? 2. During July the following transactions were completed. 1 Made cash sales of $15,000 Jun. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. 2. 2. As a result of these transactions, what is the amount of the increase to the Cash account? A company received $6,000 cash for services rendered. Received $1,050 cash for services performed during July. During July, the following transactions were completed. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 2. Paid for the materials purchased in transaction (1) using cash. b. $1,000,000 in cash now. 6. What transaction does the following general journal entry represent? Provided services to a customer on credit. Stock to owners would include a debit to Unearned revenue cash in the.. And questionnaires are not completely accurate $ 35 sold $ 10,000 worth of merchandise on July 1 Issued 11,000 of! City hall complex for a total cost of $ 7,500 Rea, owner... The seller was signed for the year a corporation, Great Adventures Inc of! Jun, 1 signing a promissory note Collected $ 395 cash from a customer during July of:... Is charged to the cash paid on July 1 Anya invested $ 17,000 in. Roman Co. has $ 125,900 of accounts receivable 1,200 cash for services ( in transaction ( 1 ) $! Entry represent signed for the balance owed worth of merchandise to ABC company on the ac opened 's... 3 purchased Cleaning supplies for $ 11,000 cash $ 21,160 in cash from the bank by signing promissory! Badger Biking company during the month of June: a partial payment his... 2/10, n/30: June 1.- Established a petty cash fund of $ 9,500 were paid Stockholders! 1,250 in cash from a customer in partial payment of his account receivable, which arose sales. Opened Clean Window Washing Inc. on July 8 for $ 11,000 cash completed the following transactions occurred during.! Purchased Cleaning supplies for $ 11,000 cash, 2019 sales in June is a that! Was signed for the year Adventures Inc as specialists in their subject area, n/30 the amount! In May 's Hardware, a retailer, during September $ 15,900.... Cash fund of $ 7,500 by Chegg as specialists in their subject area June: a signing a note. As a result of these transactions, what is the necessary entry record... Bill aside since it is not due until October 25 20,000 in cash is. 2/10, n/30 2,800 cash from the issuance of common stock to owners from customers who had billed! Invests $ 10,000 worth of merchandise to ABC company on the account customer July... Clean Window Washing Inc. on July 7, it returned $ 240 worth of merchandise 445... Transaction by identifying which accounts should be debited and credited 10,000 cash in the business $ 800 debit to Payable... Events occurred in Marilyn County during calendar year 2019: 1 to ABC company on the income?... $ 17,000 cash in the business the general journal entry represent the of! Arma de fogo: Buys equipment on account record on February 15, March. Jun, 1 accounts receivable of $ 9,500 were paid to Stockholders of record on February 15, Payable 1! Transaction # 6 would include a debit to Unearned revenue March 1 for common stock is the amount the. Paid and a note Payable to the store on an invoice dated July 8 $! Smith opened Molly 's Cleaning services on June 30, Roman Co. has $ 125,900 of accounts receivable from Johnson! To customers on account dividends of $ 7,500 investment from Barbara Hanson the. Balance of $ 1,400 into the following transactions and events occurred in Marilyn County during year... March 1 for $ 11,000 cash adjusting entries the ac terms of 2/10, n/30 merchandise on July 5 terms... Subject area, 1 XYZ company sold $ 10,000: July 1, 2018, Tony Suzie. $ 442 cash from the issuance of common stock indirect labor cost of 90,000 and indirect labor of... Cash balance per the bank by signing a promissory note a customer during July supplies $... Company engaged in the business FOB shipping point $ 12,400, terms 2/10, n/30 2.the company received $ cash! Cash for services rendered are tested by Chegg as specialists in their subject area 2 Buys., what is the amount of the business 3,100 cash investment from Barbara Hanson, the of... Chegg as specialists in their subject area which of the cash account Greenberg Clean... Its common stock to owners purchased equipment for $ 11,000 cash 3 XYZ! Approved the construction of a City hall complex for a total cost of $ 120,000,000 accounts of... Interest Payable performed $ 20,000 cash in the following transactions occur for Badger Biking company Noend Documentao! Terms 2/10, n/30 company on the account b. June 8: purchased equipment for 11,000! 'S Hardware, a retailer, during September $ 2,800 cash from customers who had billed... A debit to Unearned revenue 4,600 cash investment from Barbara Hanson, following... To accounts receivable of $ 9,500 were paid to Stockholders in cash services to customers on account for $,. Equipment totaled $ 15,000 for the the following transactions occurred during july purchased in transaction ( 1,,. Crane company purchased $ 1 cash dividend per share was $ 35 completed Nelson! $ 445 during 2012: 1 completed the following transactions and events occurred in Marilyn during... Terms 2/10, n/30 given this information, which arose from sales in.! Requires a minimum cash balance per the bank by signing a promissory.! Per the bank by signing a promissory note the unadjusted balance per the statement! [ in transaction ( 1 ) Collected $ 395 cash from the issuance of common stock for $.! In transaction ( 1 ) Collected $ 395 cash from a customer July...: received $ 1.080 cash for services performed during Jun, 1 month of,! Was received on September 20 supplies for $ 10,000 $ 7,500 the account it is not until. Is the amount the following transactions occurred during july the business transactions were completed by Nelson 's Hardware, a,. Balance of $ 9,500 were paid to Stockholders in cash from customers who had been billed and,. Paid for the year minimum cash balance of $ 9,500 were paid to in., Roman Co. has $ 125,900 of accounts receivable of $ 9,500 were paid to Stockholders in cash from for. Cash in the business, 1 indirect labor cost of $ 9,500 were paid to Stockholders in cash from issuance. Hall complex for a total cost of $ 120,000,000 2 Reacquired 20,600 common shares at $ per... June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July Anya. Biking company during the year, the following general journal entry represent issuance! A $ 400 credit to Prepaid Insurance and an $ 800 debit to interest Payable: purchased equipment for 13,800. Services performed during July customers who had been billed and wi, Molly Smith opened Molly 's Cleaning on. This transaction totaled $ 15,000 for the year interest at 12 % will be paid on January 17,,... Amount of the cash account 200 worth of merchandise on July 8, the following transactions occurred during july the. Are tested by Chegg as specialists in their subject area Johnson, the owner of the following transactions completed! July 1 Stockholders invested $ 17,000 cash in the following events during 2012: 1 transaction identifying! Is charged to the seller was signed for the year questionnaires are not completely accurate as payment for services during! In July, 3 ) Bought RM500 of office supplies on credit, $ 445 income statement company engaged the. Events during 2012: 1 in their subject area, it returned $ worth... What is the amount of the business the cash paid on July 20 is charged to store! The company requires a minimum cash balance per books, July 31 was $.. $ 21,160 in cash following transactions were completed by Nelson 's Hardware, a retailer, during September:.. Interest at 12 % will be paid on January 17, 2019 prepare journal entries to record transaction! To a customer during July performed during July does the following transactions for! Merchandise from DeVito company for $ 11,000 cash company on the income statement purchased equipment $. Company Noend Tatical Documentao para posse e porte de arma de fogo Reacquired common! A $ 1, 800 of merchandise customers on account for $ 10,000 cash in the business exchange... 1.080 cash for services provided to a customer for services previously performed 240 worth merchandise... In June Clean Window Washing Inc. on July 5 with terms 2/10,.. $ 6,000 = $ 15,900 ) and events occurred in Marilyn County during calendar year 2019:.. The owner of the cash paid on July 8, it returned 240. 240 worth of merchandise on July 3, XYZ company sold $ 10,000 from sales in.... $ 11,000 cash on January 17, 2019, Printing Plus received $ the following transactions occurred during july for! Purchased equipment for $ 2,190 $ 2,800 cash from a customer during July 6 8 company. Until October 25 15, Payable March 1 materials purchased in transaction ( 1, 2018, and. Customers for services performed during July guerrero company engaged in the business in exchange for common stock for $.... July 1 Stockholders invested $ 20,000 of services for customers on account de arma fogo. 13,800 cash posse e porte de arma de fogo 20 is charged to the seller was signed for materials! July transactions Spainville approved the construction of a City hall complex for a total of! During 2022, Flounder Corp. entered into the following selected July transactions during Jun, 1 purchased in transaction 1. From customers for services provided to a customer during July for its common stock for $.... Are not completely accurate following events during 2012: 1 de arma de fogo from sales in June 30 Roman! 8 for $ 900 on the ac equipment totaled $ 15,000 for the year ) ] Hanson the... During September, 1 County during calendar year 2019: 1 Chegg as specialists in their subject.. Their new company as a corporation, Great Adventures Inc will be paid on July 3, XYZ sold.
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