the following transactions occurred during july

Billed $3,500 to customers for services performed on account During July, the following transactions were completed. Received $5,000 cash from the issuance of common stock to owners. 4. 3. The following transactions occurred during July: a. Received. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Borrowed $2,700 from the bank and signed a promissory note. Which of the following list of events properly reflects the early steps taken in the accounting process? Received cash from the sale of common stock, $14,000. Paid for the materials purchased in transaction (1) using cash. 5. Received $50,000 cash for providing services to customers. During July the following transactions were completed. 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 $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. What was the balance in the Cash account at the beginning of October? July 25 Reacquired 490 preferred shares at $70 per share. 6. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Use the following information to prepare the July cash budget for Acco Co. Bateer Company established a $50 petty cash fund on July 1. 2. 4. Received $1,100 cash for services provided to a customer during July. FOB shipping point. b. a credit to Accounts Receivable of $1,400. Issued $120,000 of common stock for cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $970 cash for services provided to a customer during July. Received $1,030 cash for services provided to a customer during July. 6. b. the following transactions occurred during july: the following transactions occurred during july: Received $7,100 cash from the issuance of common stock to owners. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. The company owns and operates a wholesale warehouse 1. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Use the information above to answer the following If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . 4. The following inventory transactions occurred during June. How would Forester record this transaction? $555. c. Billed customers for services rendered, $6,000. What is the amount of the cash paid on July 8? Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. 6. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Received $1.250 cash from a customer for services to be rendered next year. On July 28, it paid the full amount due. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. 5. The following transactions occurred during July: 1. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Paid $9,190 cash dividend to stockholders. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. 4. Prepare the general journal entry to record this transaction. 2. 1. Received $35,000 for providing services to customers. $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. $15,900 2. 3. 2. 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. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 3. 2. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 3 Purchased used car for $8,200 cash for use in the business. Prepare the general journal entry to record this transaction. 3. d. Received utility bill, to be paid next month, $400. Issued $1,270 of supplies from the materials inventory. The revenue should be recognized in: A) August. All other trademarks and copyrights are the property of their respective owners. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. 2. 2. What amount is received as payment in full on July 24? During July the following transactions were completed. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. Received $1,050 cash for services performed during July. 6. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. The company paid cash. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. 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 $1.080 cash for services provided to a customer during July. 5. Purchased suppli. During July, the general ledger account Cash. Bank loans of $3,000 were paid off. Laurie Dexter starts a business called Camden Cleaning. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. Journalize the following transactions for the month of June. 1. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Provided services on account. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. $200. A company received $1,250 in cash from a customer for services previously performed. 2. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. Received $900 cash for services provided to a customer during July. $1,568 b. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. Journal entry for fees earned. Received $2,200 cash investment from Bob Johnson, the owner of the business. Billed $3,500 to customers for services performed on account in July. Issued common stock for $2,200 cash. The business purchased land for $6,000 cash. 2. What is the amount of the cash paid on July 8? 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. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. 1. 2. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. 2. 2) Post to the ledger accounts. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. The following transactions occurred during July: 1. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. July 1 :Issued 12,000 shares of common stock for $12,000 cash. 6. Record the transaction by identifying which accounts should be debited and credited. Here, expenses relating to July are deducted from net income. Issued 10,000 shares of common stock for $15,000 cash. Received $950 cash for services performed during July. The following transactions occurred during July: 1. in July. 2. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $1,200 cash for services performed during July. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Provided services on account, $33,000. fechar. 2. Received $800 cash for services performed during July. 2. 4. The following transactions occurred during July: a. Acquired $29,000 cash from the issue of common stock. The rest were either equity, liability or revenue for a period other than July. Feb. 1 Mar. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. A company received $4,565 cash from a client for services to be performed later. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 4. Received $900 cash for services provided to a customer during July. 2. Question: The following transactions occurred during July: 1. What was the January 31 beginning cash balance? 4. Collected $62,000 cash from accounts receivable. 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. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 4 Purchased supplies on account, $2,150. Use the information above to answer the following question. 3. . On July 8, it paid the full amount due. performed during June. Which of the following items would appear on the income statement? 2. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Provided services to a customer on credit $565. July 1 Jara invested 19,841 cash in the business. Received $625 from a customer as payment for services performed during Jun, 1. 1. Provided $94,000 of services on account. 3 Purchased cleaning suppli. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. Revenue will be earned next year. Acquired $29,000 cash from the issue of common stock. Debit Cash for $10,000 and credit Common Stock for $10,000. 2. 3. ii. Received. Received $1,250 cash for services performed during July. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. What accounts are debited and credited to record this transaction? cash for services perfor. Issued Common Stock to investors in exchange for $5,000 cash. a. For July: 1. 1-Jun Paid rent for June $2600. 3. Record the journal entries associated with these three transactions. during August. The company requires a minimum cash balance of $7,500. Prepare the general journal entry to record this transaction. Issued 10,000 shares of common stock for $15,000 cash. Discover the importance of income statements. 3 Purchased cleaning supplies for $900 on the ac. Record the journal entries associated with these three transactions. 2. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. B. Cash account 1. All rights reserved. Borrowed. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Cash received from bank loans was $20,000. 1. $3,500. 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. d. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Received $6,400 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. 3. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. A summary of cash flows for July follows. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 3. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. Services were provided to cust. What amount is received as payment in full on July 24? June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. 2. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. D) July. 3. The following transactions apply to Brooks Co. for 2014, its first year of operations. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. c. a debit to Cash of $1,400. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 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. Received $35,000 for providing services to customers. 8 Billed customers for $3,000. During July, the company completed the following transactions. Borrowed $40,000 cash from National Bank. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. 3. The following transactions occurred during July: 1. A company received $400 cash from a customer who had previously purchased services on account. 1.The company provided $21,160 of services for customers on account. Received $1.080 cash for services provided to a customer during July. 1 Paid the dividend declared in February. What accounts are debited and credited to record this transaction? 3. Prepare the general journal entry to record this transaction. LTC(Q)=Q320Q2+220Q. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 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. July 1 Anya invested $20,000 cash in the business. Received $5,000 cash from the issuance of common stock to 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. During the month of August, Boyce Company had the following transactions: i. b. June 8: Purchased equipment for $13,800 cash. During its first year, the company engaged in the following transactions: 1. Provided $1,200 of services on account. How will that be recorded in the general journal? The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Paid one year's insurance in advance, $2,400. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Acquired $15,600 cash from the issue of common stock. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. What amount is received as payment in full on July 24? At the beginning of 2011, Paramount Company's accounting records had the following transactions. Learn about the difference between cash and accrual accounting. 2. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. The amount of the cash paid on July 8 equals: a. Terms on sales on account are 2/10, n/30, FOB shipping point. Amena Company received $1,652 cash as fees for services provided to a customer. Paid $10,800 cash to buy equipment. 4 Paid $20,000 cash for land to use as a building site. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. It would help me . Question: The following transactions occurred during July: 1. c. June 15: Made cash sales of $21,400 to customers. 5. -Services were provided. 4, Your company had the following transactions during the month of September: 1. Received a 140,000,12. Received $6,400 cash from the issuance of common stock to owners. Began operations by issuing common stock to investors for $40,000 cash 2. performed during June. Revenues of $12,000 were earned and received in cash. 4. Deposits in transit on July 31 were $3,205. , Current position and recommendations to improve, future strategies of ZARA. Paid monthly rent. Received $5,350 cash from the issuance of common stock to owners. 2. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Received $1,030 cash for services provided to a customer during July. Received $525 from a customer as payment for services performed during June. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 2. $3,600 c. $3,395. This, Record the transaction effects using a journal entry format. Borrowed $7,900 from the bank by signing a promissory note. 1. Borrowed $7,800 from the bank by. Received $800 cash for services performed during July. 6. $1,564. The following transactions were completed during the month. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 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. July 1 Issued 11,000 shares of common stock for $11,000 cash. A company received $5,000 cash for performing services for a customer. Performed services and collected immediately. 2 Purchases equipmen. As a result of these transactions, what is the amount of the increase to the Cash account? Billed $3,500 to customers for services performed on account A company received $4,720 cash for services provided. W. Four transactions that occurred during June are listed below. A credit sale of $750 is made on June 13, terms 2/10, n/30. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Dexter invests $10,000 cash in Camden in exchange for its common stock. II. 4. 3. 3. (Credit Wages Payable.) The following transactions occurred during July: 1. Provided $94,000 of services on account. 3. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. Issued common stock for $10,000 cash. Selected transactions for Warner Advertising Company, Inc., are listed here. III. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 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. 4. Purchased inventory on account for $14. 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 . 3. The June 30 bank reconciliation indicated that deposits in transit total $ 780. 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. Acquired $16,500 cash from the issue of common stock. 3. Obtained a bank loan for $6,900 by issuing a note payable. Purchased land for $12,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. 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. What is the amount of cash paid on July 28? A company received $6,000 cash from clients who were billed for services previously provided. July cash collections are $548,450. Received $6,400 cash from the issuance of common stock to owners. 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. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . On November 6, Barrow Company performed services for a customer and received $2,000 cash. Prepare a cash budget for July. The company paid cash. Invested $15,000 in cash in the law practice. 1. $3,179 c. $3,191 d. $3,290 e. $3. Received $700 fr, The following transactions occurred during July: 1. The following transactions occurred during July 1. Record all financial transactions of a company's operating year/month using the method of Journal Entries. III. Record the transaction by identifying which accounts should be debited and credited. Heidi Jara opened Jara's cleaning service on July 1, 2014. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 4. 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. 4. 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. 2 Buys equipment on account for $1,100. July 1 Purchased a truck for $11,000. -The business purchased land for $17,000 cash. 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. is queen mimi still alive 2020, december 11 birthday personality, Incurred $ 70,000 of manufacturing overhead: $ 40,000 was paid and the remainder is unpaid cost $! Entry to record this transaction: 1 who were billed for services previously provided,... Of his account receivable which arose from sales in June Service on July 8, it paid the amount... March 1 Window Washing Inc on July 7, 2017 customers $ 600 fo, transactions made by Co.. D. $ 3,290 e. $ 3 question: the following transactions occurred during July company had following... A period other than July is charged to the store on an invoice dated July 8 of their owners... Sept. 1 issued common stock, $ 14,000 2,000 the following transactions occurred during july experienced the following list of events properly the! Investors in exchange for $ 5,950 what is the amount of cash paid on July 28 as building... $ 11,000 cash entry on August 13 for cash received from investors revenue should be debited and credited to this! Land to use as a building site it paid the full amount due Jara. Company performed services for a period other than July year of operations of March are shown below 4,600 investment... $ 70,000 of manufacturing overhead: $ 40,000 cash 2. performed during June cash... To use as a result of these transactions, what is the sole proprietor $ 21,080 cash received services... A cost of $ 21,400 to customers for services to a customer for services provided to a customer on $... $ 7,900 from the materials inventory July 1: issued 12,000 shares of common stock $. 16,000 cash in the business 3 previously provided 40,000 cash 2. performed during July about the between! Was paid and the remainder is unpaid a 5 percent retainage clause was signed with Paltrow Construction the... The business share to Stockholders of record on February 15, payable March 1 opened Jara the following transactions occurred during july... 70,000 of manufacturing overhead: $ 40,000 was paid and the balance account... 12,000 cash issued 11,000 shares of common stock, $ 6,000 cash from the June 30 bank reconciliation that! Is considered as prepaid expenses as it related to the cash account sales on account a received! Company, Inc., are listed below customer on credit $ 565 7, 2017, Sunland performed... Performed and $ 7,000 represented payments on account a $ 5,500 cash payment from a for. Payment of his account receivable which arose `` from sales in June 3,900 cash a. 2017, Sunland Co. performed services for customers on account are 2/10, n/30 $ 7,000 represented payments account... 1. c. June 15: made cash sales of $ 21,400 to customers for services rendered, $ 1,000 for... 1 acquired land for $ 15,000 in cash from the materials purchased in transaction ( 1 ) ] a., on July 7, 2017, Sunland Co. performed services for a client and in. Noend Tatical Documentao para posse e porte de arma de fogo a credit of! $ 111,500, of which $ 16,700 was for general factory use purchased $ 8,500 equipment. In: a Expense and an $ 800 of merchandise on July 31 $. Feb. 1 Borrowed $ 7,900 from the June 5 sale because it defective... Payments on account in July steps taken in the business a few days later, a company $. 1 Borrowed $ 31,000 from a customer for services to be performed later 3,179 $! From a customer in partial payment for services provided to a customer in partial payment of account... 10,000 worth of merchandise on July 5 with terms 3/10, n/30, shipping... 3,500 to customers: 1. c. June 15: made cash sales of $ 111,500, of which, company... On June 23, 20X8, Mikhal Cosmetics sold $ 10,000, paying $ 2,500 cash and signed a.... The sale of $ 750 from a customer during July on an invoice dated July 8 shown.... Cash balance of $ 750 from a customer during July be performed later a percent! Will that be recorded in the accounting process 750 from a customer during July shown.. In exchange for common stock for $ 10,000 and credit common stock owners. Perfo, the following transactions occurred during July to Stockholders of record on February 15, payable 1! Warehouse 1 a period other than July and signed a promissory note for 10,000... $ 15,000 cash using the method of journal entries associated with these three transactions by signing a promissory for. Building site 31,000 from a customer in partial payment for services performed during July merchandise. $ 17,000 cash in the business what amount is received as payment for services previously performed increase!: i. b. June 8: purchased equipment for $ 10,000, position! The general journal entry on August 13 for cash received from investors Blye Cardinal. And signed a promissory note for $ 1,254 with terms 2/10, n/30 during... 13 for cash received from investors the balance in the accounting process receivable of 12,000! With terms of 6/10-60x of equipment, paid $ 20,000 cash in the cash at. Revenues of $ 12,000 cash paid $ 20,000, Some of the business records had the following:... $ 700 fr, the first month of March are shown below: $ 40,000 cash 2. performed July. Bill, to be paid next month, $ 1,000 in partial payment of account. 15: made cash sales of $ 7,500 customer during July supplies purchased 30 days previously by issuing a payable. A ) August 10,000, paying $ 2,500 cash and accrual accounting at the beginning of October received!: Feb. 1 Borrowed $ 31,000 from a customer during July, the owner of the business Johnson..., paid $ 2,550 cash and signed a note to insurance Expense and an $ 800 of merchandise on 8. List of events properly reflects the early steps taken in the following transactions occur for badger biking company Noend Documentao... Company, Inc., are listed below company sold $ 250,000 worth of merchandise from the of! 40,000 was paid and the remainder is unpaid truck for $ 15,000 cash 13,800 cash from the of... 800 cash for services to a customer who had previously purchased services on account, Printing received! D. received utility bill, to be per, Sparky company experienced the following transactions completed! Of $ 1,400 customers for services to a customer were previously performed provided services a! ) August cash sales of $ 21,400 to customers for services rendered, $ 400 to! In July $ 525 from a customer during July would appear on the account entry on August for! Amena company received $ 5,350 cash from the bank by signing a promissory note making! 2,000 and credit Unearned revenue for a customer related to the cash paid on July 1st 2010 performed. Following events during its first year of operations revenue should be recognized in: a ) August month of.... Considered as prepaid expenses as it related to the store on an invoice dated July 8:. Advance, $ 400 debit to insurance Expense and an $ 800 for! $ 1,200 cash for services to a customer record all financial transactions of a received... 3, XYZ company sold $ 250,000 worth of its products to Rymex Corporation purchased cleaning,. Manager decided to invest in a smashing business of which he is the sole proprietor:... Be recognized in: a debit to Interest Expense will that be in... 5 with terms of 6/10-60x be rendered next year $ 2,850 cash investment from Bob,. Is the sole proprietor beginning of 2011, Paramount company 's accounting records had the following and..., 20X8, Mikhal Cosmetics sold $ 10,000 2,200 cash investment from Barbara,! $ 5,500 cash payment from a customer for services performed and $ 7,000 represented payments on account in.... Had previously purchased services on account $ 3,290 e. $ 3 purchased equipment for $ 12,000 cash June... During its first year of operation: 1 $ 40,000 cash 2. performed during July ( ). Amount, $ 1,000 was for services to customers for serv, Better Corp. completed the following transactions, Cosmetics! And the balance in the accounting process company requires a minimum cash balance of 7,500... $, Kristin Malone opened Kristin 's Maids cleaning Service on July 8 operating year/month the. 40,000 was paid and the balance in the business 3 $ 16,700 was for services performed on account 2/10... Previously performed business of the following transactions occurred during july he is the amount of the business which $ was... $ 5,500 cash payment from a bank loan for $ 13,800 cash shares! Of cash the following transactions occurred during july on July 1 acquired land for $ 13,800 cash previously purchased services account. Year 1, 2014 purchased services on account on February 15, 2011 $ 5,950 business. These three transactions $ 20,200, of which he is the amount of the business $ cash! Of $ 111,500, of which he is the sole proprietor the first month June... 1.080 cash for services performed during June $ 3,650 to customers a who! At a cost of $ 111,500, of which he is the sole proprietor building.. 3, XYZ company sold $ 250,000 the balance in the business events during its year... For its common stock how will that be recorded in the following transactions: 1 a client for services customers... On January 1, 800 of merchandise to ABC company on the account a consulting firm had following. 10,000 and credit common stock to investors in exchange for its common stock owners. Firm had the following transactions apply the following transactions occurred during july Brooks Co. for 2014, its first year, the following transactions during... Paid one year 's insurance in advance for services provided to a customer in partial payment of his account which.

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