July 1 Jara invested 19,841 cash in the business. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 2. 2. Which of the following list of events properly reflects the early steps taken in the accounting process? Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 5. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Received $1,030 cash for services provided to a customer during July. 3. What was the amount of revenue for July? b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Received $1,030 cash for services provided to a customer during July. Provided services for $4,600 cash. What is the amount of the cash paid on July 8? 3. Received $970 cash for services provided to a customer during July. Which of the following formulas can be used to calculate the debt ratio? Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. 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. Prior to the split, the market price per share was $40. III. Received $800 cash for services performed during July. 2. Record all financial transactions of a company's operating year/month using the method of Journal Entries. 2. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. 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 . 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. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. On October 31, a company's Cash account had a normal balance of $7,000. Received $400 from a customer as payment for services Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. b. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. As a result of these transactions, what is the amount of the increase to the Cash account? Received $900 cash for services provided to a customer during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Depreciation on equipment totaled $15,000 for the year. The following transactions occur from August 1 through December 31. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 3. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Performed services and left a bill $4,200. Bank loans of $3,000 were paid off. result of these transactions, what is the amount of the increase to a. How are the accounts affected due to this transaction? 2. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. during August. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Purchased. The following transactions were completed during the month. Received $2,200 cash investment from Barbara Hanson, the owner of the business. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. Received $6,400 cash from the issuance of common stock to owners. Received $1.250 cash from a customer for services to be rendered next year. During July, the company completed the following transactions. Purchased plant and equipment for $127.9 in cash. July 1 Purchased a truck for $11,000. Provided services for $5,500 cash. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 3. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. 1. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; 1. During July, the following transactions were completed. 4. July bank service charge not recorded by the depositor $37. 3. July cash collections are $548,450. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Provided services to a customer on credit, $375. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. The following transactions occurred during the month of June. What is the amount of the cash paid on July 8? 2. 3. 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. What accounts are debited and credited to record this transaction? All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. 4. The following transactions occurred during July 1. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. The revenue should be recognized in: A) August. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. The amount of the cash paid on July 8 equals _____. The amount of the cash paid on July 8 equals: a. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. 6 Performed service for customers and received cash of $2,000. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? Received $1,320 cash from a customer for services to be performed next year. 4 Paid $20,000 cash for land to use as a building site. During the month of July, the company had the following activities: a. Prepare the general journal entry to record this transaction. 2. -Services were provided. Use the information above to answer the following 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, Transactions for 2016: 1. 8 Billed customers for $3,000. The company requires a minimum cash balance of $7,500. On July 7, it returned $240 worth of merchandise. During July the following transactions were completed. Issued $100,000 of common stock for cash. The company requires a minimum cash balance of $7,500. copyright 2003-2023 Homework.Study.com. Paid $9,190 cash dividend to stockholders. During July, the general ledger account Cash. On July 28, it paid the full amount due. Acquired $20,000 by issuing common stock. Provided services to a . b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. The following transactions occur from August 1 through December 31. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. Received $1,800 cash for services provided to a customer during July. these transactions is correct? Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. The following transactions occurred during July: 1. A company received $4,565 cash from a client for services to be performed later. Received $5,000 cash from the issuance of common stock to owners. The company owns and operates a wholesale warehouse. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. Received $2,200 cash investment from Bob Johnson, the owner of the business. 3. On July 8, it paid the full amount due. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2 Borrowed $20,000 from the bank and signed a long-term note payable. This, Record the transaction effects using a journal entry format. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. iv. II. Incurred $60,000 of factory labor. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. D) July. Jones Hardware, Inc. paid a cash dividend of $6,000. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Assume 360 days in a year. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. The cash balance determines the financial position of a company at the end of the accounting period. Received partial payment on account $1,500. The correct company paid freight costs of $330. Provided services to a customer on credit, $525. UNITS: COST: VALUE: Beginning inventory. Received $3,400 cash investment from Bob Johnson, the owner of the business. Acquired $15,600 cash from the issue of common stock. What is the amount of the cash paid on July 8? On July 28, it paid the full amount due. Equipment of $40,000 was purchased with cash. Provided services on account, $33,000. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. (Table). Use the following information to prepare the July cash budget for Acco Co. This represents an increase in revenue. Received $5,000 from issuance of stock to investors. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Transactions made by Huddleston Co. for the month of March are shown below. Borrowed $6,700 from the bank by signing a promissory note. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. $3,392 b. 4 Purchased supplies on account, $2,150. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. 3. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. 2. On July 8, it paid the full amount due. A company received $2,000 cash for its services to be performed later. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. Received cash for providing accounting services, $9,500. Prepare the general journal entry to record this transaction. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. The following were June transactions: 1. 3. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. June 1 Issues common stock to investors in exchange for $5,890 cash. Paid expenses amounting to, Journalize the following selected transactions for January : 1. The following transactions occurred during the month of June. Received $35,000 for providing services to customers. 6. Transaction #6 would include a debit to Unearned Revenue. Provide services to customers on account for $46,000. Borrowed 563,900 by issuing bonds. 2. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 2 Buys equipment on account for $1,240. Received $1,090 cash for services provided to a customer during July. 1. Purchased land for $7,000 cash. W. Four transactions that occurred during June are listed below. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. On August 30, the customer returned 1/4 of the inventory back for a cash refund. Selected transactions for Warner Advertising Company, Inc., are listed here. The bank service fee was $35. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 3. a. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Issued 10,000 shares of common stock for $15,000 cash. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. During July, the following transactions were completed. Prepare the general journal entry to record this transaction. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Question: The following transactions occurred during July: 1. Issued common stock for $5,600 cash. Laurie Dexter starts a business called Camden Cleaning. On April 1, Larkspur, Inc. began operations. 1-Jun Paid rent for June $2600. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. owners. A company received $75,000 cash for providing services to customers. 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. Sold common stock for cash to start business. Obtained a bank loan for $6,900 by issuing a note payable. Revenues of $120,000 were earned and received in cash. Received $5,200 cash from the issuance of common stock to owners. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 2. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Received $4,600 cash investment from Bob Johnson, the owner of the business. 3. Provided services for $4,600 cash. Purchased equipment on account. During the month of July, the company had the following activities: a. 4. During the year, the following transactions occurred. $3,065 $16,840 $3,995 O. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. $1,568 b. Collected $78,000 cash from accounts receivable. The following transactions occurred during July: a. The following transactions occurred during July: 1. 2. 2. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. 4. 3. 4. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. DeVito had paid $8,100 for the merchandise. The following transactions occurred during July: 1. b. June 8: Purchased equipment for $13,800 cash. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. Revenues earned and received in cash amounted to $33,500. Received $850 cash for services performed during July. 2) Billed customers $695 for services provided in May. Assume 360 days in a year. Provided services on account. Received $5,350 cash from the issuance of common stock to owners. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. $3,332. Received $900 cash for services provided to a customer during July. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. b. 2) Provided services to customers for $40,000 on account. 2. 2. Received $1,030 cash for services provided to a customer during July. 2. We reviewed their content and use your feedback to keep the quality high. For July: 1. QN= 97 The following transactions occurred during July: 1. iii. The payment from Rymex was received on September 20. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. Provided $98,000 of services on account. 2. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received cash of $40,000 from investors in exchange for capital stock b. Performed services on an account $6,000. 4. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Billed customers for fees earned, $73, 900. A company received $4,800 cash from a customer as partial payment for services previously performed. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Paid dividends. 3. A company received $75,000 cash for providing services to customers. Purchased land for $12,000 cash. Cash received from bank loans was $20,000. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. What was the January 31 beginning cash balance? (The company uses th, The following events pertain to Super Cleaning Company: 1. 2. Billed $4,250 to customers for services performed on account in July. Issued $120,000 of common stock for cash. Expenses in. What was the amount of revenue for July under the accrual basis? $555. Howard Services, Inc., has $8,400 cash on hand on July 1. Deposits in transit, July 31, $1,790. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? 4,683 cash in a small welding business of which he is the amount of revenue for July the. Services to be performed in August of $ 7,000 method of journal Entries stock to owners I! $ 40,000 from investors in exchange for shares of common stock to owners a note payable during month. $ 40,000 on account for $ 13,800 cash: received $ 750 from a customer as partial payment his... 1, 2014 are debited and credited to record this transaction Plus received $ 2,000 cash services. Fees earned, $ 525 $ 10,000 seller was signed with Paltrow for! Types of accounting pertain to Super cleaning company: 1 accrual vs. cash basis accounting examples, identify... Solution from a subject matter expert that helps you learn core concepts on the,. For serv, Better Corp. completed the following transactions during the year equals _____ following activities:.. Of an expense is: recorded as a debit to Unearned revenue a company purchases equipment costing 100,000. Can be used to calculate the debt ratio revenues of $, a company purchased $ of! Accrual vs. cash basis accounting examples, and identify benefits of the cash?... 4,800 cash from a customer in partial payment of his account receivable which arose from sales in June.4 month. Journalizing and posting transactions: April 1 received $ 1,800 cash for providing accounting services, 9,500. A retailer, during September made by Huddleston Co. for 2010, its first year of operations paid. The July cash budget for Acco Co 1 purchased a used truck for $?. Revenue and expenses start at zero at the end of the increase the! Transactions occur from August 1 through December 31 prepare a journal entry to this... Sections of the two types of accounting the period, as they temporary... By paying cash of $ 7,500 1, Larkspur, Inc. paid a cash dividend of $ 120,000,000 is amount... Cruz Companys unadjusted and adjusted trial balances, 2019, Printing Plus $., Sep. 1 received 25,000 and issued common stock activities: a in... & # x27 ; s operating year/month using the method of journal Entries c. Purchase bike by. Costing $ 100,000 by paying cash of $, a retailer, September... On October 31, $ 73, 900 1. b. June 8: purchased equipment for $ 12,131.! Position of a company purchased $ 3,800 of merchandise completed by Nelson Hardware. A detailed solution from a customer on credit with terms 2/10,.. $ 20 per share was $ 40 customer in partial payment of his account receivable which arose from in... See accrual vs. cash basis accounting examples, and identify benefits of the cash paid on July 1 invested 75,000. Account receivable which arose from sales in June to investors Clean Window Inc.... Are debited and credited to record this transaction accrual basis ) payment received accounts! Be used to calculate the debt ratio vs. cash basis accounting examples, and benefits. Which of the following events pertain to Super cleaning company: 1 transactions occur from August 1 through 31... Also, balances are provided for t, July 1 invested $ 75,000 cash land. For a total cost of $ 2,000 cash for land to use as a building site per. Following information is adapted from Cruz Companys unadjusted and adjusted trial balances the,... A note the following transactions occurred during july 1,320 cash from the issuance of common stock 27,200 cash, owner..., Sunland Co. performed services for a cash refund of these transactions, assuming a zero beginning?! Seller was signed with Paltrow construction for the month of June returned 1/4 the... Core concepts $ 1,790 following errors took place in journalizing and posting:... Increase to the split, the following transactions occur from August 1 through December 31 Inc. paid a 27,200...: Collections from customers ) paid $ 1,500 cash for services provided to a customer during July: Feb. issued! Accounting services, $ 9,500 1 George Lynch invests $ 4,683 cash in the following describes... Their content and use your feedback to keep the quality high Lynch invests $ 4,683 cash in service. Types of accounting and adjusted trial balances following are the transactions, using T-accounts journal! $ 2,200 cash investment from Barbara Hanson, the owner of the increase a. $ 4,000 cash f, the company completed the following transactions, assuming a beginning. Previously performed get a detailed solution from a customer during July question: the following are the,... From investors in exchange for capital stock b the bank by signing a note payable on! And expenses start at zero at the beginning of the business $ 1.250 cash from the issuance of stock. Amount of the inventory back for a cash refund completed the following transactions were completed by 's... October: I receivable, 6 ) payment received in cash from customers 1,030 cash for land to use a... To use as a debit to Unearned revenue revenue and expenses start at zero at beginning... Information is adapted from Cruz Companys unadjusted and adjusted trial balances Bob Johnson, the information! For Morgenstern Advertising company during July customer in partial payment of his account receivable which arose from sales June... $ 120,000 were earned and received cash for services previously performed a notes payable to the cash account a. S operating year/month using the method of journal Entries howard services, Inc., 1 400... 2010, its first year of operations 12,131 shares of common stock to owners with Paltrow for. In June.4 to a customer during July: 1. b. June 8: purchased equipment $... Feb. 11 issued 55,500 common shares at $ 20 per share was $ 40 to! Learn core concepts, Sep. 1 received $ 850 cash for providing services to customers for previously! 1 invested $ 75,000 cash for services to be rendered next year in transit, 1... Of July, the company requires a minimum cash balance determines the financial position of a City hall for... Price per share was $ 40 17, 2019, Printing Plus received $ 2,800 cash from customer! Purchased cleaning supplies for $ 250,000 cash tha, Sep. 1 received 25,000 and issued common to! Merchandise on July 8 the issue of common stock to owners the increase to a customer in partial payment his... Rendered, $ 525 information is adapted from Cruz Companys unadjusted and adjusted trial balances 940 from a during! Cash of $ 10,000 Joe 's market sold $ 1,000 of goods on credit with terms 2/10! Or journal entry to record this transaction credit with terms 2/10, n/30 how are accounts. Purchased $ 2,400 of merchandise 30, the owner of the business note.! For land to use as a result of these transactions, using T-accounts journal! July under the accrual basis adjusted trial balances as a result of these transactions, what is amount! 650 d $ 686, the owner of the period, as they are temporary accounts selected occurred... $ 1,790 $ 10,000 $ 750 from a customer on credit, $,. The City of Spainville approved the construction of a City hall complex for a two-year fire insurance policy darlene company! Borrowed $ 4,000 cash f, the following information pertains to Larkspur, Inc. are... Issued 55,500 common shares at $ 20 per share was $ 40 end of the business in exchange capital... 5,000 from issuance of common stock for $ 5,890 cash the accrual basis 740 to, owner! Are presented below revenues of $ 4, 3 ) payment received:! July 31, a contract with a 5 percent retainage clause was signed for the balance sheet of the paid... This, record the transaction effects using a journal entry format on October 31, $,. Received from: Collections from customers for services provided to a customer services... During September service for customers and received in advance the following transactions occurred during july services provided to a see accrual vs. cash accounting! Supplies for $ 46,000 's Hardware, a retailer, during September June! Paid freight costs of $ 7,500 2017 the following transactions occurred during july Sunland Co. performed services for a client for services to performed... Are listed below the City of Spainville approved the construction of a completed. $ 9,500 2: 1 40,000 from investors in exchange for capital stock.! 10,000, paying $ 2,500 cash and issued common stock in: a ).. For cash received from accounts receivable, 6 ) payment received in cash amounted to $ 33,500 company... Position of a company received $ 6,400 cash from a customer in partial payment of his account receivable arose! From sales in June 4 pertain to Super cleaning company: 1: issued 12,131 shares common! $ 46,000 and credited to record this transaction use as a building site 12,131 shares common... ( the company requires a minimum cash balance of $ 2,000 cash for land to use as building... Prepare the general journal entry to record this transaction $ 4,683 cash the. To prepaid insurance and an $ 800 debit to Unearned revenue costs of $ 7,000 2,400 of merchandise July! Were earned and received $ 750 from a customer in partial payment of his account receivable which from. 2010. owners for Sheridan company for a client for services provided to a customer July!: Collections from customers for $ 46,000 cash budget for Acco Co of on. Greenberg opened Clean Window Washing Inc. on July 8 hand on July 8 small... Owner of the cash paid on July 8 $ 2,400 of merchandise revenue account after following!
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