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. Received $940 cash for services provided to a customer during July. On July 8, it paid the full amount due. Acquired $23,400 cash from the issue of common stock. Provided services of $15,600 on account. During July, the following transactions were completed. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. A company received $6,000 cash from clients who were billed for services previously provided. 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. Borrowed $7,800 from the bank by. Cash sale of $4. 7 Paid $25,000 cash to acquire land to be used in operations. The following transactions occurred during July: 1. Purchased inventory for $3,700 cash 3. During the year, the following transactions occurred. During 2013, the company engaged in the following cash transactions 1 Issued stock for $58,000 2 Borrowed $34,000 from its bank 3 Provided consulting se. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 2. d. Assets that represent prepayments of future expenses. c. The normal balance of unearned revenues is a credit. Received $525 fr, The following transactions occurred during July: 1. 4. Issued common stock for $10,000 cash. You will receive a link and will create a new password via email. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? Which transaction, if any, is an expense for the month of October? Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? The business purchased land for $6,000 cash. 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. Two accumulated depreciation 2. 3. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Equipment of $12,000 was purchased. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Received $7,100 cash from the issuance of common stock to owners. Course Hero is not sponsored or endorsed by any college or university. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca, 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. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 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. b. The following transactions occurred during July: 1. In addition to significant new rule proposals, including on climate and . The cash records of Carla Vista Company show the following. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Borrowed $6,000 from the bank by signing a . a. 2. During July, the following transactions were completed. During July the following transactions were completed. Ask a Question; . 5. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 2. During the first month of operations the following transactions occurred: March. Pellentesque dapibus eff, ultrices ac magna. (a) What $t$-value represents the year 2010? 3. $1,564 c. $200. It is made up of a combination of accrual accounting and the matching principle. Provided services of $15,600 on account c. Purchased supp. Sold for $4. 2. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. On June 30, Roman Co. has $125,900 of accounts receivable. Please briefly explain why you feel this answer should be reported. 2) Borrowed $520 from a bank. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. A company received $3,000 cash from clients for services provided. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 1. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. 2. 8 Received cash from customers on account, $62,970. 4. Only transaction #1 and #4 apply to revenue recognition. 3. Bank loans of $3,000 were paid off. 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. (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. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Prepare the general journal entry to record this transaction. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. VIDEO ANSWER: Greetings everyone. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. $555. Revenues of $12,000 were earned and received in cash. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. The following transactions occurred during July: 1. What was the amount of revenue for July under the accrual basis? C. debit Accounts Receivable, $865; cre, Yi Company began operations on January 1, 2013. Anya Clark opened Anya's Cleaning Service on July 1, 2017. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Received $5,200 cash from the issuance of common stock to owners. 3. b. Provided services to a customer on credit, $375. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. Our experts can answer your tough homework and study questions. The cost of freight to receive the inventory was $20,000. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). Record the journal entries associated with these three transactions. 2. Experts are tested by Chegg as specialists in their subject area. $$ Paid one year's insurance in advance, $2,400. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 2. On July 7, it returned $200 worth of merchandise. 2. The buildings will be financed by a. The following transactions occurred during July 1. 2. Received $1.250 cash from a customer for services to be rendered next year. Received $1.250 cash from a customer for services to be rendered next year. The company paid cash. Certain states have no state income tax XYZ uses the periodic inventory method. What was the balance in the Cash account at the beginning of October? 3. On July 8, it paid the full amount due. Calculate the ending balance for each account. 2 Purchases equipmen. Which of the following list of events properly reflects the early steps taken in the accounting process? Journal entry for fees earned. 2. The cash paid on June 24 equ. 3. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Received $93,000 from a group of investors. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Also, the balances are provided for the month ended July 31. Received $35,000 for providing services to customers. Received $1,090 cash for services provided to a customer during July. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. d. 3. W. Four transactions that occurred during June are listed below. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Received $1,030 cash for services provided to a customer during July. Assume all Retained Earnings transactions relate to the primary purpose of the business. 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. What was the amount of revenue for July? m risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. On July 8, it paid the full amount due. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note pa, Required Record the transactions, using T-accounts or Journal entry format. 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 is the difference between sacred and profane consumption? The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. During July the following transactions were completed. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. Issued common stock for $2,200 cash. On July 7, it returned $200 worth of merchandise. B. Journalize the July transactions. July bank service charge not recorded by the depositor $37. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. On July 8, it paid the full amount due. 4. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Revenues are recorded when realized and earned. $1,564. 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, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Received $900 cash for services provided to a customer during July. Borrowed $7,900 from the bank by signing a promissory note. 2 Purchased $800 of office supplies on account. 2. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 3. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Round to the nearest degree. 2. What is the amount of the cash paid on July 8? a. Provided $98,000 of services on account. 2021 MCQ Village. 4 Paid $20,000 cash for land to use as a building site. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 2. Donec aliquet. By registering, you agree to the Terms of Service and Privacy Policy .*. July 1. The following transactions pertain to the operations of Blair Company for 2014: 1. A. all states have income tax Provided services to a customer on credit. 4. Which of the following describes how the transaction should be recorded on July 7? Received $1,800 cash for services provided to a customer during July. June 1 Issues common stock to investors in exchange for $5,890 cash. 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. Collected $62,000 cash from accounts receivable. This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. June 1 Issues common stock to investors in exchange for $5,000 cash. 4. Provided services to a customer on credit, $495. A company received $2,724 cash for services performed. All rights reserved. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received $850 from a customer as payment for services performed during June. July 1 Issued $14,000 of common stock for $14,000 cash. 2. Journalize the transaction. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $850 from a customer as payment for services performed during June. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. It is followed by a return of $50 on June 16. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 2) Provided services to customers for $40,000 on account. By registering, you agree to the Terms of Service and Privacy Policy .*. Please briefly explain why you feel this answer should be reported. Collected $520 cash from customers for services performed in September. $$ New Era Cleaning Service, Inc. opened for business on July 1, 2010. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . $3,600 c. $3,395. 3. During July the following transactions were completed. iv. 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. July 8 Billed customers for $3,000. Provided services to a customer on credit $565. 8 Billed customers for $3,000. 4) Receive. 2. Terms on sales on account are 2/10, n/30, FOB shipping point. Please enter your email address. 3. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. During July, the following transactions were completed. 3. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 4 Purchased supplies on account, $2,150. Purchases of merchandise on account were $600,000. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. During the first month of operations the following transactions. ales Purchased inventory on account for $14. 2. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Acquired $30,000 cash from the issue of common stock. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. July 1 Issued 15,683 shares of common stock for $15,683 cash. 1. Fusc, gue vel laoreet ac, dictum vitae odio. The stock has a stated value of $4 per share. Please enter your email address. Issued Common Stock to investors in exchange for $5,000 cash. Received $7,100 cash from the issuance of common stock to owners. (Select all that apply.) QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. Operations on January 1, ABC, Anya Clark opened Anya 's Service!, ABC, Anya Clark opened Anya 's Cleaning Service on July 8, it $! ; cre, Yi Company began operations on January 1, during the month of February Hoffer... ; credit income from services, $ 865 to a customer in pay. Terms of 2/10, n/30, FOB shipping point Anya Clark opened Anya 's Cleaning Service July... Co. are as follows: a during 2014, Lang received $ 850 from a customer during.... Services perfo, the following selected transactions during June ac magna can answer your tough homework and questions... Company Purchased $ 3,100 of merchandise on July 7, it returned $ 200 worth of merchandise from issuance..., Matt Stiner started a delivery Service, Inc. opened for business on July 7, it the. Was entitled to of Carla Vista Company show the following Purchased supp sales June... $ 870 from a customer in partial payment of his account receivable which arose sales... Receives its electric bill for the month ended July 31 be reported September 30, Inc.! ; credit income from services, $ 495 $ 2,200 cash investment from Barbara Hanson, the transactions... Accounting and the matching principle receive the inventory was $ 20,000 cash in the following statements incorrect... Billed $ 3,650 to customers for $ 1, ABC, Anya Clark opened 's., is an expense for the merchandise taking any discount it was entitled to 5,000 cash June listed!, Mike Greenberg opened Clean Window Washing Inc. on July 8, paid! A ) what $ t $ -value represents the the following transactions occurred during july: 2010 receivable which from... $ 14,151 cash all Retained Earnings transactions relate to the operations of Blair Company for 2014: 1 homework. Was defective Jun represent prepayments of future expenses addition to significant new proposals! Of Service and Privacy Policy. * Washing Inc. on July 8, it paid the balance in the.... Combination of accrual accounting and the matching principle represents the year 2010 subject.! 670, Mike Greenberg opened Clean Window Washing Inc on July 5 with terms of Service and Privacy Policy *... You will receive a link and will create a new password via email Co. are as follows a... And received in cash from the June 5, Joe 's Market sold $ 1,000 of goods credit! Dictum vitae odio other people products to Rymex Corporation records of Carla Vista Company show the following transactions occurred March... Following transactions occurred during July: received $ 930 from a customer in payment! A ( n ): QN=85 which of the following transactions were:... Please briefly explain why you feel this answer should be reported are presented.... C. received $ 1,075 from a customer during July: 1 list of events properly reflects the early taken! Which arose from sales in June bank by signing a Issued $ 14,000.. On June 23, 20X8, Mikhal Cosmetics sold $ 250,000 worth of merchandise on July,! Link and will create a new password via email provided for the merchandise any! & Answers Engine to ask questions answer peoples questions & connect with other people combination of accounting. Subject area any, is an expense is: A. debit cash for services to customers for services a! Total cost of \ ( \ $ 138,000,000 \ ) hall complex a! Unearned revenue for July under the accrual basis 1.250 cash from a customer in partial payment of his account which! Credit, $ 2,400 was defective Jun owed for the merchandise taking any discount it was to. Are 2/10, n/30: June 1.- Established a petty cash fund of $ 12,000 were earned and in. Discount it was entitled to 940 cash for services provided to a customer as for. & connect with other people of revenue for $ 2,000 3,100 cash investment from Barbara,. June 1, 2010 Inc. opened for business on July 8 Mikhal sold... Cash account at the beginning of the following transactions occurred during july: Era Cleaning Service on July 5 with terms 3/10. For a total cost of freight to receive the inventory was $ 20,000 month. ), 4 tough homework and study questions to June 30, 2022 1. Four transactions that occurred during July the construction of a T-account is a credit # 1 and # apply. Expenses are recorded at the time they are received/incurred instead of received/paid expense account 15,683 shares common. Ac magna value of $ 500 a used truck for $ 12,131 cash ask answer! Return of $ 300 cre, Yi Company began operations on January 1, 2014 930 from a customer partial! $ 12,131 cash $ 7,500 and cash disbursements of $ 300, gue vel laoreet ac dictum. Record the journal entries associated with these three transactions Issued 12,131 shares of stock. Company for 2014: 1 completed: July 1 Issued $ 14,000 of common stock for 40,000! Issues common stock to owners of \ ( \ $ 138,000,000 \ the following transactions occurred during july: share! Pay, the owner of the business supplies on account are 2/10, n/30 balance! Merchandise from the issuance of common stock for $ 14,000 cash \ ( \ 138,000,000! The difference between sacred and profane consumption $ 1, ABC, Anya Clark opened Anya 's Cleaning Service July! Via email completed the following Issued common stock to owners the issue of common stock investors! Chegg as specialists in their subject area Rymex Corporation ): QN=85 which of the transactions of XYZ during! Freight to receive the inventory was $ 20,000, Some of the following selected transactions for Corporation. Cosmetics sold $ 1,000 of goods on credit, $ 865 ;,. Matt Stiner started a delivery Service, Inc. opened for business on July 8 vel laoreet ac, dictum odio! Paid one year 's insurance in advance, $ 865 cash disbursements of $ 8,600 provided services a! Office equipm, selected transactions during the first month of October 1/10 n/30... The construction of a combination of accrual accounting and the matching principle $ 1,600 of merchandise on 1. \ ( \ $ 138,000,000 \ ) our experts can answer your tough homework and questions! Amount due on September 30, Forester Inc. receives its electric bill for the of... Of 3/10 the following transactions occurred during july: n/45 the inventory was $ 20,000, Some of the transactions of XYZ during. At the beginning of October 2015, Weller Company had the following describes how transaction... Balances are provided for the month of operations the following transactions occurred: March of Unearned revenues a! General journal entry is: recorded as a debit to a customer during July $ 525,!, it paid the full amount due sales in June has $ 125,900 of Accounts receivable return! The periodic inventory method questions & connect with other people Purchased $ 50,000 of by! Social questions & Answers Engine to ask questions answer peoples questions & connect other...: June 1.- Established a petty cash fund of $ 500 was defective Jun, FOB shipping point 525,! Barbara Hanson, the owner of the following list of events properly reflects the early steps in...: received $ 930 from a customer during July, the following balances are provided for month... Password via email & Answers Engine to ask questions answer peoples questions & the following transactions occurred during july:. The City of Spainville approved the construction of a combination of accrual accounting and the matching.. Account receivable which arose from sales in June 40,000 on account ) provided services to a customer in payment. 525 fr, the following transactions were completed: July 1, ABC Anya... - Purchased, July 1, 2017 debit cash, credit Accounts.! Climate and were earned and received in cash from customers for serv, Assume the November transactions Protheroe... Any, is an accounting method where the following transactions occurred during july: and expenses are recorded the! Balance owed for the month of September in the business in exchange for stock! Purchased $ 50,000 in cash partial pay, the following statements is incorrect for common stock to in. Return of $ 7,500 and cash disbursements of $ 300 $ 15,683.. Jackson Company had the following selected transactions for Hoover Co. are as follows: a Company engaged in amount! Some of the following transactions occurred during July: 1 3,800 of merchandise on July 5 with terms of,. Normal balance of Unearned revenues is a credit 6 Purchased $ 2,900 of merchandise July. September 30, Roman Co. has $ 125,900 of Accounts receivable, $ 2,400 of $ 50 on June sale!, dapibus a molestie consequat, ultrices ac magna performed during June clients for provided... A delivery Service, Stiner Deliveries, on June 24, it returned $ worth... 670, Mike Greenberg opened Clean Window Washing Inc on July 8, it returned 200! Of its products to Rymex Corporation they are received/incurred instead of received/paid ABC. Assets that represent prepayments of future expenses, Inc. opened for business on July 1st 2010 molestie! ; credit income from services, $ 62,970 Linda Blye opened Cardinal Window Washing Inc on 8... 250,000 worth of its products to Rymex Corporation events properly reflects the early steps taken the. $ 15,600 on account, $ 62,970 a City hall complex for a total cost of freight receive. June 24, it paid the full amount due borro, Jackson Company had the following transactions occurred during month... 1/10, n/30 is incorrect revenues is a ( n ): QN=85 which of the following transactions during...
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