3. Services were provided to cust. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. The following transactions were completed during the month. Prepare the general journal entry for this transaction. 2. Received $500,000 in Cash from investors in exchange for stock in the company 2. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. Obtained a bank loan for $6,900 by issuing a note payable. 4. The revenue should be recognized in: A) August. Provided services to a customer on credit, $445. Acquired $16,500 cash from the issue of common stock. Received $4,600 cash investment from Bob Johnson, the owner of the business. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Received $1,400 cash for services performed during July. 4. On April 1, Larkspur, Inc. began operations. Received $3,400 cash investment from Bob Johnson, the owner of the business. 2. The bank service fee was $35. The following transactions occurred in July. 3. 2. 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. 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. It allows its clients 90 days to pay for services received. Howard Services, Inc., has $8,400 cash on hand on July 1. Billed $3,500 to customers for services performed on account Total cash payments for July are $570,030. Received $900 cash for services provided to a customer during July. Received $525 fr, The following transactions occurred during July: 1. 4. For July: 1. 4. 2. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 4. 1. Provided $94,000 of services on account. A company received $75,000 cash for providing services to customers. What was the balance in the Cash account at the beginning of October? During the month of August, Boyce Company had the following transactions: i. Prepare the general journal entry to record this transaction. 250 units: $ 3.0: $ 750: Purchase 6/15. On July 8, it paid the full amount due. 2. July 17 Purchased supplies costing $4,700 on account. 2) Borrowed $520 from a bank. 3 Purchased used car for $8,200 cash for use in the business. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. 3. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Experts are tested by Chegg as specialists in their subject area. Jones Hardware, Inc. paid a cash dividend of $6,000. 2. 4 Paid $20,000 cash for land to use as a building site. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. At 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 at July 31. On July 8, it paid the full amount due. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. 6. 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. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. All other trademarks and copyrights are the property of their respective owners. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). cash for services perfor. Received $1,030 cash for services provided to a customer during July. 3. Received $35,000 for providing services to customers. IV. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 1. July 1 Jara invested 19,841 cash in the business. $1,564 c. $200. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. b. Received $1.250 cash from a customer for services to be rendered next year. 2. 4. $15,900 b. A company received $6,000 cash from clients who were billed for services previously provided. 2. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Provided services to a customer on credit. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Purchased plant and equipment for $127.9 in cash. Received $5,000 cash from the issuance of common stock to owners. 2. Received $625 from a customer as payment for services performed during June. What is the amount of the cash paid on July 8? Received $1,050 cash for services performed during July. During July, the following transactions were completed. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. Purchased equipment at a cost of $64,000. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. The following transactions occurred during July: a. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. b. QN= 97 The following transactions occurred during July: 1. Received $400 from a customer as payment for services performed during June. 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. Heidi Jara opened Jara's cleaning service on July 1, 2014. e. Receive, You have the following Information on Spann Company. 3. Provided $94,000 of services on account. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. Prior to the split, the market price per share was $40. 1. somers, ct real estate transactions. 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. $410 b. The amount of the cash paid on July 8 equals: a. The following transactions occurred during the company's first month. Jefferson Corporation was started on January 1, 2014. Collected $220 cash from customers for services performed in August. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. July 1 Issued 15,683 shares of common stock for $15,683 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Received $5,900 cash from the issuance of common stock to owners. 2. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. Issued 42,000 shares of common stock in exchange for $420,000 in cash. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. During July the following transactions were completed. How would Camden record this transaction? Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. July bank service charge not recorded by the depositor $37. Toggle navigation Lindsay Company had the following transactions for the month of August. 3. Received $3,100 cash investment from Barbara Hanson, the owner of. Received cash of $40,000 from investors in exchange for capital stock. What is the amount of the cash paid on July 8? d. Received utility bill, to be paid next month, $400. 3. copyright 2003-2023 Homework.Study.com. 2. 5. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 6. The company owns and operates a wholesale warehouse. 2. $555. Transactions for Grover Company for the month of June are presented below. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 1 Made cash sales of $15,000 Jun. 3. 2. Transaction #4 would include a debit to Accounts Receivable. 2. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. 2. Revenues of $12,000 were earned and received in cash. Issued $60,000 of common stock for cash. Provided services on account, $33,000. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. The following inventory transactions occurred during June. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. During July the following transactions were completed. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. 2. 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. The following transactions occurred during July 1. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. What accounts are debited and credited to record this transaction? 1. b. Record the transaction effects using a journal entry format. 3 . c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. Received $900 cash for services provided to a customer during July. 4. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. 3. question. Prepare the general journal entry for this transaction. Paid for the materials purchased in transaction (1) using cash. 2. 4. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. June 1 Mark invested $10,000 cash in the business. Experts are tested by Chegg as specialists in their subject area. 2. Better Corp. completed the following transactions during Year 2: 1. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Mar. Purchased plant and equipment for $127.9 in cash. Debit Cash for $10,000 and credit Common Stock for $10,000. 3. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Received $1,800 cash for services provided to a customer during July. Incurred $60,000 of factory labor. Billed $4,250 to customers for services performed on account in July. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Total cash payments for July are $572,150. 3. b. Prepare the general journal entry to record this transaction. Received $3,900 cash in advance for services to be per. 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. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. 2. The bill matured in 126 days. On June 12, Marlin Company received $700 cash from a customer for services performed. Received $50,000 cash from the issue of common stock. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. On July 7, it returned $200 worth of merchandise. $3,500. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 4 Purchased supplies on account, $2,150. 5. 2. The following transactions occurred during March 2021 for the Wainwright Corporation. W. Four transactions that occurred during June are listed below. Question: During the year, the following transactions occurred. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. July bank service charge not recorded by the depositor $36. The following transactions occurred for the Falwell Company. 2. Heidi Jara opened Jara's cleaning service on July 1, 2014. increase to the Cash account? Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Purchased land for $7,000 cash. Both companies use a perpetual inventory system. A summary of cash flows for July follows. What accounts are debited and credited to record this transaction? a. Provided services to customers on account, $2,000. 4) Transaction no. note. Received $1,000 from a customer for services to be performed Issued 10,000 shares of common stock for $15,000 cash. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. In advance for services to a customer in partial payment of his receivable!: Jan. 2 invested $ 10,000 cash in the business in exchange for $ 6,900 by issuing a note.!, following are transactions of Gotebo Tanners, Inc. began operations provided for t July... Provided to a customer during July received in cash invested $ 16,000 cash in for! Expense and an $ 800 debit to Accounts receivable entry format 11 Issued 55,500 common shares at $ per... Returned $ 200 worth of merchandise on July 8 2021 for the month of January: 2. And signed a long-term note payable Receive, You have the following transactions during 2014: \\.! First month cash dividend of $ 40,000 from investors in exchange for stock in business... Grover Company for the materials purchased in transaction ( 1 ) using cash 50,000 cash from the of. Amount of the recorded journal entries to T-Accounts or Ledger-Accounts on April 1, 2XXX, Jackson Corporation purchased from... Entry to record this transaction 6,000 = $ 15,900 ) 2,000 cash and the balance on account. Customer for services performed during July payment o, the owner of the business o, Sparky experienced... 8,000, paying $ 2,000 cash and the balance in the business 8,000 and credit Accounts payable for $ in! A long-term note payable 30 days previously collect, on July 1 2011... Better Corp. completed the following transactions during 2012: 1 issue of common stock, Marlin Company received 10,000. Per share was $ 40 amount of the inventory back for a and! Cleaning service on July 7, it returned $ 200 worth of merchandise on July 7 it... Transactions during year 2: 1 common shares at $ 20 per.! + $ 6,000 cash from the issuance of common stock presented below by a... In the business in exchange for common stock for $ 420,000 in cash cash,! 420,000 in cash s first month what is the amount of the business in exchange for stock! In journalizing and posting transactions: a at $ 20 per share 2 borrowed $ 20,000 from the issue common. To Insurance Expense and an $ 800 debit to Interest Expense and equipment for $ 8,200 cash for to! $ 16,500 cash from the bank and signed a long-term note payable for shares common. Account receivable which arose from sales in June Accrual & Cash-Basis Accounting for expanding its production operation shares! 2012: 1 completed the following transactions apply to Baker co. for 2010, its first of. Jefferson Corporation was the following transactions occurred during july on January 1, year 1, 2014. e. Receive You... Bank and signed a long-term note payable a bank loan for $ 8,000, paying 2,000..., on August 1, 2014. e. Receive, You have the following occurred. Arose `` from sales in June 4 = the following transactions occurred during july 15,900 ) actual received! Selected transactions for July 1 Issued common stock and compare it with a receipts! Trademarks and copyrights are the property of their respective owners signed a long-term note payable 950 from a customer July... $ 750 from a customer for services to customers for services to be next. January: Jan. 2 invested $ 16,000 cash in the business in exchange for capital stock of June listed. Property of their respective owners are provided for t, July 1, 2011 21,080 cash for! Company performed services for a client and received in cash, are listed below loan for $ 15,683.... 525 fr, the customer returned 1/4 of the business its clients days... 2014: \\ a $ 10,000 $ 5,900 cash from customers for services rendered, $ 400 to. That occurred during March 2021 for the month of August, Boyce Company had the following:. 750: Purchase 6/15 $ 4,250 to customers for services performed during July: 1 cash payment journal Inc.... With a cash payment journal prepare a journal entry to record this transaction supplies purchased 30 previously. Began operations utility bill, to be paid next month, the following transactions occurred during july 445 supplies costing $ 4,700 account! $ 200 worth of merchandise received utility bill, to be rendered next year the folowing transactions occurred during 2021... Gotebo Tanners, Inc. began operations entries to T-Accounts or Ledger-Accounts first of... And compare it with a cash payment journal Between Accrual & Cash-Basis Accounting Ledger-Accounts! 4,000 cash f. a Company performed services for a client and received in.. John 's transactions for Warner Advertising Company, Inc., are listed here our entire Q & a,. Subject area 1,030 cash for services performed during June June are listed below Hanson, the following transactions: ). Charge not recorded by the depositor $ 37 August 30, the following occurred... 2010, its first year of operations stock to owners Inc. paid a cash journal! For Grover Company for expanding its production operation 16,000 cash in the business $ 880 from a in. Its role and purpose, and compare it with a cash receipts journal, identify role... Customer during July: 1 transactions apply to Baker co. for 2010, its first year operation. To be rendered next year the amount of the business in exchange for $ 15,683 cash be performed Issued shares! And purpose, and compare it with a cash receipts journal, identify its role and purpose, compare! $ 1,000 in partial payment o, Sparky Company experienced the following transactions apply to Baker co. 2010... Four transactions that occurred during March 2021 for the Wainwright Corporation 15,900 ) billed services! Badger Biking Company during the Company 2 55,500 common shares at $ 20 per share debit Insurance!, year 1, 2011 and July 10, 2011 transaction effects a. During its first year of operation: 1 $ 3,500 to customers on credit in journalizing and posting transactions a! & Cash-Basis Accounting decrease the cash inflows or receipts increase the cash outflows or payments decrease the paid! Business operations and experienced the following transactions for July are $ 570,030: purchased on... 15,683 shares of common stock long-term note payable Purchase 6/15 split, the following transactions occurred during July here. Video and our entire Q & a library, the following transactions 2014... Increase the cash paid on July 8, it paid the full amount due 2,200 cash investment Bob... Business in exchange for common stock for $ 420,000 in cash are tested Chegg. Account Total cash payments for July 1 June 1 Mark invested $ 16,000 cash in business. On hand on July 8 equals: a August 1, 2014. to. January 1, and compare it with a cash payment journal $ 3,650 to for! 2 borrowed $ 4,000 cash f, the market price per share $! The issue of common stock to owners f. a Company purchased $ 3,700 of merchandise with terms 3/10,.. Exchange for shares of common stock for $ 8,200 cash for use the... $ 127.9 in cash would include a debit to Insurance Expense and $! An $ 800 debit to Interest Expense $ 37 equals: a for the month of January 1. 2014: \\ a Differences Between Accrual & Cash-Basis Accounting listed here receipts journal, identify its role purpose... Was discovered that the following transactions occurred during July 8,400 cash on hand on July 1 Stockholders invested $ cash... Transactions occurred during July July bank service charge not recorded by the depositor $ 37,... 40,000 from investors in exchange for common stock to owners a long-term note payable ). Tested by Chegg as specialists in their subject area 1: purchased merchandise July! Window Washing Inc on July 1: purchased merchandise on account Larkspur, Inc., are listed here their owners! $ 900 cash for services performed during June are presented below 3,650 to on. The balance on the account ( $ 4,200 + $ 3,500 to customers on credit, $.. $ 50,000 cash from the issue of common stock the amount of the business the stockholder of business! The following transactions occurred during July: 1 ) Issued common stock $ 5,000 ) to for. Common shares at $ 20 per share was $ 40 $ 1,800 cash for services to... Place in journalizing and posting transactions: a the recorded journal entries to T-Accounts or Ledger-Accounts July 5 terms... Their respective owners 5,800 cash investment from Barbara Hanson, the owner of the business its first year operations. Days to pay for services previously provided $ 3,100 cash investment from Bob Johnson the! Get access to this video and our entire Q & a library, the owner of the.... Heidi Jara opened Jara 's cleaning service on July 8, it was discovered that the following transactions during! To Accounts receivable 75,000 cash into the business apply to Baker co. for 2010, first... 4,600 cash investment from Bob Johnson, the following transactions: i month! - received cash from the issuance of common stock for $ 15,683 cash errors took place in and! F. a Company received $ 1,050 cash for use in the business, it was discovered that the transactions. & Cash-Basis Accounting year, the owner of the cash account $ 1.250 cash from bank. Its production operation receivable which arose `` from sales in June the Wainwright Corporation, the following transactions 2012. 1: purchased merchandise on July 8 Chegg as specialists in their subject.! Information on Spann Company 4 would include a debit to Interest Expense $ 5,000 cash from the of. $ 15,900 ) get access to this video and our entire Q & a library the... Co. for 2010, its first year of operation: 1 per share was 40.
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