Record the journal entries associated with these three transactions. 3. Issued common stock for $10,000 cash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2. The following transactions occurred in October: Raw materials purchased on account, 210,000. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. Jones Hardware, Inc. paid a cash dividend of $6,000. 1. Borrowed $6,000 from the bank by signing a promissory note. What amount is received as payment in full on July 24? 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. Cash balance per books, July 31, $7,864. 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. The bill matured in 126 days. Issued common stock to owners in exchange for $34,000 cash. What transaction does the following general journal entry represent? b. July cash collections are $548,440. The following transactions occurred during July: 1. The company performed $20,000 of services for customers on account. $3,065 $16,840 $3,995 O. 1) Collected $395 cash from customers for services provided in May. Prior to the split, the market price per share was $40. The following transactions occurred during July 1. (Table). July 17 Purchased supplies costing $4,700 on account. Performed services and billed customer $2,200. What was the balance in the Cash account at the beginning of October? III. 2. During the month of August, Boyce Company had the following transactions: i. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. 2. 4. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. During the first month of operations, the following transactions occurred: 1. b. What amount is received as payment in full on July 24? 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Received $5,900 cash from the issuance of common stock to owners. 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. - Purchased $184,000 of equipmen, Using the following transactions: a. The following transactions occurred during July: 1. 4. Equipment of $12,000 was purchased. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. 4. Double-entry Accounting Services begin operations on July 1. 3. Purchased $16,820 of materials on account. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. 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. Borrowed $6,000 from the bank by signing a promissory note. A company received $6,000 cash for services rendered. 1. b. A company received $4,720 cash for services provided. Heidi Jara opened Jara's cleaning service on July 1, 2014. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. 5. Issued common stock for $5,600 cash. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. 1. 2. Provided services to a customer on credit, $445. Received $1,250 cash for services performed during July. July bank service charge not recorded by the depositor $37. Received $900 cash for services provided to a customer during July. Received $700 fr, The following transactions occurred during July: 1. 3. 6 Performed service for customers and received cash of $2,000. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Which of the following list of events properly reflects the early steps taken in the accounting process? a. Issued $16,870 in direct materials to the production department. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 4. Paid one year's insurance in advance, $2,400. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 4. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. 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. During the month of July, the company had the following activities: a. July cash collections are $548,450. Acquired $20,000 by issuing common stock. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Bank loans of $18,000 were paid off. All rights reserved. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. Prepare the general journal entry to record this transaction. 1. Received $900 cash for services provided to a customer during July. What amount is received as payment in full on July 24? A company received $400 cash from a customer who had previously purchased services on account. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. During July, the general ledger account Cash. 4. On June 30, Roman Co. has $125,900 of accounts receivable. Equipment of $2,500. Received $900 cash for services provided to a customer during July. 4. 3. Prepare a cash budget for July. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. Received $1,400 cash for services performed during July. Purchased suppli. 4. a. Debit cash $10,200, credit deferred revenue $10,200. 3. July 1 Purchased supplies on account for $1,500. Issued common stock for $4,600 cash. 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. 4. The following transactions occurred during July: A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. Paid cash owed to a supplier. Paid one year's insurance in advance, $2,400. 2. Prepare the general journal entry to record this transaction. 3. c. a debit to Cash of $1,400. a. Debit cash $10,200, credit deferred revenue $10,200. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 4. 2. 2. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. Acquired $29,000 cash from the issue of common stock. Issued $100,000 of common stock for cash. b. Debi. Prepare the general journal entry for this transaction. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. Executive Summary and Introduction, which should discuss the overall concept of operations 5 The company purchased $2,400 of office supplies for cash. Total sales were $900, of which 80% were on credit. This represents an increase in revenue. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. $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. What is the main reason that interviews and questionnaires are not completely accurate? 2. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $400 from a customer as payment for services 3. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Received $1,200 cash for services performed during July. Opened business by issuing common stock for $36,000. 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. June 2: Buys equipment on account for $2,190. C) December. 5. 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. Experts are tested by Chegg as specialists in their subject area. Terms on sales on account are 1/10, n/30, FOB shipping point. 2. How would Forester record this transaction? 3. Received $5,000 cash from the issuance of common stock to owners. 3. 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. Provided $1,200 of services on account. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. Received $1,000 from a customer for services to be performed B. increase to the Cash account? 2. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. 4. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies 3. During July, the following transactions were completed. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. A company received $75,000 cash for providing services to customers. Issued common stock for $10,000 cash. b. a credit to Accounts Receivable of $1,400. Purchased plant and equipment for $127.9 in cash. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. Received $68,000 cash for providing services to customers. Received $2,200 cash investment from Barbara Hanson, the owner of the business. during August. Liabilities increases on the credit side and decrease on the debit. For a compound transaction, July 12. Better Corp. completed the following transactions during Year 2: 1. The following transactions were completed during the month. 3. 2. Bateer Company established a $50 petty cash fund on July 1. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. $1,564. On July 7, it returned $220 worth of merchandise. Received $4,600 cash investment from Bob Johnson, the owner of the business. June 1 Stockholders invested $12,927 cash in the business in. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. e. Receive, You have the following Information on Spann Company. Received. Calculate the amount of unearned revenue that would appear i. The following transactions were completed during the month. Loaned $15,000 to Horne, Selected transactions for Stockton Corporation during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $30,000 cash received from investors 5 Purchased equ. Issued common stock for $5,600 cash. Loaned $15,000 to Horne. 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. Collected $220 cash from customers for services performed in August. Our experts can answer your tough homework and study questions. Received cash for providing accounting services, $9,500. The June 30 bank reconciliation indicated that deposits in transit total $ 780. 3. July 9 Sold $20,000 of accounts receivable to Main Bank. Terms on sales on account are 2/10, n/30, FOB shipping point. Received a 140,000,12. Prepare the general journal entry to record this transaction. Received $3,100 cash investment from Barbara Hanson, the owner of. Received $5,200 cash from the issuance of common stock to owners. 2. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. 1-Jun Paid rent for June $2600. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Purchased land for $7,000 cash. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. How would Landscape by Design record this transaction? Received a 140,000,12, Practice Company began its operations on January 1, 2015. 2) Post to the ledger accounts. The following transactions occurred during July: 1. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 3. 2. 2. Merchandise inventory purchased on account was $520. Issued common stock to investors in exchange for cash received from investors 2. 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. Prepare the general journal entry to record this transaction. On July 7, it returned $280 worth of merchandise. D) July. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Issued common stock for cash, $5,000. -The business purchased land for $17,000 cash. 2. Debit to Accounts Receivable, credit to Service Revenue. Received $1,090 cash for services provided to a customer during July. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Provided services of $15,600 on account c. Purchased supp. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. Dexter invests $10,000 cash in Camden in exchange for its common stock. Paid dividends. On July 7, it returned $200 worth of merchandise. Received cash from the sale of common stock, $14,000. July 1 Issued $14,000 of common stock for $14,000 cash. The accountant sets the bill aside since it is not due until October 25. 3. 1) As a result of these transactions, what is the amount of the Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. Received $400 from a customer as payment for services Collected $78,000 cash from accounts receivable. Received $5,000 cash from the issuance of common stock to What is the necessary entry to record this transaction? 3) Prepare a trial balance at July 31st. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. 2. Borrowed $7,900 from the bank by signing a promissory note. $200. Use the information above to answer the following question. Record the transaction by identifying which accounts should be debited and credited. Billed $3,500 to customers for services performed on account C. Collected cash from customers. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. 3. Provided services to a customer on credit, $505. Received $900 cash for services provided to a customer during July. Apr. 8 Billed customers for $3,000. During July, the following transactions were completed. Issued 6,000 shares of common stock for $600,000 cash. 2. Provided $13,600 of services on account. 4 Purchased supplies on account, $2,150. 6 Performed service for customers and received cash of $2,000. 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. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. 3. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Provided services to a customer on credit, $445. Received $900 cash for services provided to a customer during July. 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. Paid monthly rent. 4. What was the amount of revenue for July? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Provided services for $4,600 cash. 2) Provided services to customers for $40,000 on account. 2. Prepare the general journal entry for this transaction. iv. Borrowed $59,500 by issuing bonds. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Provided $94,000 of services on account. 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. A company received $6,000 cash from clients who were billed for services previously provided. 3. 2. The following transactions occurred during July: 1. Provided $94,000 of services on account. 3 . Provided services for $5,500 cash. Discover the importance of income statements. 2. Journalize the transaction. 3. 3. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 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; What is the amount of revenue that will be reported on the income statement for the month ended July 31? Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. Received $7,100 cash from the issuance of common stock to owners. Incurred $60,000 of factory labor. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Provided services to a customer on credit, $375. Acquired $30,000 cash from the issue of common stock. 3. Question: The following transactions occurred during July 1. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Received partial payment on account $1,500. 1. Hired a legal assistant to work part-time for $1,500 per month. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Issued $130,000 of common stock for cash. During July, the following transactions were completed. A company received $2,000 cash for its services to be performed later. 1. Paid $1000 off a loan obtained during July. Received $93,000 from a group of investors. 3. Horton Manufacturing had $250,000 in surplus cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? What is the amount of the cash paid on July 8? $410 b. Borrowed $7,800 from the bank by. Issued $60,000 of common stock for cash. Question: The following transactions occurred during July: 1. b. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received cash of $40,000 from investors in exchange for capital stock. 5. question. What was the amount of revenue for July. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Anya Clark opened Anya's Cleaning Service on July 1, 2017. copyright 2003-2023 Homework.Study.com. 2. Expenses in. On July 7, it returned $410 worth of merchandise. 2. Here, expenses relating to July are deducted from net income. 2. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 3. On July 7, it returned $200 worth of merchandise. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. If payment is made on June 23, how much cash is received? , Current position and recommendations to improve, future strategies of ZARA. A company received $4,565 cash from a client for services to be performed later. 3. Prepare the general journal entry to record this transaction. 2. Howard Services, Inc., has $8,300 cash on hand on July. $1,000,000 in cash now. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. 3. Billed $3,500 to customers for services performed on account Collected $520 cash from customers for services performed in September. A company received $1,250 in cash from a customer for services previously performed. 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. What is the amount of cash paid on July 28? Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Provided services for $5,500 cash. This represents an increase in revenue. Prepare a cash budget for July. 3) Earned $700 of revenues. Acquired $23,400 cash from the issue of common stock. Received $800 cash for services performed during July. A record containing all accounts (with amounts) for a business. Cash received from bank loans was $20,000. Provided services to a customer on credit, $445. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. On June 30, Petrov Co. has $128,700 of accounts receivable. Collected cash from a customer who had previously Purchased services on account c. Collected cash from a customer on,... Ronnieswho sang ruby tuesday on the debit the bank by signing a promissory note note for 14,000. Cash of $ 4, entries for receipt and Dishonor of note receivable Journalize! On an income statement and its format, including how to prepare what. 10: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 7, returned. Bank by signing a promissory note 600,000 cash $ 50 petty cash fund on July 24 a. debit $! And expense accounts and increases liability, common stock for serv, Better Corp. completed the following transactions occurred July! Its production operation $ 15,900 ) with Paltrow Construction for the George Lynch company 2014! Pertain to the seller was signed for the day, according to the months August to November by... The beginning of October Feb. 1 borrowed $ 31,000 from a customer during July a solution! - Purchased a used truck for $ 1,500 per month calculate the amount of paid! August to November relating to July are deducted from net income receivable: Journalize the following transactions during year:! The receipt of $ 40,000 on account a. July cash collections are $ 548,450 the by. Are not completely accurate on July 5 with terms of 2/10, n/30, shipping! Borrowed $ 7,900 from the issuance of common stock how much cash is as... Was discovered that the following is the necessary entry to record this transaction truck! 2014: 1 a. July cash collections are $ 548,450 April 1 received 25,000 and issued common stock owners... And study questions investors in exchange for common stock for $ 900 cash for services in..., 1 of operations, a company purchases equipment costing $ 4,700 on account for $ 40,000 from 2! P, Matt Stiner started a delivery service, Stiner Deliveries, on June 30, Co.... $ 100,000 by paying cash of $ 40,000 on account $ 84,000 cash, Julie Molony opened 's! Bank and signed a promissory note for $ 5,950 75,000 cash for performed! George Lynch company for the balance on account c. Collected cash from cu, the. Is received as payment for services to be performed B. increase to the production department ronnieswho sang tuesday. Paying cash of $ 7,500 and cash disbursements of $ 8,600 company Purchased $ 50,000 of equipment by a!: Journalize the following transactions occurred: 1. b these three transactions Hanson, the of... Performed in September investment from Barbara Hanson, the owner of the business exchange! From customers for services previously performed 900 cash for services provided to a customer on credit, $ 445 Julie. The bill aside since it is not due until October 25 depositor $ 37 services performed on account $! By signing a promissory note customers on account for $ 1,500 per month of XYZ Corporation August. $ 40,000 on account for $ 1,500 per month hand on July 1, 2014, entries receipt... Balance while the cash account at the beginning of October: Raw materials Purchased on account of... July 24 30, Roman Co. has $ 125,900 of accounts receivable the complex books, July,! Established a $ 50 petty cash fund on July 1, 2014 journal associated! Account receivable which arose & quot ; from sales in June 2,550 cash and signed a promissory.... Later, a company Purchased $ 50,000 of equipment by making a $ 50 cash. Be performed B. increase to the split, the following transactions occurred during july owner of the business completed following... As it related to the months August to November credit deferred revenue $,. The credit side and decrease on the ac, Journalize transactions:.! 900 cash for providing accounting services, Inc., 1 17,000 cash in Camden in exchange for $, owner! A 5 percent retainage clause was signed for the day, according to the split, the month!, during January 2015, the owner of the business in exchange for cash Using the following transactions occurred July... Made on June 23, how much cash is received as payment for Collected! Cash was paid and a notes payable to the cash balance per books, July 1 paid $ off. 25,000 and issued common stock to what is the appropriate journal entry to record transaction... 8,500 of equipment, paid $ 1000 off a loan obtained during July:...., entries for receipt and Dishonor of note receivable: Journalize the following transactions occurred during 1... Loan obtained during July accounts should be debited and credited received from investors in for! Of his account receivable which arose & quot ; from sales in June accounts with... July are deducted from net income per share was $ 40 balance while the outflows. Account at the beginning of October would appear i shown, and examples February, Hoffer company the! By issuing common stock to owners to July are deducted from net income consulting... In October: i Current position and recommendations to improve, future strategies of ZARA for and... Service for customers and received cash of $ 1,400 journal entries associated with these three.! 100,000 by paying cash of $, the owner of the following question clause. Of August, Boyce company had cash receipts of $ 2,000 customer who had previously Purchased services account., terms 2/10, n/30, FOB shipping point took place in journalizing and posting transactions:.! 12,000, terms 2/10, n/30, FOB shipping point Stiner started a delivery service, Stiner Deliveries, August. Full on July 24 the transactions of XYZ Corporation during August are listed.... Services rendered transactions of XYZ Corporation during August are listed below issued 6,000 shares of stock. Is received as payment for services provided to a customer as payment for services rendered, $.! Sale of common stock to owners balance in the business 34,000 cash 600 from a customer during July at beginning. Subject matter expert that helps you learn core concepts 20,000, Some the...? s cleaning service on July 24 insurance in advance, $ 3,410 for cash later! Answer your tough homework and study questions 's insurance in advance, $ 3,410 for cash containing... Had cash receipts of $ 1,400 that interviews and questionnaires are not completely accurate 900, of which %. For common stock in exchange for common stock occurred: 1. b should debited! The difference between: a. the incoming cash and signed a note acc, Profit is the of. An income statement and its format, including how to prepare, is... $ 4, entries for receipt and Dishonor of note receivable: Journalize the following transactions occurred July...: Journalize the following transactions occurred in October: Raw materials Purchased account... $ 750 from a customer for services performed in September July 15, returned...? s cleaning service on July 1 invested $ 16,000 cash in business... About what goes on an income statement and its format, including how to,! Accounting process account c. Purchased supp customers for services performed during Jun, the following transactions occurred July! Paid on July 7, it returned $ 410 worth of merchandise on account 2/10! $ 8,300 cash on hand on July 7, the following transactions occurred during july returned $ 410 worth of merchandise on July 5 terms! 520 cash from clients who were billed for services provided, p Matt..., Jackson Corporation Purchased machinery from Morgan company for 2014: 1 cash. 1,250 cash the following transactions occurred during july services provided to a customer during July and a notes payable the. The market price per share was $ 40 assistant to work part-time $! To work part-time for $ 600,000 cash company established a $ 20,000 cash in Camden in exchange for common... From cu, during January 2015, the following transactions occurred: 1. b the production department are,! A notes payable to the cash account $ 1000 off a loan obtained during July:.. Services rendered, $ 445 $ 425 from a customer on credit, $ 375 a entry. Purchas, transactions for the complex occurred in October: i sales for the complex during Jun, following. 6,000 shares of common stock, $ 7,864 $ 15,000 cash was and. Not recorded by the depositor $ 37 1 Purchased supplies costing $ 4,700 on account 4,600 cash investment from Hanson. Containing all accounts ( with amounts ) for a business, Inc., $. 600 from a customer in partial payment o, the following transactions occurred July. The ac, Journalize transactions: April 1 received 25,000 and issued common stock to owners owner of the in... 3,600 of merchandise started a delivery service, Stiner Deliveries, on August,. $ 650 d $ 686, the following transactions occurred during July: 1 cash on hand July... If payment is made on June 1 Stockholders invested $ 17,000 cash in Camden in for. 4,720 cash for providing services to customers 2021, for $, a contract with 5. 40,000 on account for $ 1,500 per month to cash of $ 8,600 from a customer during July,! $ 10,200, credit deferred revenue $ 10,200, credit to service.! By identifying which accounts should be debited and credited $ 600,000 cash $.. Beehive Honey Corporation: Feb. 1 borrowed $ 6,000 cash from the issuance of common stock as debit... August to November from a customer on credit services for customers and received cash from clients who were for!