Prepare the general journal entry to record this transaction. July 9 Sold $20,000 of accounts receivable to Main Bank. 5. During July, the following transactions were completed. Received a 140,000,12, Practice Company began its operations on January 1, 2015. The following transactions occurred during July: $1,564. Received $1,200 cash for services performed during July. The following transactions occurred during July: 1. 2. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 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. Received $1,200 cash for services performed during July. 2. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. On July 7, it returned $200 worth of merchandise. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. Provided services for cash, $25,000. f. Received $1,250 cash from a customer for services to be rendered next year. 2. Issued $120,000 of common stock for cash. Collected $220 cash from customers for services performed in August. Experts are tested by Chegg as specialists in their subject area. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 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. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. The following transactions occurred during July: 1. 1. 3. Purchase of the goods on July 8, 2011. b. Classify each of these transactions as operating, investing, or financing activities. The rest were either equity, liability or revenue for a period other than July. 2. Paid $300,000 Cash for an Office Building 3. During July, the following transactions were completed. note. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. 2. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 2. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. On July 7, it returned $410 worth of merchandise. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. As a result of these transactions, what is the amount of the increase to the Cash account? 3. On July 8, it paid the full amount due. Received $900 cash for services provided to a customer during July. 2. IV. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 3. Received $5,200 cash from the issuance of common stock to owners. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. The amount of the cash paid on July 8 equals: a. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 3. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. A company received $442 cash from a client for performing services. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Received $400 from a customer as payment for services performed during June. Cash account 4. 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. 5 Made credit sales of $25,000 Jun. What accounts are debited and credited to record this transaction? 5. Sold common stock to owners for $100,000 cash 2. Purchased a photocopier for $15 000. 2. 2. July 17 Purchased supplies costing $4,700 on account. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Deposits in transit on July 31 were $3,205. During July, the following transactions were completed. b. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. 2. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. -Services were provided. Received $4,600 cash investment from Bob Johnson, the owner of the business. On July 8, it paid the full amount due. $555. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. During July the following transactions were completed. Provided services on account, $33,000. Given this information, which of the following is likely included among its adjusting entries? Provided services for $5,500 cash. 2. July bank service charge not recorded by the depositor $37. 4. This represents an increase in revenue. ii. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Josh collected $4,185 from customers for services related to videos created in July. Question 1 The following transactions occurred in April and May. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? Purchased inventory on account for $14. Purchased inventory on account for $180,000. Journalize the July transactions. Liabilities increases on the credit side and decrease on the debit. (Table). Received $2,200 cash investment from Bob Johnson, the owner of the business. Borrowed $2,900 from the bank and signed a promissory note. 4. Prepare the general journal entry to record this transaction. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. 4. 2003-2023 Chegg Inc. All rights reserved. owners. (The company uses th, The following events pertain to Super Cleaning Company: 1. Received $1,250 cash for services performed during July. Issued $1,270 of supplies from the materials inventory. 2. Morgan has given Jackson three options for payment. 4. 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. 2. Issued common stock for $5,600 cash. Paid cash owed to a supplier. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. D. Borrowed money to support operating activities. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 3. July 1 :Issued 12,000 shares of common stock for $12,000 cash. 4. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 2. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 3 Purchased used car for $8,200 cash for use in the business. Received $6,400 cash from the issuance of common stock to owners. During July the following transactions were completed. On July 7, it returned $260 worth of merchandise. Provided $98,000 of services on account. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. Received $1,050 cash for services performed during July. d. $3,600. Which of the following items would appear on the income statement? 2. How would Landscape by Design record this transaction? -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. Issued common stock for $23,500 cash. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Received $900 cash for services provided to a customer during July. 3. A credit sale of $750 is made on June 13, terms 2/10, n/30. 3. Prepare the general journal entry to record this transaction. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. 2. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 2. b. 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. 1) As a result of these transactions, what is the amount of the Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. 2. Journalize the following transactions for the month of June. Received partial payment on account $1,500. Billed customers for services performed. Received $6,600 cash from the issuance of common stock to owners. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 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. Obtained a bank loan for $6,900 by issuing a note payable. Received $1,800 cash for services provided to a customer during July. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Received $6,400 cash from the issuance of common stock to owners. Prepare the general journal entry for this transaction. July 1 Issued 12,000 shares of common stock for $12,000 cash. Collected $62,000 cash from accounts receivable. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. 2) Provided services to customers for $40,000 on account. Prepare the general journal entry for this transaction. 2. d. B. 3. 3. The company sold 525 units in June. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 4. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Received $500,000 in Cash from investors in exchange for stock in the company 2. Assume 360 days in a year. Borrowed $25,000 cash from creditors. 3. Issued common stock for $21,600 cash. 5. $15,900 Guerrero Company engaged in the following events during 2012: 1. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. B. Record the transaction by identifying which accounts should be debited and credited. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Received $1,400 cash for services performed during July. Received $1,430 cash from a customer for services to be performed next year. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Question: The following transactions occurred during July 1. 1. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. 3. The following transactions occurred during March 2021 for the Wainwright Corporation. 2 Reacquired 20,600 common shares at $22 per share. 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. 6. 1. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. What is the amount of cash paid on July 28? During July, the company completed the following transactions. $3,500. 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. Receive cash of $38,000 from customers in (a) above. 3. 1) Journalize the July transactions. 3. 2. 5. C. Received $1,000 cash from a customer for services to be performed over. On April 1, Larkspur, Inc. began operations. 2. 2. Principal and interest at 12% will be paid on January 31, 2019. The business purchased land for $6,000 cash. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Lamonda Corp. uses a job order cost system. 4. A summary of cash flows for July follows. On July 8, it paid the full amount due. a. June 1: Issued common stock to several investors for $73,700. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 1. What accounts are debited and credited to record this transaction? a. A company received $2,000 cash for its services to be performed later. Borrowed $6,000 from the bank by signing a promissory note. question. Billed $3,500 to customers for services performed on account July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. 4. Collected $220 cash from customers for services performed in August. Received $900 cash for services performed during July. c. $3,528. 3. DeVito had paid $8,100 for the merchandise. Acquired $16,500 cash from the issue of common stock. Acquired $20,000 by issuing common stock. C. $1,568. Provided services to a customer on credit. Borrowed. Equipment of $40,000 was purchased with cash. 4. A record containing all accounts (with amounts) for a business. Hired a legal assistant to work part-time for $1,500 per month. 2. 4. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Issued $100,000 of common stock for cash. 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 . Received $4,600 cash investment from Bob Johnson, the owner of the business. 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. 4 Purchased supplies on account, $2,150. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Get access to this video and our entire Q&A library, What Is an Income Statement? 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Provided services to customers on account, $95,000 3. Provided services to a customer on credit, $375. Acquired $16,500 cash from the issue of common stock. 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. Question: The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. The following transactions occurred during July: 1. b. A relatively high ratio is always desirable. Journalize the transaction. Prepare a cash budget for July. A company received $3,000 cash from clients for services provided. 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. Calculate the amount of unearned revenue that would appear i. Received cash from the sale of common stock, $14,000. Acquired $15,600 cash from the issue of common stock. The following transactions apply to Baker Co. for 2010, its first year of operations. management in ZARA and how it plays a significant role in t 3. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. b. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Purchased $62,500 of raw materials on account. Acquired $23,400 cash from the issue of common stock. What was the amount of revenue for July? 2 Purchases equipmen. Provided services to customers on account, $2,000. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. What is the necessary entry to record this transaction? Laurie Dexter starts a business called Camden Cleaning. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Issued $100,000 of common stock for cash. 3. 1. 3. We reviewed their content and use your feedback to keep the quality high. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). Learn about cash receipt journals in accounting. The goods were shipped to Rymex on July 2. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. 1. Prepare the general journal entry to record this transaction. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Total cash payments for July are $572,150. 1. 2. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Transaction #3 would include a debit to Accounts Receivable. 4. What is the last day for taking the cash discount? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $900 cash for services provided to a customer during July. somers, ct real estate transactions. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. 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. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. June 1 Mark invested $10,000 cash in the business. Received $900 cash for services provided to a customer during July. What is the main reason that interviews and questionnaires are not completely accurate? On July 7, it returned $320 worth of merchandise. $1,000,000 in cash now. Provided services to a customer on credit. The following were June transactions: 1. 3) Earned $700 of revenues. 2) Borrowed $520 from a bank. Borrowed $25,000 cash from creditors. 2. 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, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Provided $94,000 of services on account. $555. Amena Company received $1,652 cash as fees for services provided to a customer. A company received $3,600 from a customer for an advance order for services to be provided next month. On June 30, Petrov Co. has $128,700 of accounts receivable. Received. Received. 3. $3,332. What transaction does the following general journal entry represent? Jones Hardware, Inc. paid a cash dividend of $6,000. 5. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Provided $94,000 of services on account. b. June 8: Purchased equipment for $13,800 cash. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Prepare the general journal entry to record this transaction. Acquired $15,600 cash from the issue of common stock. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. 3. 3. Received $400 from a customer as payment for services A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Transaction #4 would include a debit to Accounts Receivable. Which of the following describes how the transaction should be recorded on July 7? June 1: Issues common stock to investors in exchange for $4,840 cash. Revenues earned and received in cash amounted to $33,500. 3. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Record the transaction effects using a journal entry format. Mar. Received $1,030 cash for services provided to a customer during July. Received $1,250 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. How will that be recorded in the general journal? 3. On October 31, a company's Cash account had a normal balance of $7,000. 2. Received $900 cash for services provided to a customer during July. 3. Purchased office supplies on account, $5,800. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. What is the amount of the cash paid on July 8? Received cash for providing accounting services, $9,500. Received $5,900 cash from the issuance of common stock to owners. What was the amount of revenue for July. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? 5. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Borrowed $2,500 from the. UNITS: COST: VALUE: Beginning inventory. 3. 2. 5 The company purchased $2,400 of office supplies for cash. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 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. Provided services to a customer on credit, $505. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Prepare a cash budget for July. Prepare the general journal entry to record this transaction. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. The following transactions occurred during July: a. A company has total liabilities of $550 million and total equity of $300 million. $410 b. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Provided $94,000 of services on account. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. W. Four transactions that occurred during June are listed below. 3. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. A company received $3,000 cash from clients for services provided. Unearned Rent was credited for the full $18,000. During its first year, the company engaged in the following transactions: 1. Total sales were $900, of which 80% were on credit. Apr. Also prepare any footnotes to the July 31 financial statements that result from these transactions. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. July 1 Purchased a truck for $11,000. during August. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A company received $6,000 cash for services rendered. Lindsay Company had the following transactions for the month of August. - Purpose, Components & Format. (add revenue with beginning retained earning then subtract "expenses").

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