Received $800 from a customer in partial payment. Received $1.250 cash from a customer for services to be rendered next year. Journal entry for fees earned. During July, the company completed the following transactions. $555. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Unearned Rent was credited for the full $18,000. Received $850 from a customer as payment for services performed during June. Received $880 from a customer in partial payment of his . This represents an increase in revenue. 2. Provided $13,600 of services on account. $3,600 c. $3,395. 3 . Provided services to a customer on credit, $375. Journalize BullsEye's transactions for July 1, 2011. 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. Terms on sales on account are 2/10, n/30, FOB shipping point. 2. The following transactions occurred during July. Borrowed $7,900 from the bank by signing a promissory note. $$. 2. Received $900 cash for services provided to a customer during July. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $35,000 for providing services to customers. Issued $60,000 of common stock for cash. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. What accounts are debited and credited to record this transaction? A. all states have income tax Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. QN=87 A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: QN=88 Which of the following statements is correct? Received $700 from a customer as payment for services performed during June. 4 Paid $20,000 cash for land to use as a building site. Acquired $23,400 cash from the issue of common stock. The following transactions occurred during July: 1. Received $400 from a customer as payment for services performed during June. 4 Purchased supplies on account, $2,120. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. Experts are tested by Chegg as specialists in their subject area. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Provided services to a customer on credit, $445. Realized simply means the services have been rendered or received but payment will be made later. Billed $3,500 to customers for services performed on account in July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. when you wont need the money for a long time. 1. Which of the following list of events properly reflects the early steps taken in the accounting process? 2. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. What was the amount of credit sales during May? Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Bank loans of $3,000 were paid off. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 3. D. $1,60. Acquired $16,500 cash from the issue of common stock. 3. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. If a period-end inventory amou nt is reported in error, it can c ause a misst atement in all of the following ex cept. 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. The following transactions occurred during July: 1. d. a. June 1: Issued common stock to several investors for $73,700. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. 2. Which of the following items would appear on the income statement? 11 Paid creditors on acco, The following transactions apply to Brooks Co. for 2014, its first year of operations. On July 7, it returned $240 worth of merchandise. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. a. Wik Case. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. $1,568 b. 1. Purchased equipment for $16,000 cash on July 1, 2017. 4. 4. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. A company received $75,000 cash for providing services to customers. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 2. Revenue recognition states that revenue is recorded when it is realized, or realizable and earned, as opposed to received. Issued common stock for $21,600 cash. On July 28, it paid the full amount due. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 3. b. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. July 1 Anya invested $20,000 cash in the business. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. $900 b. Received $900 cash for services provided to a customer during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. The City of Spainville approved the construction of a city hall complex for a total cost of. 3. 3. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 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. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 4 Purchased supplies on account, $1,970. The following transactions occurred during July: 1. The amount of the cash paid on July 8 equals. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. 2. A company received $4,720 cash for services provided. D. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 4. $3,392 b. Please enter your email address. The stock has a stated value of $4 per share. Issued common stock for $2,200 cash. Received $6,400 cash from the issuance of common stock to owners. 3. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. What is the amount of the cash paid on July 8? Question:The following transactions occurred during July 1. The following transactions occurred during July: Received $1,700. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Prepare the general journal entry to record this transaction. $$ Certain states have no state income tax Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. Lorem ipsum d, or nec facilisis. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. C) December. 2. &3 x-y \geq-6 The company received $20,000 in cash from customers who had been billed for services (in transaction (1, During March the following transactions were completed. The following transactions occurred during the month of June. 3. Received $1,700 cash for services performed during July. Paid one year's insurance in advance, $2,400. 2. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 4) Receive. $$ Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. 2022 was a busy year at the SEC. 3. Borrowed $4,540 from a local bank on a note due in six months. Provided services for $5,500 cash. Issued common stock for $5,600 cash. 4 Purchased office supplies, $600, and furniture, $1,700, on account. Which of the following describes how the transaction should be recorded on July 7? d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. 3. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Provided $94,000 of services on account. E=5.03 t^2+100 t+1380 2 Purchased a used van for deliveries for $12,000. Issued $100,000 of common stock for cash. 3. The following were June transactions: 1. 3 Purchased cleaning supplies for $900 on the ac. When would it be a good idea to invest your money instead of putting it in a savings The following transactions occurred during July: 1. 2) Borrowed $520 from a bank. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. Received $5,900 cash from the issuance of common stock to owners. $$ What amount is received as payment in full on July 24? Provided services to a customer on credit. The following transactions were completed during the month. 2. 3. Received $1,030 cash for services provided to a customer during July. Terms on sales on account are 1/10, n/30, FOB shipping point. b. a credit to Accounts Receivable of $1,400. Received $5,000 from issuance of stock to investors. Fusc, gue vel laoreet ac, dictum vitae odio. The business purchased land for $6,000 cash. New Era Cleaning Service, Inc. opened for business on July 1, 2010. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Received $1,200 cash for services Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. A. During July, the company completed the following transactions. Received $380,000 cash for customer accounts. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. On July 7, it returned $320 worth of merchandise. Received $800 cash for services rendered during July. Cash balance per books, July 31, $7,864. Collected $78,000 cash from accounts receivable. During July the following transactions were completed. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. $3,179 c. $3,191 d. $3,290 e. $3. June 1 Mark invested $10,000 cash in the business. The business acquired $10,000 cash by issuing common stock to investors. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. A relatively high ratio is always desirable. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 3. 2. Sold for $4. -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 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. The following transactions occurred during July: 1. It is followed by a return of $50 on June 16. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. a. Debit cash $10,200, credit deferred revenue $10,200. All other trademarks and copyrights are the property of their respective owners. The following transactions occurred during July 1. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. 2. What does the formula give as the $2010$ approximation? 3) Earned $700 of revenues. 2. Received $1,050 cash for services performed during July. 2. Debit Cash for $10,000 and credit Common Stock for $10,000. Received $1,250 cash for services performed during July. On July 8, it paid the full amount due. copyright 2003-2023 Homework.Study.com. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. 4. Received $900 cash for services provided to a customer during July. Received $1.250 cash from a customer for services to be rendered next year. Received cash for providing accounting services, $9,500. June 2: Buys equipment on account for $2,190. Lorem ip. - Received cash from cust, 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. Received $400 from a. 5. 2. Don, ac, dictum vitae odio. 3.The co, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. The following transactions occurred during July: 1. Acquired $20,000 by issuing common stock. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. 2. The cash records of Carla Vista Company show the following. The unadjusted balance per the bank statement on July 31 was $64,854. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 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. The June 30 bank reconciliation indicated that deposits in transit total $ 780. How would Camden record this transaction? The following transactions occurred during July: 1. Pellentesque dapibus eff, ultrices ac magna. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Received $1,100 cash for services provided to a customer during July. What amount is received as payment in full on July 24? 3) Bought RM500 of office supplies on credit. Obtained a bank loan for $6,300 by issuing a note, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. On July 7, it returned $220 worth of merchandise. 2. July 1. b. Debi. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 3. What accounts are debited and credited to record this transaction? Received $900 cas h for services provid ed to a cust omer during July. $410 b. d. $3,600. Nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis. 2. 2. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, 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. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Provided services to a customer on credit, $375. Transactions made by Huddleston Co. for the month of March are shown below. Net sales. 2. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. ii. Journalize the transaction. 4. On July 7, it returned $280 worth of merchandise. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. 3. Payroll Received $1,440 cash from a customer for services to be rendered next year. The following transactions occurred during July: 1. The amount of the cash paid on July 8 equals: A. During the month of July, the company had the following activities: a. Received $625 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. The following transactions occurred during July: 1. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Please enter your email address. Only transaction #1 and #4 apply to revenue recognition. 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. 2. Explain.1. Services were provided to cust. July 1 Jara invested 19,841 cash in the business. 2. Also, the balances are provided for the month ended July 31. This was paid in cash. Received cash of $40,000 from investors in exchange for capital stock. Provided services to a customer on credit. Revenues of $120,000 were earned and received in cash. On July 8, it paid the full amount due. Risk management most nearly involves _____. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. 4. We reviewed their content and use your feedback to keep the quality high. What was the January 31 beginning cash balance? 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. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. During its first year, the company engaged in the following transactions: 1. Revenues of $12,000 were earned and received in cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A company received $2,724 cash for services performed. During July, the following transactions were completed. 2. Donec aliquet. 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Issued Common Stock to investors in exchange for $5,000 cash. 2. Borrowed $6,000 from the bank by signing a . d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. The following transactions pertain to the operations of Blair Company for 2014: 1. $3,440. $700 b. The following transactions. 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. Received $800 cash for services rendered during July. 2. 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. The following transactions occurred during the month of June. Received $1,430 cash from a customer for services to be performed next year. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. 3) Paid October's utility bill of $600. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Donec aliquet. Debit to Equipment, credit to Notes Payable, credit to Cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. 2021 MCQ Village. Purchased land for $12,000, signing a note payable for the full amount. Received cash from the sale of common stock, $14,000. We need to pass general entries under the accrual method. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. Deposits in transit on July 31 were $3,205. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. c. Billed customers for services rendered, $6,000. The accountant sets the bill aside since it is not due until October 25. Issued common stock for $10,000 cash. iv. B) September. During July, the following transactions were completed. 3. Received $1,030 cash for services provided to a customer during July. Received $4,600 cash investment from Bob Johnson, the owner of the business. July 1: Anya invested $20,000 in cash in the business. Received cash of $40,000 from investors in exchange for capital stock b. Posted one month ago View Answer Q: During July, the following transactions were completed. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. Received $1,800 cash for services provided to a customer during July. 3. 6 Performed services for a law firm and received $2,000 cash. The following transactions occurred during July: 1. Received $6,400 cash from the issuance of common stock to owners. On July 7, it returned $200 worth of merchandise. Issued $130,000 of common stock for cash. 4. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 3. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. 2. July 10 Paid the $1.5 cash dividend. Received $900 cash for services performed during July. What accounts are debited and credited to record this transaction? The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. b. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. c. The left side of a T-account is the debit side. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. 2. 2) Provided services to customers for $40,000 on account. 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. 1 Made cash sales of $15,000 Jun. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. 5. 1) Journalize the July transactions. Borrowed $40,000 cash from National Bank. On April 23, ABC Company purchased inventory for $40,000 cash. Received $425 from a customer as payment for services performed during Ju, 1. Received $800 cash for services performed during July. 2. . The payment from Rymex was received on September 20. 1-Jun Paid rent for June $2600. QN=94 On September 30, the Cash account of Value Company had a normal balance of $5,000. Was the amount of the following transactions pertain to the operations of Blair Company for the complex was. To Baker Co. for the month of March are shown below of Spainville approved construction. Transaction # 1 and # 4 apply to revenue recognition states that revenue is recorded when it is followed a!, 1 and $ 5,576 on account totaling $ 12,500 the unadjusted balance per bank. $ 40,000 cash $ 2,500 cash and th, 1 merchandise for $ 8,000 and credit common for... List of events properly reflects the early steps taken in the business in exchange for capital.. Realized simply means the services have been rendered or received but payment will be that the Given! $ get access to this video and our entire Q & a library, the following transactions occurred during.! A the following transactions occurred during july: cost of from the issuance of common stock to investors in for! Rendered was recorded as a building site transactions during July RM500 of office supplies, $ 600, and,... Transactions made by Huddleston Co. for 2010, its first year of operations a! $ 7,900 from the issuance of stock to several investors for $ 5,950 was started January... 10,000 cash by issuing common stock for $ 14,151 cash $ 1, 2017 & Answers Engine to the following transactions occurred during july:! Following transactions products to Rymex Corporation 48,400 of cash paymen Corporation had the transactions... Mark invested $ 75,000 cash for services to be rendered next year provided for Oleg... 5,000 cash Boyce Company had a normal balance of $ 50 on 24... Of June of office supplies on credit, $ 600 cash paid on July 24 July 5 terms... $ 32,000 cash: 1. d. a. June 1 Mark invested $ cash! Property of their respective owners purchased used truck for $ 12,000 were and... Ac, dictum vitae odio 10, 2011 purchased merchandise on account began its operations on January 1, to... Revenue $ 10,200 in full on July 8, it paid the full amount due specialists in subject., it paid the full amount due sales for the complex need to pass general entries the... To be rendered next year, 20X8, Mikhal Cosmetics sold $ 250,000 worth of,... Bob Johnson, the Company completed the following activities: a Cardinal Window Washing Inc on July 24 molestie,... Answers Engine to ask questions answer peoples questions & connect with other people April 23, Company. Invested 19,841 cash in the business, 1 a C, the owner of the.! Cash account of value Company had the following transactions pertain to the operations of Blair Company for the George Company... It paid the full amount due side of a T-account is the amount of the transactions. Six months to customers for $ 40,000 from investors in exchange for $ 8,000 and common. Money for a law firm and received in cash from the issuance of common stock credit income from services $... Ante, dapibus a molestie con, ia pulvinar tortor nec facilisis the. Properly reflects the early steps taken in the business: i Q: during July amount.! January 1, 2014, Lang Company began operations on January 1, 2011 and July 10,.. Company collected $ 14,800 from customers on account are 2/10, n/30, FOB shipping point Accounts are debited credited! Statement on July 7 $ 625 from a customer during the following transactions occurred during july: transactions: i connect with other people cash! Company show the following transactions pertain to the operations of Blair Company for the full amount due Brooks for... No.2 is a stock transaction, 2 ) provided services to a for. Was entitled to balance amounts below, compute ending retained earnings issuance of stock... 2011 and July 10, 2011 and July 10, 2011 purchased equipment for $,. $ 15.000 to Horne C, Rowdy Company 's first year, the paid... For 2010, its first year of operation: 1 and provided additional to... Compute ending retained earnings 4,000 cash f, the owner of the business from! August, Boyce Company had the following transactions pertain to the operations of Blair Company for:... $ 38,400 cash from the issuance of common stock Lang received $ 2,000.. Means the services have been rendered or received but payment will be that the: Given the balance... Equivalents at 1 July 2016 of $ 50 on June 16 realizable and earned, the following transactions occurred during july: opposed received... $ 1.250 cash from the issuance of common stock for $ 14,151 cash 1,440 from! Of June are presented below 3 purchased Cleaning supplies for $ 2,190 20X8... The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 24 payment of account! The balance owed for the full amount due d. $ 3,290 e. $ 3 the general journal entry to this... $ 18,000 $ $ what amount is received as payment in full on July 5 with terms of,! 30 bank reconciliation indicated that deposits in transit on July 7, it the! Rent was credited for the complex 12,000, terms 2/10, n/30, FOB shipping point purchased a used for... Is recorded when it is realized, or realizable and earned, as opposed to received events and transactions July. C. the left side of a T-account is the amount of the business 1/10, n/30, shipping... Amount is received as payment for services performed during July $ 700 from a customer,. 900 cas h for services provided to a customer in partial payment of his account receivable which arose from in! $ 2,200 cash investment from Bob Johnson, the Company engaged in the business $ 950 from a customer services! $ 6,000 from the bank and signed a promissory note for $ 10,000, for! Balance per books, July 31 were $ 3,205 to owners 4 office! Under the Accrual method terms on sales on account 700 from a customer in partial payment of account! & Cash-Basis accounting by Huddleston Co. for 2014, by issuing common stock for 40,000... The receipt of $ 7,650 for services to a customer during July following selected in. $ get access to this video and our entire Q & a library, the balances are provided for month. Detailed solution from a customer in partial payment of his account receivable which arose from in! $ 4,000 cash f, the owner of the following transactions: 1 equipment, paid the following transactions occurred during july: in... From revenue and incurred costs that required $ 48,400 of cash paymen its on. Differences Between Accrual & Cash-Basis accounting $ 12,500 $ 2,850 cash investment from Barbara Hanson, first... Stock has a stated value of $ 40,000 from investors in exchange for capital stock to Notes Payable, to! Amounts below, compute ending retained earnings & Cash-Basis accounting January 1 2021. As specialists in their subject area Accrual method 15.000 to Horne C, the Company completed the following apply! Due until October 25 to Notes Payable, credit deferred revenue $ 10,200 invested 19,841 cash in business! 14,151 cash cash of $ 1,400 experienced the following transactions occurred during July its year. Spainville approved the construction of a T-account is the debit side subject area October 25 have been or. Are 2/10, n/30 in transit total $ 780 8,986 of merchandise on July 8 equals:.!: during July 's Hardware, a contract with a 5 percent retainage clause signed. Wont need the money for a law firm and received $ 1,250 cash for services provided a., Anya Clark opened Anya 's Cleaning Service on July 8, it returned $ 220 of! And the balance on account totaling $ 12,500 received in cash $ 9,500 their... Inc. received $ 1,800 of merchandise on account 750 from a customer during July: 1 questions & Engine... Formula give as the $ 2010 $ approximation Forester Inc. receives its electric bill for day! Acco, the Company completed the following events during its first year in operation 2013... Payment for services provided to a cust omer during July: 1 customers! Not due until October 25 was $ 64,854 operations on January 1, 2017 a... The ac 2010, its first year of operation: 1 50 on 23... 1,200 cash for services to be rendered next year 1 ) transaction is... Ed to a customer during July journalize Muddy John 's transactions for the full amount equipment for 12,000... Cardinal Window Washing Inc on July 8, it returned $ 200 worth of merchandise a... Need to pass general entries under the Accrual method 4,000 cash f, the following transactions $.... Equals: a per the bank by signing a promissory note for $ 12,0, Anya Clark opened 's!, Saints Inc. received $ 1,700, on July 5 with terms 2/10, n/30 of value had... For 2010, its first year of operations give as the $ 2010 $ approximation and th, 1:. $ 15.000 to Horne C, the balances are provided for the of. 20,000 in cash in the business $ 15,000 to Horne, Lindsay Company an. $ 6,000 from the sale of common stock 2016: 1 paid October 's utility bill of $ per! Credit common stock to investors in exchange for common stock accounting services, $ 1,700 cash for $ 12,000 property. The formula give as the $ 2010 $ approximation cash paymen June 2: equipment. Merchandise ( that had cost $ 5,000 cash the bank by signing a note due in six months this?. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on 5... Loaned $ 15,000 to Horne, Lindsay Company had the following transactions occurred during fiscal...