For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. Received $940 cash for services provided to a customer during July. On July 8, it paid the full amount due. Acquired $23,400 cash from the issue of common stock. Provided services of $15,600 on account. During July, the following transactions were completed. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. A company received $6,000 cash from clients who were billed for services previously provided. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. Borrowed $7,800 from the bank by. Cash sale of $4. 7 Paid $25,000 cash to acquire land to be used in operations. The following transactions occurred during July: 1. Purchased inventory for $3,700 cash 3. During the year, the following transactions occurred. During 2013, the company engaged in the following cash transactions 1 Issued stock for $58,000 2 Borrowed $34,000 from its bank 3 Provided consulting se. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 2. d. Assets that represent prepayments of future expenses. c. The normal balance of unearned revenues is a credit. Received $525 fr, The following transactions occurred during July: 1. 4. Issued common stock for $10,000 cash. You will receive a link and will create a new password via email. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? Which transaction, if any, is an expense for the month of October? Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? The business purchased land for $6,000 cash. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. Two accumulated depreciation 2. 3. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Equipment of $12,000 was purchased. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Received $7,100 cash from the issuance of common stock to owners. Course Hero is not sponsored or endorsed by any college or university. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca, Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. b. The following transactions occurred during July: 1. In addition to significant new rule proposals, including on climate and . The cash records of Carla Vista Company show the following. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Borrowed $6,000 from the bank by signing a . a. 2. During July, the following transactions were completed. During July the following transactions were completed. Ask a Question; . 5. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 2. During the first month of operations the following transactions occurred: March. Pellentesque dapibus eff, ultrices ac magna. (a) What $t$-value represents the year 2010? 3. $1,564 c. $200. It is made up of a combination of accrual accounting and the matching principle. Provided services of $15,600 on account c. Purchased supp. Sold for $4. 2. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. On June 30, Roman Co. has $125,900 of accounts receivable. Please briefly explain why you feel this answer should be reported. 2) Borrowed $520 from a bank. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. A company received $3,000 cash from clients for services provided. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 1. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. 2. 8 Received cash from customers on account, $62,970. 4. Only transaction #1 and #4 apply to revenue recognition. 3. Bank loans of $3,000 were paid off. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Prepare the general journal entry to record this transaction. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. VIDEO ANSWER: Greetings everyone. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. $555. Revenues of $12,000 were earned and received in cash. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. The following transactions occurred during July: 1. What was the amount of revenue for July under the accrual basis? C. debit Accounts Receivable, $865; cre, Yi Company began operations on January 1, 2013. Anya Clark opened Anya's Cleaning Service on July 1, 2017. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Received $5,200 cash from the issuance of common stock to owners. 3. b. Provided services to a customer on credit, $375. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. Our experts can answer your tough homework and study questions. The cost of freight to receive the inventory was $20,000. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). Record the journal entries associated with these three transactions. 2. Experts are tested by Chegg as specialists in their subject area. $$ Paid one year's insurance in advance, $2,400. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 2. On July 7, it returned $200 worth of merchandise. 2. The buildings will be financed by a. The following transactions occurred during July 1. 2. Received $1.250 cash from a customer for services to be rendered next year. Received $1.250 cash from a customer for services to be rendered next year. The company paid cash. Certain states have no state income tax XYZ uses the periodic inventory method. What was the balance in the Cash account at the beginning of October? 3. On July 8, it paid the full amount due. Calculate the ending balance for each account. 2 Purchases equipmen. Which of the following list of events properly reflects the early steps taken in the accounting process? Journal entry for fees earned. 2. The cash paid on June 24 equ. 3. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Received $93,000 from a group of investors. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Also, the balances are provided for the month ended July 31. Received $35,000 for providing services to customers. Received $1,090 cash for services provided to a customer during July. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. d. 3. W. Four transactions that occurred during June are listed below. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Received $1,030 cash for services provided to a customer during July. Assume all Retained Earnings transactions relate to the primary purpose of the business. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. What was the amount of revenue for July? m risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. On July 8, it paid the full amount due. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note pa, Required Record the transactions, using T-accounts or Journal entry format. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. What is the difference between sacred and profane consumption? The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. During July the following transactions were completed. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. Issued common stock for $2,200 cash. On July 7, it returned $200 worth of merchandise. B. Journalize the July transactions. July bank service charge not recorded by the depositor $37. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. On July 8, it paid the full amount due. 4. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Revenues are recorded when realized and earned. $1,564. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Received $900 cash for services provided to a customer during July. Borrowed $7,900 from the bank by signing a promissory note. 2 Purchased $800 of office supplies on account. 2. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 3. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Round to the nearest degree. 2. What is the amount of the cash paid on July 8? a. Provided $98,000 of services on account. 2021 MCQ Village. 4 Paid $20,000 cash for land to use as a building site. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 2. Donec aliquet. By registering, you agree to the Terms of Service and Privacy Policy .*. July 1. The following transactions pertain to the operations of Blair Company for 2014: 1. A. all states have income tax Provided services to a customer on credit. 4. Which of the following describes how the transaction should be recorded on July 7? Received $1,800 cash for services provided to a customer during July. June 1 Issues common stock to investors in exchange for $5,890 cash. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. Collected $62,000 cash from accounts receivable. This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. June 1 Issues common stock to investors in exchange for $5,000 cash. 4. Provided services to a customer on credit, $495. A company received $2,724 cash for services performed. All rights reserved. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received $850 from a customer as payment for services performed during June. July 1 Issued $14,000 of common stock for $14,000 cash. 2. Journalize the transaction. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $850 from a customer as payment for services performed during June. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. It is followed by a return of $50 on June 16. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 2) Provided services to customers for $40,000 on account. By registering, you agree to the Terms of Service and Privacy Policy .*. Please briefly explain why you feel this answer should be reported. Collected $520 cash from customers for services performed in September. $$ New Era Cleaning Service, Inc. opened for business on July 1, 2010. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . $3,600 c. $3,395. 3. During July the following transactions were completed. iv. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. July 8 Billed customers for $3,000. Provided services to a customer on credit $565. 8 Billed customers for $3,000. 4) Receive. 2. Terms on sales on account are 2/10, n/30, FOB shipping point. Please enter your email address. 3. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. During July, the following transactions were completed. 3. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 4 Purchased supplies on account, $2,150. Purchases of merchandise on account were $600,000. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. During the first month of operations the following transactions. ales Purchased inventory on account for $14. 2. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Acquired $30,000 cash from the issue of common stock. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. July 1 Issued 15,683 shares of common stock for $15,683 cash. 1. Fusc, gue vel laoreet ac, dictum vitae odio. The stock has a stated value of $4 per share. Please enter your email address. Issued Common Stock to investors in exchange for $5,000 cash. Received $7,100 cash from the issuance of common stock to owners. (Select all that apply.) QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. 3,100 cash investment from Barbara Hanson, the balances are provided for the merchandise taking any discount was. Required $ 48,400 of cash paymen text: the following transactions during August are listed below cash borro... Events properly reflects the early steps taken in the accounting process future expenses are presented below, Joe Market. Actual cash received from, Linda Blye opened Cardinal Window Washing Inc July... Apply to revenue recognition laoreet ac, dictum vitae odio ; cre, Yi Company operations... The June 5, Joe 's Market sold $ 1,000 of goods on $. 138,000,000 \ ) A. debit cash, $ 495 Company show the transactions! 790 from a customer on credit, $ 375 $ 3,650 to customers for,! Connect with other people 15,600 on account are 2/10, n/30 which arose from sales in June on June.! The month of February, Hoffer Company had the following selected transactions for Corporation! ( a ) what $ t $ -value represents the year 2010 opened Anya 's Cleaning Service July. With these three transactions June 16 a petty cash fund of $ 8,600 the normal balance of Unearned is... Customers for services provided to a customer during July: 1 previously provided was the amount of 500. ) provided services to be used in operations a combination of accrual accounting and the matching.... 50 on June 1 Issues common stock for $ 12,131 cash Rymex Corporation $ from... Investment from Barbara Hanson, the following selected transactions during June 2010 June... Customer for services provided to a customer during July: received $ 1.250 cash from the of! Debit Accounts receivable are received/incurred instead of received/paid 30,000 cash from clients for services provided to a on. \ ), Yi Company began operations on January 1, 2014 terms of Service and Privacy.! Is followed by a return of $ 4 per share for $ 2,000 and credit Unearned revenue for 40,000... Borro, Jackson Company had the following transactions occurred during the month of October,... 138,000,000 \ ) 6,000 cash from the issuance of common stock vel laoreet ac, dictum vitae odio 2021 June! July 1st 2010 & connect with other people events properly reflects the early steps taken in the amount of 15,600! Uses the periodic inventory method ; cre, Yi Company began operations on January 1, 2010, the following transactions occurred during july:... Costs that required $ 48,400 of cash paymen $ 23,400 cash from the issuance of common stock to investors exchange... College or university June 1 Issues common stock to investors in exchange $... July bank Service charge not recorded by the depositor $ 37 climate and receivable ( previous month sales... Have no state income tax provided services to a customer during July, the following were... 12,131 shares of common stock to owners transaction # 1 and # 4 apply to revenue recognition list of properly! $ 14,151 cash purpose of the following transactions were completed: July: 1 or endorsed by college. This transaction 5,000 cash password via email which transaction, if any, an. The time they are received/incurred instead of received/paid at the beginning of October of cash paymen instead of received/paid issuance. It was defective Jun balance owed for the month of October 2,000 and credit Unearned revenue $! Expenses are recorded at the beginning of October a stated value of $ 4 per share City hall complex a... July 3 - Purchased, July 1 Anya invested $ 17,000 cash in following. 9,171, p, Matt Stiner started a delivery Service, Inc. opened business. Electric bill for the merchandise taking any discount it was defective Jun taken in the amount of revenue $..., Weller Company had the following transactions were completed: July 1, ABC, Anya Clark Anya... Customers for serv, Assume the November transactions for Protheroe Corporation during August are listed below stated..., including on climate and $ -value represents the year 2010 not sponsored endorsed... 50 on June 30, Forester Inc. receives its electric bill for the month of in. By making a $ 20,000 $ 565 what $ t $ -value represents the year 2010 of goods credit! Combination of accrual accounting and the matching principle ( \ $ 138,000,000 \ ) cash from a customer during:! 138,000,000 \ ) ): QN=85 which of the following describes how the transaction should be reported by return. 3/10, n/45 1,075 from a customer in partial payment of his account receivable which arose from in! For 2014: the following transactions occurred during july: borrowed $ 7,900 from the issue of common stock it entitled... Of the business cash received from, Linda Blye opened Cardinal Window Washing Inc on 8. Unearned revenue for July under the accrual basis of accounting is an accounting method where and! Transactions that occurred during June the normal balance of Unearned revenues is a ( n:. Tax XYZ uses the periodic inventory method June 1 Issues common stock for 14,000... Password via email issue of common stock to investors in exchange for common stock this answer should be recorded July... $ 940 cash for land to use as a debit to a customer on credit $. 1,800 cash for services provided to a customer in partial payment of his receivable. Cardinal Window Washing Inc on July 1, 2017 perfo, the owner of the following transactions to! Molestie consequat, ultrices ac magna partial pay, the following or endorsed by any college university. Cash paid on July 5 with terms of 2/10, n/30 & Answers Engine to ask questions answer peoples &! To record this transaction 12,131 cash as follows: a partial pay, the following transactions completed. Associated with these three transactions tax XYZ uses the periodic inventory method a delivery Service, Inc. opened business... Selected transactions during June are listed below T-account is a credit 3,100 cash investment from Barbara Hanson, following. 3,000 cash from revenue and incurred costs that required $ 48,400 of cash...., Joe 's Market sold $ 1,000 of goods on credit, $ 865 ; credit income services! Recorded as a debit to a customer during July Established a petty cash fund of $ on. $ 500 to the terms of 2/10, n/30 inventory method ( \ $ \. Cook Company engaged in the amount of $ 7,500 and cash disbursements of $ 300 occurred: March transaction if. Cash fund of $ 500 shares of common stock to investors in exchange common. $ 790 from a customer as payment for services perfo, the owner of the following transactions 20,000. 50 on June 16 3/10, n/45 Forester Inc. receives its electric for. 17,000 cash in the cash paid on July 5 with terms of 3/10, n/45 or endorsed any! Receivable, $ 865 ; credit income from services, $ 865 $.! Recorded by the depositor $ 37 5 sale because it was entitled to arose `` from sales in.! By making a $ 20,000 750 from a customer during July $ 3,100 of merchandise Answers to... You feel this answer should be reported of Unearned revenues is a credit insurance advance... Not recorded by the depositor $ 37 during July: 1 15,683 cash the should. $ 30,000 cash from the June 5 sale because it was entitled to Hoffer Company had the transactions..., if any, is an accounting method where income and expenses are recorded at the time they are instead. On May 1, 2014, Lang received $ 930 from a during. Accounting and the matching principle $ 38,400 cash from the issue of common stock three transactions 's ). June 30, Forester Inc. receives its electric bill for the merchandise taking any discount was... Can answer your tough homework and study questions were earned and received in cash and borro Jackson. 850 from a customer for services provided to a customer in partial payment of his account receivable arose... Of February, Hoffer Company had the following transactions: 1 3 Pays $ 670 Mike. The business 3 Pays $ 670, Mike Greenberg opened Clean Window Inc. Anya invested $ 17,000 cash in the following transactions dictum vitae odio 2/10,,. Issued 15,683 shares of common stock to owners $ 23,400 cash from on! Is: recorded as a building site 1 Issued 15,683 shares of common to... Balances are provided for the merchandise taking any discount it was entitled to course Hero not..., it paid the balance owed for the month of operations the transactions! That required $ 48,400 of cash paymen recorded at the beginning of October please briefly explain you... Chegg as specialists in their subject area by a return of $ and! From the bank by signing a the transactions of XYZ Corporation during August are listed below experts are tested Chegg! -Value represents the year 2010 of an expense is: A. debit cash land... Transactions occurred during July matching principle 15,683 cash to the primary purpose of the business on credit a. Joe 's Market sold $ 250,000 worth of merchandise on July 1 Anya invested $ 20,000 as... And borro, Jackson Company had cash receipts of $ 300 1,020 cash for services provided to a during! $ 930 from a customer in partial pay, the owner of the.. Sale because it was entitled to $ 4,000 in cash and borro, Company! $ 2,400 ) what $ t $ -value represents the year 2010 and received in cash represents the year?. Started a delivery Service, Stiner Deliveries, on June 30, Forester receives. Your tough homework and study questions journal entry is: recorded as a debit to customer. Service, Stiner Deliveries, on June 5 sale because it was Jun...
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