What accounts are debited and credited to record this transaction? $555. The following inventory transactions occurred during June. Received $800 cash for services rendered during July. Mark paid. Performed services and billed customer $2,200. Issued $120,000 of common stock for cash. b. During July, the following transactions were completed. 2003-2023 Chegg Inc. All rights reserved. Received $525 from a customer as payment for services performed during June. 1. 3. 6. Acquired $15,600 cash from the issue of common stock. It allows its clients 90 days to pay for services received. 4. Received cash of $40,000 from investors in exchange for capital stock b. Received $1,200 cash for services performed during July. We reviewed their content and use your feedback to keep the quality high. Assume 360 days in a year. 4. 3. The following transactions occurred during July: 1. 4. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. performed during June. 2. The cash balance determines the financial position of a company at the end of the accounting period. Question: Forest Components makes aircraft parts. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. What was the January 31 beginning cash balance? 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. There are generally three steps involved in recording the financial transactions of a company: 1. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Paid $1,000 cash for rent. The business purchased land for $6,000 cash. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Issued common stock for $5,600 cash. A summary of cash flows for July follows. 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. Purchased $16,820 of materials on account. 3. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Debit to Equipment, credit to Notes Payable, credit to Cash. Announced a 2-for- 1 stock split. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. A company received $3,000 cash from clients for services provided. Received $6,600 cash from the issuance of common stock to owners. 5. Journalize the transaction. How would Forester record this transaction? Apr. Paid monthly rent 3. 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. Howard Services, Inc., has $8,400 cash on hand on July 1. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. Paid cash owed to a supplier. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. The following transactions occurred during July: 1. Loaned $15,000 to Horne. 2. The following transactions occur from August 1 through December 31. Prepare the general journal entry for this transaction. What accounts are debited and credited to record this transaction? 2. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Experts are tested by Chegg as specialists in their subject area. Purchased a photocopier for $15 000. 5. The following transactions occurred during July: a. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Received $7,100 cash from the issuance of common stock to owners. Purchased equipment at a cost of $64,000. Issued 42,000 shares of common stock in exchange for $420,000 in cash. b. 3. Purchased $62,500 of raw materials on account. Issued $130,000 of common stock for cash. 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. $3,179 c. $3,191 d. $3,290 e. $3. 3. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. 4. 2. 3. 6. 3. 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. 6. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. 2. A company received $75,000 cash for providing services to customers. Services were provided to cust. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Issued common stock for $10,000 cash. On July 8, it paid the full amount due. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 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; iv. 3. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Paid dividends. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Provided services to a customer on credit, $525. Issued 10,000 shares of common stock for $15,000 cash. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. Morgan has given Jackson three options for payment. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. cash for services perfor. b. a credit to Accounts Receivable of $1,400. Received $1,440 cash from a customer for services to be rendered next year. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. (Table). Received $1,250 cash for services performed during July. 1. 4. 5. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Received $1,400 cash for services performed during July. During July, the company completed the following transactions. The payment from Rymex was received on September 20. 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. Deposits in transit, July 31, $1,790. 2. 3. 5. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Issued $100,000 of common stock for cash. 1) Collected $395 cash from customers for services provided in May. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 3. 250 units: $ 3.0: $ 750: Purchase 6/15. 2. Received $68,000 cash for providing services to customers. 3. 2. The following transactions occurred during the month of June. Purchased plant and equipment for $127.9 in cash. Provided $98,000 of services on account. On July 7, it returned $410 worth of merchandise. 2. Provided services for $4,600 cash. July 1 Issued $14,000 of common stock for $14,000 cash. 2. 5. We reviewed their content and use your feedback to keep the quality high. 1. Acquired $30,000 cash from the issue of common stock. Prior to the split, the market price per share was $40. 5. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. This, Record the transaction effects using a journal entry format. The following transactions occurred in July. 1. 2. 3. Borrowed. 8 Received cash from cu, Using the following transactions: a. 3. 5. 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. Received $400 from a customer as payment for services Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 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. During the month of July, the company had the following activities: a. Received $900 cash for services provided to a customer during July. Purchased plant and equipment for $127.9 in cash. 3. 3 Purchased cleaning supplies for $900 on the ac. Journal entry for fees earned. 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. 3. Credit terms were 2/10, and n/30. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Provided $1,200 of services on account. 2. Provided services to a customer on credit, $375. 6. On July 7, it returned $260 worth of merchandise. During the first month of operations, the following transactions occurred: 1. 4. . Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. copyright 2003-2023 Homework.Study.com. A company acquired $17,500 by issuing common stock. somers, ct real estate transactions. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 2. 1. 3. A company has total liabilities of $550 million and total equity of $300 million. UNITS: COST: VALUE: Beginning inventory. Provided services on account. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. During July, the company completed the following transactions. Merchandise inventory purchased on account was $520. Provided services for $4,600 cash. Also, the balances are provided for the month ended July 31. 3. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 1. Prepare the general journal entry to record this transaction. $3,500. 6. Journalize the July transactions. June 1 Issues common stock to investors in exchange for $5,000 cash. What amount is received as payment in full on July 24? 4. 3. Received $700 fr, 1. Borrowed $2,500 from the. 4. 5. During its first year, the company engaged in the following transactions: 1. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. b. Purchased equipment at a cost of $62,000. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 1-Jun Paid rent for June $2600. Received $850 cash for services performed during July. 2. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. All rights reserved. Hired a legal assistant to work part-time for $1,500 per month. 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. 4. 3. 3. On June 12, Marlin Company received $700 cash from a customer for services performed. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Provided services on account, $17,000. July 1 Purchased a truck for $11,000. 2. Provided $14,500 of services on account. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Performed services and left a bill $4,200. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. 6. 2. 1 Paid the dividend declared in February. 3. Provided services to a customer on credit, $375. Paid $1,800 for July rent on office space. Received $5,900 cash from the issuance of common stock to owners. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. -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 $3,500 to customers for services performed on account 3. 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. Services were provided to cust. the following transactions occurred during july: Team; Services. Multiple Choice $1,080 $1,635. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Josh billed a customer for $811 for a video made on the last day of July. 3. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. July 17 Purchased supplies costing $4,700 on account. 2. DeVito had paid $8,100 for the merchandise. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Provided $13,600 of services on account. The following transactions occurred during July: 1. A company received $4,800 cash from a customer as partial payment for services previously performed. 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. 2. 3. a. Debit cash $10,200, credit deferred revenue $10,200. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 1 Issued 15,683 shares of common stock for $15,683 cash. The following transactions occurred during July: July 1 Issued 12,000 shares of common stock for $12,000 cash. The following transactions apply to Brooks Co. for 2014, its first year of operations. Began operations by issuing common stock to investors for $40,000 cash 2. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Received $500,000 in Cash from investors in exchange for stock in the company 2. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. The company debited insurance expense for the entire amount. June 2: Buys equipment on account for $2,190. Received $1,400 cash for services performed during July. FOB shipping point. July 1 Issued 11,000 shares of common stock for $11,000 cash. Total sales were $900, of which 80% were on credit. Transaction #3 would include a debit to Accounts Receivable. $3,392 b. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. $410 b. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. 3. 4. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Here, expenses relating to July are deducted from net income. On July 7, it returned $200 worth of merchandise. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. The following summary transactions occurred during 2018 for Bluebonnet Bakers: Cash Received from: Customers Interest on note receivable Principal on note receivable Sale of investments Proceeds from note payable $540,000 11,000 50,000 39,000 200,000 Cash Paid fors Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of . A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Discover the importance of income statements. 2. On July 8, it paid the full amount due. Received $15,000 cash for services provided. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. What accounts are debited and credited to record this transaction? Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. 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. On July 7, it returned $200 worth of merchandise. Received $68,000 cash for providing services to customers. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. IV. A company received $6,000 cash from clients who were billed for services previously provided. Depreciation on equipment totaled $15,000 for the year. Horton Manufacturing had $250,000 in surplus cash. 2. Prepare the general journal entry to record this transaction. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. The following transactions occurred during July: 1. 2. D. Borrowed money to support operating activities. Prepare a cash budget for July. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Acquired $29,000 cash from the issue of common stock. Performed services and collected immediately. Issued common stock for $4,600 cash. 1. 1. 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. 5. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 2 Purchases equipmen. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Paid $300,000 Cash for an Office Building 3. Assume 360 days in a year. Received $5,000 cash from the issuance of common stock to The following transactions occurred during July: 1. Received $1,250 cash for services performed during July. The goods cost C & C Furniture Warehouse $4,100. Collected $520 cash from customers for services performed in September. 2. $555. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 3. 2.Purchased supplies on account, $1, 960. Received $900 cash for services provided to a customer during July. The company owns and operates a wholesale warehouse 1. 400 units: $ 3.5: $ 1,400 . Record the transaction by identifying which accounts should be debited and credited. July 1 Issued 11,000 shares of common stock for $11,000 cash. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. 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. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Prepare the general journal entry to record this transaction. The following transactions occurred during July: 1. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 2. 2. Prepare the general journal entry to record this transaction. The bank service fee was $35. Levitt Company received $2,150 cash from a client for services provided. Issued 6,000 shares of common stock for $600,000 cash. 4 Purchased supplies on account, $2,150. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. Provided services for $5,500 cash. Cash account Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5. Prepare the general journal entry to record this transaction. Purchase of the goods on July 8, 2011. b. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Received $800 cash for services performed during July. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. c. Billed customers for services rendered, $6,000. 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. e. Receive, You have the following Information on Spann Company. 2. 2. B. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Opened business by issuing common stock for $36,000. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. What was the amount of revenue for July. The following were June transactions: 1. 3. Received $35,000 for providing services to customers. July 9 Sold $20,000 of accounts receivable to Main Bank. 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. 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. 2. Apr. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. 4. Issued $100,000 of common stock for cash. 3. Received $5,000 from issuance of stock to investors. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Received $900 cash for services provided to a customer during July. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. 3. Billed customers for services performed. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. 2. QN= 97 The following transactions occurred during July: 1. Requisitioned materials for Cutting $15,700 and Assembly $8,900 $1,000,000 in cash now. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. Billed customers $600 fo. Received $6,600 cash from the issuance of common stock to owners. C. $1,568. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Received $450 from a customer as payment for services performed during June. 2. Sold common stock to owners for $100,000 cash 2. Borrowed $2,700 from the bank and signed a promissory note. 4. a. 4. 3. On July 8, it paid the full amount due. 2. Received $3,400 cash investment from Bob Johnson, the owner of the business. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. Received $5,350 cash from the issuance of common stock to owners. 2. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Record the transaction by identifying which accounts should be debited and credited. Billed $3,500 to customers for services performed on account in July. Consider transactions t1 and t2 where t1 happened first in the serial order. Bank loans of $3,000 were paid off. Received $1,375 from a customer for services to be performed during August. During the year, the following transactions occurred. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. During July, the following transactions were completed. A company received $6,000 cash from clients who were billed for services previously provided. What was the amount of revenue for July? b. Received $2,200 cash investment from Barbara Hanson, the owner of the business. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. How will that be recorded in the general journal? The following transactions occurred during July: 1. 3. Received $1,800 cash for services provided to a customer during July. Received $900 cash for services provided to a customer during July. 2. 3. Received $93,000 from a group of investors. 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. IV. 3. 2. 4. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Use the information above to answer the following question. Provided services to a . Record the journal entries associated with these three transactions. e. Signed a promissory note for a $6,000 bank loan. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June.