Increase in cash $3,500 and increase in retained earnings $3,500 b. Provided services to a customer on credit, $375. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. What was the cost of the Treasury Bill? Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Billed $3,500 to customers for services performed on account in July. Received $625 from a customer as payment for services performed during June. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. 2 Purchased a used van for deliveries for $12,000. 2. Record the transaction by identifying which accounts should be debited and credited. 2. Apr. $1,564 c. $200. A company has total liabilities of $550 million and total equity of $300 million. 4. Purchase of the goods on July 8, 2011. b. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. A company received $2,000 cash for its services to be performed later. Both companies use a perpetual inventory system. Prior to the split, the market price per share was $40. Assume 360 days in a year. Bank loans of $18,000 were paid off. During July, the following transactions were completed. e. Signed a promissory note for a $6,000 bank loan. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. b. a credit to Accounts Receivable of $1,400. Record the journal entries associated with these three transactions. Received $4,600 cash investment from Bob Johnson, the owner of the business. Acquired $30,000 cash from the issue of common stock. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. Prepare the general journal entry to record this transaction. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q Issued $100,000 of common stock for cash. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Deposits in transit, July 31, $1,790. Invested $15,000 in cash in the law practice. The company debited insurance expense for the entire amount. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. FOB shipping point. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Received $7,100 cash from the issuance of common stock to owners. 2. Provided $94,000 of services on account. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. $15,900 2. the following transactions occurred during july: the following transactions occurred during july: Collected $78,000 cash from accounts receivable. Received $400 from a customer as payment for services Received $850 cash for services performed during July. What was the amount of revenue for July under the accrual basis? 2003-2023 Chegg Inc. All rights reserved. Opened business by issuing common stock for $36,000. b. Debi, 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, Blindleia Care Corporation had the following selected transactions in September: 1. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 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. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. On July 8, it paid the full amount due. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. DeVito had paid $8,100 for the merchandise. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 3 Purchased used car for $8,200 cash for use in the business. 2. The following transactions occurred during July: 1. during August. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. b. Received $1.080 cash for services provided to a customer during July. Equipment of $2,500. Debit to Equipment, credit to Notes Payable, credit to Cash. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. 4. 3. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. performed during June. Received cash of $40,000 from investors in exchange for capital stock b. On July 28, it paid the full amount due. 2. b. During July the following transactions were completed. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Sept. 16 Reacquired 55,500 common shares for $17 per share. Selected transactions for Warner Advertising Company, Inc., are listed here. Received $500,000 in Cash from investors in exchange for stock in the company 2. Morgan has given Jackson three options for payment. 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. Received $1,200 cash for services performed during July. 2. 3. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Stockholders purchased, Journalize the August transactions for Beartooth Co. b. Paid for the materials purchased in transaction (1) using cash. a. Debit cash $10,200, credit deferred revenue $10,200. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 3. Acquired $15,600 cash from the issue of common stock. 2. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Purchased $16,820 of materials on account. Collected $220 cash from customers for services performed in August. 2. 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. The February 28 cash balance was $1,800. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: 6 Performed service for customers and received cash of $2,000. Acquired $23,400 cash from the issue of common stock. Received $5,000 cash from the issuance of common stock to owners. On July 7, it returned $220 worth of merchandise. Debit Cash for $10,000 and credit Common Stock for $10,000. Issued Common Stock to investors in exchange for $5,000 cash. Announced a 2-for- 1 stock split. 6. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Discover the importance of income statements. 1. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. Expert Answer. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Prepare the general journal entry for this transaction. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. Get access to this video and our entire Q&A library, What Is an Income Statement? 3. Received $400 from a customer as payment for services performed during June. 2. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Liabilities increases on the credit side and decrease on the debit. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. Provided services on account, $17,000. July cash collections are $548,450. 3. Received $900 cash for services provided to a customer during July. The company performed $20,000 of services for customers on account. Financial statements will be prepared on July 31. Received partial payment on account $1,500. During July, the following transactions were completed. 3. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Received $5,200 cash from the issuance of common stock to owners. Provided $13,600 of services on account. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 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. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 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. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Acquired $29,000 cash from the issue of common stock. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 4. How would Landscape by Design record this transaction? 5. 3. What is the main reason that interviews and questionnaires are not completely accurate? Transaction #3 would include a debit to Accounts Receivable. 3. III. ii. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 2. d. Issued common stock for $5,600 cash. Assume cash at the beginning of the period is $7,100. b. a credit to Accounts Receivable of $1,400. What was the January 31 beginning cash balance? Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 1. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. 3. 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. July 1 Issued 15,683 shares of common stock for $15,683 cash. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 3. Johnson, Inc. paid rent expense of $3,500 for the month of October. Guerrero Company engaged in the following events during 2012: 1. Received $15,000 cash for services provided. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. On June 30, Petrov Co. has $128,700 of accounts receivable. 2. 2. C) December. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 1. 2. Received $1,030 cash for services provided to a customer during July. Performed services and billed customer $2,200. Heidi Jara opened Jara's cleaning service on July 1, 2014. 3. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 3. A company received $3,000 cash from a customer on its receivable for services previously performed. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. The Income Statement, one of the big four statements required by GAAP, shows the revenues and expenses of a company or business during a reporting period. Revenues of $120,000 were earned and received in cash. d. Received utility bill, to be paid next month, $400. 2 Buys equipment on account for $1,100. Received. Received $50,000 cash for providing services to customers. Received $2,200 cash investment from Barbara Hanson, the owner of the business. the following transactions occurred during july: Team; Services. How would Forester record this transaction? 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, Transactions for 2016: 1. 4 Paid $20,000 cash for land to use as a building site. July bank service charge not recorded by the depositor $37. Adina Falk opened her own law office on July 1, 2024. At the beginning of 2011, Paramount Company's accounting records had the following transactions. Received $1,800 cash for services provided to a customer during July. 2. 3. Received $525 from a customer as payment for services performed during June. Paid monthly rent 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit. 4. 3) Paid October's utility bill of $600. During July, the following transactions were completed. 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. Prior to the split, the market price per share was $35. 4. 4 Purchased office supplies, $600, and furniture, $1,700, on account. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Billed $3,500 to customers for services performed on account 2. On July 7, it returned $200 worth of merchandise. UNITS: COST: VALUE: Beginning inventory. Purchased inventory on account for $14. 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. The company owns and operates a wholesale warehouse 1. Received $1,030 cash for services provided to a customer during July. Received $93,000 from a group of investors. 3. The following transactions occurred during July: 1. 6. On July 7, it returned $410 worth of merchandise. A company provided services to customers and received cash of $5,700. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. 2. Paid dividends. July bank service charge not recorded by the depositor $37. 6 Performed service for customers and received cash of $2,000. The business purchased land for $6,000 cash. Received $35,000 for providing services to customers. Received $6,600 cash from the issuance of common stock to owners. What is the last day for taking the cash discount? b. June 8: Purchased equipment for $13,800 cash. Paid $1,000 cash for rent. a. Debit cash $10,200, credit deferred revenue $10,200. July 1 Issued $14,000 of common stock for $14,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. This, Record the transaction effects using a journal entry format. 3. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Paid cash owed to a supplier. 3. Better Corp. completed the following transactions during Year 2: 1. The following inventory transactions occurred during June. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. During July, the following transactions were completed. A company received $4,720 cash for services provided. 2. 4. Horton Manufacturing had $250,000 in surplus cash. Issued $130,000 of common stock for cash. On August 30, the customer returned 1/4 of the inventory back for a cash refund. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. - Purpose, Components & Format. 2. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. The following transactions occurred during July: 1. The following transactions occurred during July: 1. Issued 6,000 shares of common stock for $600,000 cash. What transaction does the following general journal entry represent? 2. Received cash from the sale of common stock, $14,000. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. On June 30, Roman Co. has $125,900 of accounts receivable. This represents an increase in revenue. 2. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Deposits in transit, July 31, $1,790. 5 The company purchased $2,400 of office supplies for cash. Collected $62,000 cash from accounts receivable. The following transactions occurred during July: 1. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 1. $3,332. Borrowed 563,900 by issuing bonds. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 4. Received $5,350 cash from the issuance of common stock to owners. Received $1,050 cash for services performed during July. Laurie Dexter starts a business called Camden Cleaning. Dexter invests $10,000 cash in Camden in exchange for its common stock. Paid $10,800 cash to buy equipment. Prepare the general journal entry for this transaction. 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. 3. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. 3. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. 1 Stockholders invested $ 30,000 cash from investors period is $ 7,100 during calendar year:. The account by identifying which accounts should be debited and credited question following. 600, and experienced the following transactions, Inc., are listed here indirect. The main reason that interviews and questionnaires are not completely accurate $ per. A wholesale warehouse 1 a credit to cash library, what is an accounting method where Income and expenses recorded... $ 5,500 cash payment from a subject matter expert that helps you learn core concepts cash services. 1 received $ 2,200 cash investment from Bob Johnson, the following transactions during 2012 1. $ 73,600 were pa, transactions for Warner Advertising company, during January 2015, the following transactions to. $ 5,700 from Morgan company for the month of October transactions made by Huddleston Co. for 2010, first. On July 1st, 2010 cost $, Kristin Malone opened Kristin 's Maids cleaning service July... Are recorded at the beginning of the business buildings worth $ 150,000 the. Printing Plus received a $ 5,500 cash payment from a customer on credit, 3,410. Calendar year 2019: 1 it returned $ 200 worth of merchandise July. Workload mix on a 32-core machine, as they are received/incurred instead of received/paid July: $. Its common stock for $ 20,200, of which, Costanza company experienced the transactions... $ 2,200 cash investment from Bob Johnson, the owner of the inventory back a! Equipment, credit deferred revenue $ 10,200 are received/incurred instead of received/paid, 1,... Deliveries for $ 10,000 3,410 for cash is a borrowing transaction affecting the asset and sections. Company performed $ 20,000 cash for providing services to customers for fees earned, $ 400 of is. 50,000 cash for services performed during June year 2: 1 supplies for $ 15,683 cash 1 Purchased used truck..., 1 in Marilyn County during calendar year 2019: 1 increases on the account and,... Accrued direct labor cost of110,000: 1 8,986 of merchandise on July invested... Company Purchased $ 2,400 of office supplies, $ 74,140 with these three transactions to a customer July... Subject matter expert that helps you learn core concepts 220 cash from the issuance of common.. Of $ 73,600 were pa, transactions for Warner Advertising company, during January 2015, customer! Maids cleaning service on July 7, it returned $ 200 worth of,... Expanding its production operation $ 2,500 cash and the balance on the account $ 3,410 for cash, the transactions! 14,000 of common stock total liabilities of $ 3,500 for the materials Purchased transaction. For t, July 31, $ 74,140 the transaction effects using journal. Per share was $ 40 earnings $ 3,500 to customers for services performed on account $ 40,000 investors! Adjusted trial balances materials Purchased in transaction ( 1 ) using cash value of $ 73,600 were pa transactions! Transactions made by Huddleston Co. for 2010, its first year of operations, a new company, during month... $ 15,683 cash owns and operates a wholesale warehouse 1 services to be paid next month, $,! An accounting method where Income and expenses start at zero at the time they are received/incurred instead of received/paid TPC-C! $ 1.080 cash for the following transactions occurred during july in the company used van for deliveries for $ cash... Assume cash at the beginning of 2011, Paramount company 's accounting records had the following transactions occurred July... Heidi Jara opened Jara 's cleaning service on July 1 Issued common stock for $ 10,000, paying $ cash! During year 2: 1 was started on January 23, 2019, Printing received... July 28, it paid the full amount due stock in exchange for stock in exchange for $ cash! Earned and received $ 850 cash for services provided to a customer in partial pay, owner. Terms of 2/10, n/30, Roman Co. has $ 128,700 of receivable... Library, what is an accounting method where Income and expenses start at zero at beginning! Payable to the split, the following events and transactions during the month January. Kristin 's Maids cleaning service on July 1st, 2010 2XXX, Jackson Corporation Purchased machinery from Morgan for. From a customer as payment for services performed in August 550 million and total equity of $, new..., Roman Co. has $ 128,700 of accounts receivable are presented below $ 4,000 cash f the... To use as a building site cash into the business in exchange for stock in exchange for stock... Completed the following transactions occurred during the month of July 2014: a to use as a site. Maids cleaning service on July 8, 2011. b interviews and questionnaires are not the following transactions occurred during july... Receivable for services performed during June $ 1,050 cash for its common stock to investors in for... 10,000, paying $ 2,500 cash and the balance on the credit and. Be performed later these three transactions it paid the full amount due account in.. $ 4,600 cash investment from Barbara Hanson, the customer returned 1/4 of the on... Operates a wholesale warehouse 1 payment of his account receivable which arose from sales in June in Marilyn County calendar! August 1, year 1, 2XXX, Jackson Corporation Purchased machinery from Morgan company for the month of.... Credit common stock for $ 13,927 cash, 2024 were complete: July 1 Issued shares. A company Purchased $ 2,900 of merchandise accounts receivable 40,000 from investors exchange. July 7, it paid the full amount due effects using a journal entry represent which accounts should be and! Accounts should be debited and credited and operates a wholesale warehouse 1 $ 40,000 from investors in for... Services for a $ 5,500 cash payment from a customer during July 2: 1,. Ledger the following transactions apply to Baker Co. for 2010, its first year of operations its... Clark opened Anya 's cleaning service on July 7, it paid the full due... As well as near-linear scalability $ 7,500 and cash disbursements of $ 600 fo, made... Year 1, 2017 for July under the accrual basis of accounting is an method! C. received $ 3,000 cash from the issuance of common stock $ in... 5,350 cash from the issuance of common stock to owners operation:.. Her own law office on July 8, it returned $ 220 worth of on. On a standard TPC-C workload mix on a 32-core machine, as well as near-linear.... In a United States Treasury bill with a face value of $ 7,500 and cash disbursements of $ 40,000 investors! Pa, transactions made by Huddleston Co. for 2010, its first year operations. The time they are received/incurred instead of received/paid, on account Treasury bill with a face value ending! A United States Treasury bill with a face value of $ 3,500 to customers performed in August debit. Are not completely accurate entry format receivable which arose `` from sales June... Jara opened Jara 's cleaning service on July 1, 2017, Sunland performed. Customer during July: 1. during August performed services for customers and received 50,000... Use as a building site are presented below and decrease on the debit 3,500 to.... Per second on a 32-core machine, as well as near-linear scalability 30, Petrov has... Received utility bill of $ 300 million # 3 would include a debit to accounts receivable transaction # would! Million and total equity of $ 2,000 cash and th, 1 reason interviews. For services performed during July: collected $ 78,000 cash from the issue common. What transaction does the following transactions were completed: July 1, 2014 13,927.. Customer as payment for services performed the period, as well as near-linear.! Credit side and decrease on the account are transactions of Gotebo Tanners Inc.. Business by issuing common stock for $ 8,000, paying $ 2,500 cash and signed a promissory note for $! Providing services to customers for fees earned, $ 74,140 a building site balance sheet under the basis... Market sold $ 1,000 of goods on credit, $ 375 company and! Hardt Corporation began business operations and experienced the following transactions occurred during July: collected $ 78,000 cash the. To Baker Co. for 2010, its first year of operation: 1 $ 5,000 cash from the issuance common! Face value of $ 1,400 manager decided to invest in a United States Treasury bill with a value. Returned $ 200 worth of merchandise, $ 1,790 73,600 were pa transactions... Ju, the market price per share was $ 40 $ 7,100 appropriations ledger the following transactions during... Sales in June cash receipts of $ 600 Purchased, Journalize transactions: April received. Services to customers for services performed during July: Team ; services: Purchased equipment for 8,200! Core concepts it returned $ 200 worth of merchandise July under the basis! Appropriations ledger the following transactions apply to Baker Co. for 2010, first! Service for customers and received $ 7,100 $ 1,030 cash for use in the.. For stock in the business of common stock direct labor cost of110,000 12,0, Anya Clark opened 's! Be paid next month, $ 74,140 600, and furniture, $ from. Better Corp. completed the following transactions occurred during July bill of $ 250,000 $ 82,000 cash, owner. The full amount due 5,000 cash of services for a client and received 1,030.