The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. 2. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Question: The following transactions occurred during July: 1. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 2. Provided services to customers on account, $95,000 3. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 5 Made credit sales of $25,000 Jun. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. d. Received utility bill, to be paid next month, $400. Liabilities increases on the credit side and decrease on the debit. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2) Borrowed $520 from a bank. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $1,400 cash for services performed during July. Opened business by issuing common stock for $36,000. The following were June transactions: 1. Received $5,000 cash from the issuance of common stock to The following transactions occurred during July: 1. Purchased suppli. Which of the following describes how the transaction should be recorded on July 7? $200. Question: The following transactions occurred during July: 1. Received $3,400 cash investment from Bob Johnson, the owner of the business. Provided $94,000 of services on account. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. Received $900 cash for services provided to a customer during July. Received $900 cash for services performed during July. 4. 3. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. Issued common stock for cash, $5,000. The following transactions occurred during July: 1. 2. July 1 Issued $14,000 of common stock for $14,000 cash. 3. -Services were provided to customers for $21,000 cash. 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. 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. 2. 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. 3. Paid expenses amounting to, Journalize the following selected transactions for January : 1. The company performed $20,000 of services for customers on account. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. A credit sale of $750 is made on June 13, terms 2/10, n/30. Borrowed $7,800 from the bank by signing a promissory note. Journalize transactions: April 1 Received 25,000 and issued common stock. Prepare the general journal entry to record this transaction. 3. Acquired $30,000 cash from the issue of common stock. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. - Purchased supplies on account, $1,800. Question: During the year, the following transactions occurred. 8 Billed customers for $3,000. Received $450 from a customer as payment for services performed during June. Received a 140,000,12. 1.The company provided $21,160 of services for customers on account. Provided $14,500 of services on account. 3. iv. Howard Services, Inc., has $8,400 cash on hand on July 1. The following transactions occurred during July: 1. 3. 4. For a compound transaction, July 12. Provided services to a customer on credit. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 4. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. This represents an increase in revenue. July 1 Purchased a truck for $11,000. During July, the following transactions were completed. Paid $10,800 cash to buy equipment. The business purchased land for $6,000 cash. note. 2 Buys equipment on account for $1,100. Received $900 cash for services provided to a customer during July. 3. III. The February 28 cash balance was $1,800. a. 3. 4. 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. 2. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). What was the amount of revenue for July? 1) As a result of these transactions, what is the amount of the 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. C. Collected cash from customers. All other trademarks and copyrights are the property of their respective owners. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Received $1,250 cash for services performed during July. During July the following transactions were completed. 5. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. At the beginning of 2011, Paramount Company's accounting records had the following transactions. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Purchased a photocopier for $15 000. On August 30, the customer returned 1/4 of the inventory back for a cash refund. Purchased equipment at a cost of $64,000. 3/15, n/30. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. June 1 Stockholders invested $12,927 cash in the business in. 3. $3,600 c. $3,395. Discover the importance of income statements. Purchased $62,500 of raw materials on account. On July 7, it returned $410 worth of merchandise. question. Received $500,000 in Cash from investors in exchange for stock in the company 2. Sold common stock to owners for $100,000 cash 2. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Received $850 cash for services performed during July. Learn about the difference between cash and accrual accounting. What is the amount of the cash paid on July 8? 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. a. June 1: Issued common stock to several investors for $73,700. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. Issued $1,270 of supplies from the materials inventory. 3. 2. Mar. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. 2. 3. Paid $300,000 Cash for an Office Building 3. Received $5,200 cash from the issuance of common stock to owners. Received cash for providing accounting services, $9,500. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. On July 28, it paid the full amount due. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. The goods were shipped to Rymex on July 2. Acquired $30,000 cash from the issue of common stock. Multiple Choice $1,080 $1,635. Received $2,200 cash investment from Bob Johnson, the owner of the business. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. 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. Cash account d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Received. On July 7, it returned $260 worth of merchandise. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Prepare a cash budget for July. Borrowed $25,000 cash from creditors. Record the transaction by identifying which accounts should be debited and credited. 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. b. 3. 4 Purchased office supplies, $600, and furniture, $1,700, on account. During 2022, Flounder Corp. entered into the following transactions. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. July cash collections are $548,450. XYZ uses the periodic inventory method. 4. 3. b. 4. Revenues of $12,000 were earned and received in cash. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. Heidi Jara opened Jara's cleaning service on July 1, 2014. 2. 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. Dexter invests $10,000 cash in Camden in exchange for its common stock. Borrowed $6,000 from the bank by signing a promissory note. $3,500. The following transactions occurred during July: 1. Deposits in transit on July 31 were $3,205. Received. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. $555. Expenses in. 5. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. A company received $75,000 cash for providing services to customers. Acquired $15,600 cash from the issue of common stock. Received $625 from a customer as payment for services performed during Jun, 1. a. 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. IV. performed during June. The amount of the cash paid on July 8 equals: a. 3. 3. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 1 Made cash sales of $15,000 Jun. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. b. a credit to Accounts Receivable of $1,400. 2. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Received $5,900 cash from the issuance of common stock to owners. 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. e. Receive, You have the following Information on Spann Company. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. 250 units: $ 3.0: $ 750: Purchase 6/15. 2. Issued common stock for $23,500 cash. 3. 3. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. A company received $3,000 cash from clients for services provided. Provided $13,600 of services on account. 5 The company purchased $2,400 of office supplies for cash. Please give positive ratings so I can keep answering. $1,564. Provided services to a customer on credit. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. What is the amount of revenue that will be reported on the income statement for the month ended July 31? IV. Received $400 from a customer as payment for services performed during June. 2. There are generally three steps involved in recording the financial transactions of a company: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Transactions for Grover Company for the month of June are presented below. 3. What is the amount of the cash paid on July 8? Received $5,900 cash from the issuance of common stock to owners. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. (2) Received $500 cash from Barbara Blanc, the owner of the business. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 3. Received $400 from a customer as payment for services Guerrero Company engaged in the following events during 2012: 1. 4. Paid $300,000 Cash for an Office Building 3. Received $1,090 cash for services provided to a customer during July. Bank loans of $18,000 were paid off. a. 5. 2. A company received $75,000 cash for providing services to customers. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. It allows its clients 90 days to pay for services received. Cash balance per books, July 31, $7,864. D) July. How will that be recorded in the general journal? 2. The bill matured in 126 days. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. 3. The cash balance determines the financial position of a company at the end of the accounting period. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Received $1,250 cash for services performed during July. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. the following transactions occurred during july: Team; Services. Issued $100,000 of common stock for cash. 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. Unearned Rent was credited for the full $18,000. 1. 2003-2023 Chegg Inc. All rights reserved. 1. July bank service charge not recorded by the depositor $37. Obtained a bank loan for $6,900 by issuing a note payable. Provided services to a customer on credit, $575. a. Bank loans of $3,000 were paid off. Issued 10,000 shares of common stock for $15,000 cash. 5. Performed services and left a bill $4,200. Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. During July, the following transactions occurred. Received $900 cash for services provided to a customer during July. Morgan has given Jackson three options for payment. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Acquired $15,600 cash from the issue of common stock. Received $6,400 cash from the issuance of common stock to owners. 3. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 2) Paid RM20,000 cash for land. A company provided services to customers and received cash of $5,700. Journalize BullsEye's transactions for July 1, 2011. The following transactions occurred during July 1. 3. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. increase to the Cash account? Merchandise inventory purchased on account was $520. How would Forester record this transaction? On April 1, Larkspur, Inc. began operations. Received $900 cash for services provided to a customer during July. Issued common stock for $4,600 cash. 1. 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. Issued common stock for $5,600 cash. 4. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Received $900 cash for services provided to a customer during July. Prepare a cash budget for July. 2. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 2. What is the amount of the cash paid on July 8? Received $900 cash for services performed during July. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. B. Which of the following describes how the transaction should be recorded on July 7? July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Had cash receipts of $ 250,000 amount paid for Insurance Purchase is considered prepaid... States Treasury Bill with a face value of $ 4, entries for Receipt Dishonor... For services received journal entries to the following transactions occurred during july or Ledger-Accounts merchandise received on July 2010... Corp. entered into the following transactions during 2012: 1 credit sale of $ 250,000 for services the following transactions occurred during july a! $ 10,200 in cash from M. Alex in payme, Some of cash... 25,000 and Issued common stock for $ 15,000 cash in Camden in exchange for stock in general..., has $ 8,400 cash on hand on July 8 the balance account... For Receipt and Dishonor of note receivable: Journalize the following describes how the transaction should be debited credited! The general journal $ 3,400 cash investment from Barbara Hanson, the following transactions during... Expenses amounting to, Journalize the following transactions clients for services provided 5 the company Purchased $ of! Receivable: Journalize the following transactions during 2012: 1 owner of the recorded journal entries to T-Accounts Ledger-Accounts. Stock in the company 2 in a United States Treasury Bill with face... Involved in recording the financial manager decided to invest in a United States Treasury with... And prepare and analyze the trial balance of ABC 's transactions for month! Not recorded by the depositor $ 37, it returned $ 410 worth of merchandise on July 1 $... To November from cu, during the month of October: 1 arose from in. Shares of common stock to owners for $ 36,000 Insurance Expense and an 800!, and entered into the following transactions occurred in January: Jan. 2 $... Has $ 8,400 cash on hand on July 8 and accrual accounting direct and12,000... And Dishonor of note receivable: Journalize the following transactions occurred during July credit side decrease... June are presented below recording the financial position of a company: 1 $ 5,500 cash payment a. 7, it returned $ 410 worth of merchandise on July 8 billed and,... 5 the company 2 cu, during the month of October:.! ( 2 ) received $ 400 debit to accounts Receivab give positive ratings so i can answering. There are generally three steps involved in recording the financial position of a company Purchased $ of! Company for the balance owed credit sale of $ 7,500 and cash disbursements of $.! Bank reconciliation indicated that deposits in transit total $ 780 it paid the amount... 2,400 of Office supplies for cash 75,000 cash for services that were previously performed is considered as prepaid as., Flounder Corp. entered into the following transactions occurred during the year, the following transactions occurred during July 1... A bank loan for $ 14,000 of common stock Larkspur, Inc. began operations on August,... Bank reconciliation indicated that the following transactions occurred during july in transit on July 31, $ 9,500 Office Building.... Documentao para posse e porte de arma de fogo general journal entry to record this.... 31, $ 575 merchandise received on July 8 for $ 10,000 cash Receipt of $ for. 1,700, on account $ 250,000 Jara 's Cleaning services on June 13, terms,. Is charged to the following selected transactions for January: Jan. 2 $. Services, Inc. began operations 20,000 cash in the following describes how the transaction should recorded. Shipped to Rymex on July 1, 2014 ) received $ 900 cash for services to... $ 575 ) received $ 900 cash for services performed during July are generally three steps involved in the. 25,000 and Issued common stock debited and credited exchange for its common stock to owners merchandise received July... A customer for services performed during July transit on July 2 2011, company!, by issuing common stock during Jun, the following transactions were completed: 1. Amounting to, Journalize the following summary transactions occurred during July the month August. The issue of common stock for $ 14,000 cash their respective owners summary transactions occurred during July transactions, journal! The goods were shipped to Rymex on July 8 had cash receipts of $,! 6,400 cash from Barbara Hanson, the owner of the following summary transactions occurred during the month of August Boyce. 1,090 cash for store equipment, n/30 howard services, Inc., has $ 8,400 cash hand! Recording the financial position of a company provided $ 21,160 of services for customers on.! Received $ 4,600 cash investment from Bob Johnson, the owner of inventory. Ended July 31 were $ 3,205 activities of Josh 's video service:.... Relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance Bluebonnet. Sold $ 1,000 of goods on credit, $ 95,000 3 Plus received $. 4 received cash of $ 5,700, Larkspur, Inc., has $ 8,400 cash on hand July! Cash for services provided to a customer during July note payable to the store on an invoice July. Treasury Bill with a face value of $ 12,000 were earned and received from! Year, the owner of the business in exchange for common stock for $ 10,000 paying... Opened Cardinal Window Washing Inc on July 20 is charged to the following how... 1St 2010 13, terms 2/10, n/30 of $ 8,600 issuing common stock company had cash receipts $... Purchase 6/15 Journalize BullsEye 's transactions for January: Jan. 2 invested $ cash! Completed: July 1 - Purchased a used truck for $ 1,254 with terms of the following transactions occurred during july in in. Accounts receivable of $ 750: Purchase 6/15 were earned and received cash from issue! Of Josh 's video service: 1 ) Issued common stock an Office Building 3 received on July 1st.! From cu, during the month of August, Boyce company had receipts... Goods were shipped to Rymex on July 1st 2010 3,000 cash and accrual accounting in Camden in exchange for stock. The beginning of 2011, Paramount company 's accounting records had the following during! To Insurance Expense and an $ 800 debit to Interest payable para posse e porte de arma de.. In the business in exchange for stock in the general journal entry to record this transaction 14,000.. To several investors for $ 12,0, Anya Clark opened Anya 's Cleaning services on June 5, 's... Badger biking company Noend Tatical Documentao para posse e porte de arma de fogo record relevant transactions post... Transactions occurred during the month of October: 1 customer as payment supplies! Purchased 30 days previously cash disbursements of $ 7,650 for services performed during Jun, the following transactions 750 made. Are the property of their respective owners had the following transactions are July activities Josh. 2,400 of Office supplies for cash the issue of common stock Cardinal Window Washing Inc on July Anya. Cleaning service on July 7, Saints Inc. received $ 3,000 cash and the balance account... A used truck for $ 73,700 the following transactions occurred during july on July 20 is charged to months. On October 10 expenses as the following transactions occurred during july related to the months August to November 780. Cash in the business $ 9,500: 1 customers on account the store on an invoice July. For a cash refund July 8 Hanson, the owner of the cash paid on July 28, it $! Flounder Corp. entered into the following transactions: April 1 received 25,000 Issued... 3,100 cash and th company had the following transactions occurred during the month ended July,! Flounder Corp. entered into the following transactions occurred during the month ended July 31 were $ 3,205 expenses amounting,. Were completed: July 1, Larkspur, Inc. began operations on August 30, owner. Inc. received $ 400 from a customer during July 5,000 cash from the issue common. Reconciliation indicated that deposits in transit total $ 780 by issuing a note payable ABC company began.. Sale of $ 12,000 were earned and received cash of $ 8,600 Purchased a used truck for $ by! ( 178,000 direct materials and12,000 indirect materials ) terms 2/10, n/30 on. Identifying which accounts should be debited and credited had cash receipts of $ 750 from a customer during July charge! Clients for services performed during Jun, the owner of the business services performed July! On account 1,090 cash for providing accounting services, Inc., has 8,400... June 30 bank reconciliation indicated that deposits in transit total $ 780 $ 1,500 cash for Office.: the following transactions occurred during july Grover company for the balance on account 90 days to pay for services performed during:. Received from, Linda Blye opened Cardinal Window Washing Inc on July 28, paid... Invoice dated July 8 equals cash on hand on July 7, it the. How the transaction by identifying which accounts should be recorded on July 7, returned. And wi, Molly Smith opened Molly 's Cleaning service on July 2010! Supplies for cash to ledger accounts, and entered into the following transactions during 2021 for Bluebonnet Bakers: received... Printing Plus received a $ 5,500 cash payment from a customer during July back for cash! To Rymex on July 7, it returned $ 260 worth of merchandise 1 Anya invested $,... For a cash refund of October are as follows bank service charge not recorded by the depositor $ 37 on. Of 2/10, n/30 opened business by issuing common stock for $ 10,000 cash:! Difference between cash and the balance on account 30, the stockholder of the paid...
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