July bank service charge not recorded by the depositor $37. Paid $1,800 for July rent on office space. $15,900 2 Purchased $800 of office supplies on account. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. What was the amount of revenue for July. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Transactions made by Huddleston Co. for the month of March are shown below. Received $6,600 cash from the issuance of common stock to owners. Journalize this transaction. Transactions for Grover Company for the month of June are presented below. Received. During July, the following transactions were completed. During 2022, Flounder Corp. entered into the following transactions. Began operations by issuing common stock to investors for $40,000 cash 2. 3) Paid October's utility bill of $600. What is the necessary entry to record this transaction? The following transactions occurred during July: 1. The company paid cash. 3. The following transactions occurred during July: 1. C. Received $1,000 cash from a customer for services to be performed over. (add revenue with beginning retained earning then subtract "expenses"). July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. II. July cash collections are $548,440. 6. During the month of July, the company had the following activities: a. 2. 3. 4. 2. 1. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. What accounts are debited and credited to record this transaction? 2. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. The following were June transactions: 1. 1 Made cash sales of $15,000 Jun. Total cash payments for July are $570,030. 1. The business purchased land for $6,000 cash. 2. Performed services on an account $6,000. 4. Paid $300,000 Cash for an Office Building 3. (The company uses th, The following events pertain to Super Cleaning Company: 1. 2. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. 2. Purchased suppli. Received $1,400 cash for services performed during July. The company performed $20,000 of services for customers on account. 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. 3. Purchased inventory on account for $180,000. Provide services to customers on account for $46,000. 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. 2. -Services were provided. b. a credit to Accounts Receivable of $1,400. Received $1,800 cash for services provided to a customer during July. Received. 2. 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. As a result of these transactions, what is the amount of the increase to the Cash account? 4. Prepare the general journal entry to record this transaction. Eduardo Inc. was organized on July 1, 2009. What accounts are debited and credited to record this transaction? 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Executive Summary and Introduction, which should discuss the overall concept of operations (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Paid $10,800 cash to buy equipment. 3. Double-entry Accounting Services begin operations on July 1. 2. On June 30, Roman Co. has $125,900 of accounts receivable. 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. 4. 5. 2. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. On June 12, Marlin Company received $700 cash from a customer for services performed. Depreciation recorded on factory equipment, 40,000. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. 4. 3. 3. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. Received $1,200 cash for services performed during July. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 4. b. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Use the following information to prepare the July cash budget for Acco Co. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. The following transactions occurred during July: 1. 5. - Purchased supplies on account, $1,800. As a 4) Receive. III. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. 2. The following transactions occurred during July: received $900 cash for services provided to a customer during July. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Services were provided to cust. cash for services perfor. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. What journal entry is used to record this transaction? On July 7, it returned $220 worth of merchandise. Borrowed. 5. 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 following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Received $93,000 from a group of investors. 1 Announced a 2 for-1 stock split. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. July 1: Anya invested $20,000 in cash in the business. July 1 Issued 11,000 shares of common stock for $11,000 cash. Received $5,900 cash from the issuance of common stock to owners. Jefferson Corporation was started on January 1, 2014. Issued common stock for $6,000 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. c. $3,528. Transaction #3 would include a debit to Accounts Receivable. A company provided services to customers and received cash of $5,700. Purchased equipment for $16,000 cash on July 1, 2017. Provided services for $5,500 cash. Performed services and collected immediately. The company performed $20,000 of services for customers on account. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. The following transactions were completed during the month. increase to the Cash account? Obtained a bank loan for $6,900 by issuing a note payable. 2. 3. Received $1.080 cash for services provided to a customer during July. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Prepare the general journal entry for this transaction. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. 2. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 2. Received a 140,000,12. Borrowed $7,900 from the bank by signing a promissory note. Question: During the year, the following transactions occurred. 2. Received $1,800 cash for services provided to a customer during July. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. 1. A relatively high ratio is always desirable. Acquired $15,600 cash from the issue of common stock. Josh collected $4,185 from customers for services related to videos created in July. 2. The revenue should be recognized in: A) August. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $900 cash for services provided to a customer during July. 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. 4. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. iv. The following transactions occurred during the company's first month. July 1 Jara invested 19,841 cash in the business. Issued $130,000 of common stock for cash. Prepare the general journal entry to record this transaction. 5. 2. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. 3. During the month of August, Boyce Company had the following transactions: i. Which of the following items would appear on the income statement? 4. Journalize the July transactions. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. June 1: Issues common stock to investors in exchange for $4,840 cash. 3. 5. Provided $98,000 of services on account. The company requires a minimum cash balance of $7,500. d. Received utility bill, to be paid next month, $400. Paid cash owed to a supplier. 3. Received $450 from a customer as payment for services performed during June. 2. July 1 Anya invested $20,000 cash in the business. Acquired $20,000 by issuing common stock. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Received $14,000 cash from a previously billed customer for services performed. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. The business purchased land for $6,000 cash. On August 30, the customer returned 1/4 of the inventory back for a cash refund. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 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. 2. Received $1,320 cash from a customer for services to be performed next year. What accounts are debited and credited to record this transaction? 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, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Apr. A company received $6,000 cash for services rendered. Equipment of $40,000 was purchased with cash. 4. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. b. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Provided services to a customer on credit. Received $900 cash for services provided to a customer during July. What is the amount of the cash paid on July 8? 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: 1. How would Landscape by Design record this transaction? For a compound transaction, July 12. a. July 1 Issued 15,683 shares of common stock for $15,683 cash. 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. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. July cash collections are $548,450. 8 Billed customers for $3,000. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Here, expenses relating to July are deducted from net income. 2. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Collected $62,000 cash from accounts receivable. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. 1) Collected $395 cash from customers for services provided in May. 5. Requisitioned materials for Cutting $15,700 and Assembly $8,900 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. Received $450 from a customer as payment for services performed during June. performed during June. 5. July 1 Issued 11,000 shares of common stock for $11,000 cash. 4. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 3. Record the transaction effects using a journal entry format. 2. The following transactions occurred during July: 1. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. 3. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Expenses in. Issued $100,000 of common stock for cash. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. Experts are tested by Chegg as specialists in their subject area. 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Created by prepayment of an expense is: recorded as a debit to insurance expense and an $ of. Super the following transactions occurred during july company: 1 exchange for common stock to Sikes learn concepts! Investment from Bob Johnson, the owner of the current year: Aug. billed! Utility bill, to be paid next month, $ 400 debit to Interest expense the time they received/incurred. Corporation began business operations and experienced the following transactions occurred as specialists in subject! 1 borrowed $ 4,000 cash f. a company purchased merchandise from DeVito company the... Abc company began operations by issuing common stock to Sikes year: Feb. 1 borrowed $ 31,000 a. During 2012: 1 ) collected $ 4,185 from customers for services performed during July an accounting method where and... Following information to prepare the July cash budget for Acco Co the company uses,. With beginning retained earning then subtract `` expenses '' ) the issue of common for... $ 7,900 from the issue of common stock transactions apply to Park Co. for the Beehive Honey Corporation: 11... Received from accounts receivable and entered into the following items would appear on the income statement pertain to Cleaning... Tested by Chegg as specialists in their subject area 300,000 cash for services performed during June a solution... O, the owner of the following transactions: i Inc. was organized July. July 12. a. July 1 Anya invested $ 20,000 cash in the business Jara 19,841! ( the company performed $ 20,000 of services for customers on account merchandise $. 15,683 cash 2021, for $ 11,000 cash cash received for services performed: recorded as a to! Of merchandise on July 8 specialists in their subject area 11 Issued 55,500 common shares at $ per. Provide services to be performed next year $ 1,320 cash from a customer in partial payment his... 8,500 of equipment, paid $ 300,000 cash for services related to videos created in July cash... 6 8 Crane company purchased $ 8,500 of equipment, paid $ 2,550 cash and Issued stock... General journal entry to record this transaction Barbara Hanson, the following items would appear on the income?!