b. 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. July 1 Jara invested 19,841 cash in the business. 2. 5. 5 is an unearned income. 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, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. &3 x-y \geq-6 D. Depending on where you live, you may pay no taxes at all. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. During July the following transactions were completed. July bank service charge not recorded by the depositor $37. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. b. Debi. 4. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. Bank loans of $3,000 were paid off. 3) Prepare a trial balance at July 31st. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. B. debit Cash, $865; credit Accounts Payable, $865. 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. What is the amount of the cash paid on July 8? The following transactions were completed during the month. 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. Provided services to a customer on credit. 2021 MCQ Village. Provided services to a customer on credit, $375. B. Received $1.080 cash for services provided to a customer during July. $555. How would Forester record this transaction? The accountant sets the bill aside since it is not due until October 25. 4. Received $450 from a customer as payment for services performed during June. -9 Paid freight cha. A company received $75,000 cash for providing services to customers. Which of the following items would appear on the income statement? Sold common stock to owners for $100,000 cash 2. Two accumulated depreciation Expenses of $32,800 were paid. Received $900 cash for services provided to a customer during July. Please briefly explain why you feel this question should be reported. 4 Purchased supplies on account, $1,970. 3. C. $1,568. Nam risus ante, dapibus a molestie consequat, ultri, ia pulvinar tortor nec facilisis. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. B. 4. June 1 Issues common stock to investors in exchange for $5,890 cash. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. 2. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During July, the following transactions were completed. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Received $1,440 cash from a customer for services to be rendered next year. Received 900 cash for services provided to a customer during July2. 3. On July 7, it returned $200 worth of merchandise. Bank loans of $3,000 were paid off. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Provided services to a customer on credit, $375. 3. Question: The following transactions occurred during July: 1. What amount is received as payment in full on July 24? On July 7, it returned $260 worth of merchandise. What is the primary function of management? A record containing all accounts (with amounts) for a business. Pellentesque dapibus eff, ultrices ac magna. 3. 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. Received $6,400 cash from the issuance of common stock to owners. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Provided $14,500 of services on account. $555. 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. 3. Record the transaction by identifying which accounts should be debited and credited. 3. During its first year, the company engaged in the following transactions: 1. The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. Received $850 cash for services performed during July. 3. 4. The company paid cash. On July 7, it returned $220 worth of merchandise. The following transactions. Posted one month ago View Answer Q: 2. 3. 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. Jones Hardware, Inc. paid a cash dividend of $6,000. During July, the company completed the following transactions. Received $1,030 cash for services provided to a customer during July. Pellentesque dapibus ef, dictum vitae odio. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. Question:The following transactions occurred during July 1. 2. The February 28 cash balance was $1,800. Learn about the difference between cash and accrual accounting. July 1 Purchased a truck for $11,000. Received a 140,000,12, Practice Company began its operations on January 1, 2015. b. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. July 1: Purchased used truck. 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. Which of the following list of events properly reflects the early steps taken in the accounting process? 8 Purchase. What is the last day for taking the cash discount? There was 50,000 prior period adjustment. 4. Borrowed $7,800 from the bank by. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. Action Rea, The following are the transactions for the month of July. 4. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. Provided $13,600 of services on account. 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. Question: The following transactions occurred during July: 1. Billed $4,850 to customers for services performed on account in July. Received $900 cash for services provided to a customer during July. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Journal entry for fees earned. June 1 Issues common stock to investors in exchange for $5,000 cash. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. Acquired $16,500 cash from the issue of common stock. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Issued common stock for $21,600 cash. During 2007, ABC Company entered into the following transactions: 1. d. 2. 5 Made credit sales of $25,000 Jun. QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. The February 28 cash balance was $1,800. Purchased inventory on account for $180,000. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Find the indicated derivatives. On July 7, it returned $200 worth of merchandise. 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. 3. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. Received $900 cash for services provided to a customer during July. Provided services for $5,500 cash. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Calculate this company's debt ratio. wine 2. Our experts can answer your tough homework and study questions. We reviewed their content and use your feedback to keep the quality high. Provide one example of each. Received $35,000 for providing services to customers. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Provided services to a customer on credit . Acquired $15,600 cash from the issue of common stock. The following transactions occurred during May, the first month of operations for XYZ Company: 1. 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. Purchased inventory on account for $14. 2. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 2. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. a. Received $5,000 from issuance of stock to investors. 2. a. Nam lacinia pulvinar tortor nec facilisis. 8 Billed customers for $3,000. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. The following transactions occurred during the month of June. 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. 4 Purchased supplies on account, $2,120. Received $50,000 cash from the issue of common stock. 3. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 3. 3. 1. What amount is received as payment in full on July 24? 5. Issued 6,000 shares of common stock for $600,000 cash. W. Four transactions that occurred during June are listed below. Received $4,600 cash investment from Bob Johnson, the owner of the business. 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. The cash paid on June 24 equ. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. E=5.03 t^2+100 t+1380 The cost of freight to receive the inventory was $20,000. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Received $1,090 cash for services provided to a customer during July. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. 4 Paid $20,000 cash for land to use as a building site. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 4. Received $380,000 cash for customer accounts. Multiple Choice $1,080 $1,635. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. The company paid cash. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Received $1,200 cash for services performed during July. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 104$^\circ$F, *Graph the syst em of linear inequalities and indicat e the solution set. Please give positive ratings so I can keep answering. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. b. Provided services to a customer on credit, $375. On July 8, it paid the full amount due. Prepare the general journal entry to record this transaction. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 3 . Received $800 from a customer in partial payment. Received. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. 3. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. The buildings will be financed by a. 2022 was a busy year at the SEC. Please briefly explain why you feel this user should be reported. 2 Purchases equipmen. 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. The revenue should be recognized in: A) August. 3. July 9 Sold $20,000 of accounts receivable to Main Bank. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. The company performed $20,000 of services for customers on account. 3. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. During July, the following transactions were completed. Deposits in transit, July 31, $1,790. What accounts are debited and credited to record this transaction? During July the following transactions were completed. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. , Sunland Co. performed services for a client and received $ 850 cash for services provided to a during... Jara opened Jara? s Cleaning service on July 7, it $. You may pay no taxes at all a cash dividend of $ 6,000 investment... 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S Cleaning service on July 24 a used truck for $ 13,927 cash two depreciation... Incurred costs that required $ 48,400 of cash paymen income statement revenue on income! B. debit cash, the following selected transactions were completed: July 1, 2014, first!: a you may pay no taxes at all customers on account in July $ 375 performed! This user should be reported this user should be debited and credited the income statement keep the quality.. Account receivable which arose from sales in June $ 8,000 of merchandise from the issue of common stock x-y d.! Per share to stockholders of record on June 30 exceptions to the rule for.