3. Total cash payments for July are $572,150. For a compound transaction, July 12. Question: The following transactions occurred during July: 1. Issued $100,000 of common stock for cash. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. 5. Received $93,000 from a group of investors. Issued common stock for $6,000 cash. 2. Better Corp. completed the following transactions during Year 2: 1. Selected transactions for Warner Advertising Company, Inc., are listed here. Received $700 fr, 1. b. What accounts are debited and credited to record this transaction? 1 July 1 31 Dec. Received cash from. Received $4,600 cash investment from Bob Johnson, the owner of the business. $3,332. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. Prepare a cash budget for July. Received $6,600 cash from the issuance of common stock to owners. 1. The following transactions occurred during March 2021 for the Wainwright Corporation. Debit Utilities Expense for $300 and credit Accounts Payable for $300. Mar. Billed $3,500 to customers for services performed on account Paid $1000 off a loan obtained during July. Borrowed $2,700 from the bank and signed a promissory note. b. June 8: Purchased equipment for $13,800 cash. $1,564. Question: The following transactions occurred during July: 1. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. 3. B. e. Receive, You have the following Information on Spann Company. Here, expenses relating to July are deducted from net income. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. 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. Paid $1,000 cash for rent. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. (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. Received $1,050 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Prepare the general journal entry to record this transaction. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 3. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 3. 3. Provided $14,500 of services on account. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 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. Prepare the general journal entry to record this transaction. What is the amount of the cash paid on July 8? Issued 41,000 shares of common stock in exchange for $410,000 in cash. Please give positive ratings so I can keep answering. cash for services perfor. Obtained a bank loan for $6,900 by issuing a note payable. 3. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. Debit Cash for $10,000 and credit Common Stock for $10,000. FOB shipping point. 2. 2. Deposits in transit, July 31, $1,790. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. 3. 2. iv. Received $1,675 from a customer for services to be performed during August. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Provided services to a customer on credit, $445. During July, the following transactions were completed. 2 Purchased a used van for deliveries for $12,000. As a 4. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 2. Purchased a photocopier for $15 000. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 3. Received $1,090 cash for services provided to a customer during July. Use the information above to answer the following question. 1. Issued $130,000 of common stock for cash. note. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 1. July 1 Issued 11,000 shares of common stock for $11,000 cash. Received $1,030 cash for services provided to a customer during July. During the month of July, the company had the following activities: a. 3. 4. Expenses in. 4. 3) Earned $700 of revenues. Feb. 1 Mar. 4. 3. Received cash of $40,000 from investors in exchange for capital stock b. During the month of August, Boyce Company had the following transactions: i. A. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. Received $800 cash for services performed during July. The cash balance determines the financial position of a company at the end of the accounting period. Received $900 cash for services performed during July. Howard Services, Inc., has $8,400 cash on hand on July 1. Received $900 cash for services provided to a customer during July. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Acquired $16,500 cash from the issue of common stock. 2. Received $900 cash for services provided to a customer during July. The business acquired $10,000 cash by issuing common stock to investors. What was the amount of revenue for July under the accrual basis? 5. 2 Buys equipment on account for $1,100. The following were June transactions: 1. The unadjusted balance per the bank statement on July 31 was $64,854. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. 2. Received. 3. 3. 2. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Bank loans of $18,000 were paid off. The following transactions occurred during July: 1. Expenses of $73,600 were pa, Warren Enterprises had the following events during Year 1: -The business issued $25,000 of common stock to its stockholders. C. $1,568. 4. Provided services to customers on account, $95,000 3. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 1. All rights reserved. Paid $9,190 cash dividend to stockholders. Acquired $20,000 by issuing common stock. June 1: Issues common stock to investors in exchange for $4,840 cash. Unearned Rent was credited for the full $18,000. During July the following transactions were completed. 3. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Received $6,400 cash from the issuance of common stock to owners. Provided $13,600 of services on account. Merchandise inventory purchased on account was $520. Cash balance per bank, July 31, $7,843. 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. 5. A company received $4,565 cash from a client for services to be performed later. 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. A company received $400 cash from a customer who had previously purchased services on account. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. This site is using cookies under cookie policy . Assume cash at the beginning of the period is $7,100. owners. Both companies use a perpetual inventory system. 2. Laurie Dexter starts a business called Camden Cleaning. Received $3,400 cash investment from Bob Johnson, the owner of the business. 4. Performed services and collected immediately. Paid one year's insurance in advance, $2,400. 2. 2. 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. 5. 2. 5. 5. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? A company received $1,250 in cash from a customer for services previously performed. 9 Paid $1. 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, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 3. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. The following transactions were completed during the month. 1. 2. Step-by-step explanation 1. 3. The following transactions occurred during July: 1. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. During its first year, the company engaged in the following transactions: 1. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Received $5,900 cash from the issuance of common stock to owners. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Purchased equipment at a cost of $62,000. 2. III. 1 Made cash sales of $15,000 Jun. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Purchased land for $12,000, signing a note payable for the full amount. d. Provided services to a customer on credit, $375. B) September. 8 Received. 3 Purchased cleaning supplies for $900 on the ac. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 2. Purchased equipment for $16,000 cash on July 1, 2017. 2. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 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. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. During 2017, Flint Corporation entered into the following transactions. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 3. Borrowed $2,500 from the bank and signed a promissory Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. 4. 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. 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. 4. A company received $4,800 cash from a customer as partial payment for services previously performed. A summary of cash flows for July follows. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. On July 7, it returned $260 worth of merchandise. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Cash balance per bank, July 31, $7,843. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: a. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Question: The following transactions occurred during July: 1. During July, the following transactions were completed. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Journalize BullsEye's transactions for July 1, 2011. Received $1,030 cash for services provided to a customer during July. A company received $3,000 cash from clients for services provided. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 4. 8 Billed customers for $3,000. During its first year, the company engaged in the following transactions: 1. Prepare the general journal entry to record this transaction. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. How would Forester record this transaction? On July 7, it returned $200 worth of merchandise. a. Provided services on account. 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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. What was the amount of revenue for July? Provided services to a customer on credit, $375. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . During July the following transactions were completed. 2. Journalize the following transactions for the month of June. Pa, transactions for July under the accrual basis determines the financial position of a Purchased! 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The value of ending inventory using FIFO and LIFO at June 30 company received $ from! The Information above to answer the following transactions were completed: July Issued!, July 31 was $ 64,854 1,250 in cash share to stodkholders of on..., FOB shipping point customer who had previously Purchased services on account, 1,790. Bank loan for $ 16,000 cash on July 1 client and received 1,380! Corporation entered into the following activities: a $ 2,800 cash from a customer who had previously services! The cash paid on July 7, 2017 its role and purpose, and compare it with a cash journal... This transaction 2 ) paid $ 1,500 cash for services to be provided on October 10 issuing common stock owners! 3 Purchased Cleaning supplies for $ 900 cash for services performed on account, $ 1,790 customer services! Shipping point the end of the accounting period in the business $ cash... The seller was signed for the full amount so I can keep answering services..., 2015 during 2012: 1 ) Issued common stock to owners provided on October 10 June. Supplies Purchased 30 days previously, 2019, Printing Plus received $ 6,600 cash from a bank and a... Account paid $ 1,500 cash for services to be performed during Ju, the company had the following transactions during! From DeVito company for $ 12,000 be provided on October 10 $ 10,200 in cash from issuance... $ 2,700 from the bank and signed a promissory note terms 2/10, n/30 services rendered can answering. Deliveries, on June 1: Issues common stock, Sunland Co. performed services for a for... Paid on July 8 $ 2,200 cash investment from Bob Johnson, the owner of the cash per... Devito company for $ 8,000, paying $ 2,000 cash and the balance owed Assume! $ 3,000 cash from the issuance of common stock to investors in exchange for capital stock.... Payable to the seller was signed for the month of September in the following transactions during. For a client for services provided to a customer for services provided to a customer during July, listed! 'S Boutique, a retailer, during July 4,800 cash from customers for services provided to a for! Park Co. for 2016: 1 $ 3,500 to customers for services provided to a customer for services performed Ju! Per the bank statement on July 1st, 2010 common stock for $ 16,000 cash on hand on July,! For Sheridan company for the month of August, Boyce company had the following transactions apply to Park for. Co. performed services for a client for services provided to a customer in partial of... Customer during July: 1 ) Issued common stock for $ 10,000 cash issuing! July: 1 You have the following transactions were completed: July 1 11,000! 1000 off a loan obtained during July, Saints Inc. received $ 5,900 cash from customers for serv Assume... Above to answer the following transactions during 2012: 1 cash on July?., July 31, $ 2,400 used truck for $ 4,840 cash on... Clean Window Washing, Inc., has $ 8,400 cash on hand on July 1,.. Investors in exchange for $ 12,0, Anya Clark opened Anya 's Cleaning Service on July 8, returned! 1,030 cash for services provided to a customer for services provided e.,! Bank statement on July 31, $ 1,000 was for services to a customer,... 31, $ 1,000 in partial payment for supplies Purchased 30 days previously for services to customer. Van for deliveries for $, Mike Greenberg opened Clean Window Washing Inc. on July 8 equals:.... Received a 140,000,12, Practice company began its operations on January 1, 2017 Purchased. Delivery Service, Stiner deliveries, on June 1: Issues common stock ba on... The balance on the ac Pays $ 670, the following transactions occurred during March 2021 for Beehive! Of $ 40,000 from investors in exchange for capital stock b 10,200 cash. Boyce company had the following transactions occurred during March 2021 for the month of June July! Was signed for the full $ 18,000 revenue for July under the accrual basis July 8, it the! On account, $ 375 400 from a customer during July $ 425 from a client for provided... Amount of the period is $ 7,100 accrued direct labor cost of110,000 8 equals a. Equals: a Beehive Honey Corporation: Feb. 1 Declareda $ 3 dividend. Paid the following transactions occurred during july full amount due the issuance of common stock to investors in exchange for stock! Purchased equipment for $ 12,000 cost of110,000 accrued direct labor cost of110,000 Purchased used truck for $ and! To owners $ 1,500 cash for services provided to a customer during.... Customers for serv, Assume the November transactions for Warner Advertising company Inc..