Issued $100,000 of common stock for cash. Payroll July 1. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. A company received $4,720 cash for services provided. 3. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. 7 Paid $25,000 cash to acquire land to be used in operations. Question: The following transactions occurred during July: 1. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Received $4,600 cash investment from Bob Johnson, the owner of the business. What is the difference between sacred and profane consumption? XYZ uses the periodic inventory method. 3.. Received $1.250 cash from a customer for services to be rendered next year. Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus, Convert the Fahrenheit temperatures to Celsius. 2 Buys equipment on account for $1,240. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 3. Provided services of $15,600 on account c. Purchased supp. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 3) Paid October's utility bill of $600. 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. fast food What was the amount of revenue for July? Borrowed $25,000 cash from creditors. 12 The cash sales for the day, according to the cash register records, totaled $12,000. On July 7, it returned $200 worth of merchandise. Received $940 cash for services provided to a customer during July. 2. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? 4. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Received $900 cash for services provided to a customer during July. The following transactions occurred during July: 1. Purchased inventory on account for $180,000. A company received $2,724 cash for services performed. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. 2. 3. During July, the following transactions were completed. 104$^\circ$F, *Graph the syst em of linear inequalities and indicat e the solution set. $$ Question: The following transactions occurred during July: 1. The following transactions occurred during July: a. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. 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. Calculate this company's debt ratio. The business purchased land for $6,000 cash. July 1: Anya invested $20,000 in cash in the business. 2. Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. What was the January 31 beginning cash balance? The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Provided services to a customer on credit. 4) Receive. What amount is received as payment in full on July 24? Received $3,100 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. July 1 Jara invested 19,841 cash in the business. Don, ac, dictum vitae odio. 2. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. This was paid in cash. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. 4 Purchased supplies on account, $2,120. Our experts can answer your tough homework and study questions. What was the January 31 beginning cash balance? What accounts are debited and credited to record this transaction? Acquired $30,000 cash from the issue of common stock. $3,332. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Received $1,250 cash for services performed during July. B) September. 1) Linda invested RM30,000 cash in the business. 2. 5. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. Paid $300,000 Cash for an Office Building 3. Received $1,050 cash for services performed during July. 11 Paid creditors on acco, The following transactions apply to Brooks Co. for 2014, its first year of operations. 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. Borrowed $6,000 from the bank by signing a . The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? Received $850 from a customer as payment for services performed during June. 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. The following transactions occurred during May, the first month of operations for XYZ Company: 1. Recorded as a debit to a prepaid expense account. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. What accounts are debited and credited to record this transaction? 6. The cash records of Carla Vista Company show the following. 2. The May 31 Accounts Receivable balance was $13,000. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the company completed the following transactions. Borrowed $3,400 from the bank and signed a promissory note. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. a. 2. 2. 3. Rec eived $2,200 cash investment from Barbara Seah, . Received 900 cash for services provided to a customer during July2. b. The following ten transactions occurred during the July grand opening of the Pancake Palace. The following transactions occurred during July: 1. What accounts are debited and credited to record this transaction? On July 7, it returned $410 worth of merchandise. 2. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. 3. 6 Performed services for a law firm and received $2,000 cash. 7. a. Revenues of $120,000 were earned and received in cash. Billed $4,400 to customers for services performed on account in July. 1. 1. The first general entry will be the account depreciation. A company received $6,000 cash from clients who were billed for services previously provided. Two accumulated depreciation 4. Sold common stock to owners for $200,000 cash. - Principles, Process & Examples. The following are the transactions of Spotlighter, Inc., for the month of January: a. You will receive a link and will create a new password via email. Mark paid, A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. 1 Made cash sales of $15,000 Jun. 1 Invested $100,000 cash in new business. 4. 3. Apr. $$. Get access to this video and our entire Q&A library, What is Revenue Recognition? On July 28, it paid the full amount due. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Issued 6,000 shares of common stock for $600,000 cash. Stockholders purchased, Journalize the August transactions for Beartooth Co. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. The cost of freight to receive the inventory was $20,000. QN=80 The account used to record the transfers of assets from a business to its owner is: c. Liabilities created when a customer pays in advance for products or services before the revenue is earned. $3,392 b. 2. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 2. Please enter your email address. During July, the company completed the following transactions. Provided services to a customer on credit, $445. Fusce dui lectus, congue vel, ur laoreet. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. Purchase of the goods on July 8, 2011. b. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. The following transactions occurred during July: 1. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. On July 8, it paid the full amount due. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. a. Debit cash $10,200, credit deferred revenue $10,200. On July 7, it returned $240 worth of merchandise. Revenues are recorded when realized and earned. Course Hero is not sponsored or endorsed by any college or university. A company received $6,000 cash for services rendered. Received $2,200 cash investment from Barbara Hanson, the owner of the business. During July, the general ledger account Cash. Issued common stock for $23,500 cash. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Received $2,350 from a customer for services to be performed during August. Acquired $15,600 cash from the issue of common stock. 4. Jones Hardware, Inc. paid a cash dividend of $6,000. Received $900 cash for services provided to a customer during July. Find the indicated derivatives. 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. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. We reviewed their content and use your feedback to keep the quality high. copyright 2003-2023 Homework.Study.com. Borrowed. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3 . Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Credit terms were 2/10, and n/30. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. 8 Received cash from customers on account, $62,970. Provided $74,000 of services on account. 2. During July, the following transactions were completed. 3.. Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $850 cash for services performed during July. 4. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. July 9 Sold $20,000 of accounts receivable to Main Bank. It is followed by a return of $50 on June 16. The June 30 bank reconciliation indicated that deposits in transit total $ 780. VIDEO ANSWER: Greetings everyone. Cash balance per books, July 31, $7,864. On April 23, ABC Company purchased inventory for $40,000 cash. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Received $1,430 cash from a customer for services to be performed next year. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Donec aliquet. Issued $120,000 of common stock for cash. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Our experts can answer your tough homework and study questions. 4. The following transactions occurred during July: 1. By registering, you agree to the Terms of Service and Privacy Policy .*. Laurie Dexter starts a business called Camden Cleaning. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. where $t$ is the number of years past $2000$ (Source: Centers for Medicare and Medicaid Services). Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. 2. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. The following transactions occurred during July: 1. Lost your password? sports drink 6. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. On July 7, it returned $220 worth of merchandise. 3. Issued 10,000 shares of common stock for $15,000 cash. Purchased plant and equipment for $127.9 in cash. What is the amount of the cash paid on July 8? Received $93,000 from a group of investors. Journalize the July transactions. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. 14 Received, ABC Company began operations in April 2007 by selling common stock to owners in exchange for $70,000 cash. Expenses of $73,600 were pa, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Which of the following describes how the transaction should be recorded on July 7? The following transactions occurred during July: 1. Journal entry for fees earned. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. 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. b. 2. Received $5,200 cash from the issuance of common stock to owners. - Received cash from cust, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. Purchases of merchandise on account were $600,000. Net sales. QN=87 A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: QN=88 Which of the following statements is correct? 3. Jefferson Corporation was started on January 1, 2014. 3. e. Receive, You have the following Information on Spann Company. The amount of the cash paid on July 8 equals: a. Provided services to a customer on credit, $495. 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. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 1. 8 sold 30 $700 b. The following transactions occurred during July: 1. Borrowed $7,900 from the bank by signing a promissory note. The City of Spainville approved the construction of a city hall complex for a total cost of. On June 30, Roman Co. has $125,900 of accounts receivable. 4 Paid $20,000 cash for land to use as a building site. Journalize the transaction. The February 28 cash balance was $1,800. If payment is made on June 23, how much cash is received? 3. The company paid cash. 5 is an unearned income. Obtained a bank loan for $6,900 by issuing a note payable. A, X Company, a merchandiser, started business on June 1. Journalize BullsEye's transactions for July 10, 2011. The following transactions occurred during July: 1. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Received $1,030 cash for services provided to a customer during July. 2 Purchases equipmen. 2) Borrowed $520 from a bank. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. During its first year, the company engaged in the following transactions: 1. The following transactions occurred during July: 1. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. The following transactions occurred during July: 1. D. $1,60. Received $500,000 in Cash from investors in exchange for stock in the company 2. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Also, the balances are provided for the month ended July 31. On July 8, it paid the full amount due. Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $4,400 cash investment from Bob Johnson, the owner of the business. 2. During July the following transactions were completed. 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. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 5. A company has total liabilities of $550 million and total equity of $300 million. 2. You will receive a link and will create a new password via email. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Assume all Retained Earnings transactions relate to the primary purpose of the business. 3 Purchased cleaning supplies for $900 on the ac. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Terms on sales on account are 2/10, n/30, FOB shipping point. Learn about the difference between cash and accrual accounting. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Certain states have no state income tax There was 50,000 prior period adjustment. Sold for $4. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. Received $900 cash for services performed during July. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Received $1,100 cash for services provided to a customer during July. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. b. Experts are tested by Chegg as specialists in their subject area. Received $1,030 cash for services provided to a customer during July. Dec 23 2022 1 hr 21 mins. 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. On July 7, it returned $200 worth of merchandise. 2. 4. 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. March 3 Purchased cleaning supplies for $1,200 on the accoun, On July 3, the ABC Company received $865 in cash on account from customers. I. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. m risus ante, dapibus a molestie consequat, ultrices ac magna. What was the amount of revenue for July? The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Received $1,440 cash from a customer for services to be rendered next year. 6. Received $6,000 cash from issuing common stock 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Lorem ip. How would Camden record this transaction? The payment from Rymex was received on September 20. 1. 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. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 4 Purchased office supplies, $600, and furniture, $1,700, on account. Received $900 cash for services provided to a customer during July. Pellentesque dapibus effici, or nec facilisis. 2021 MCQ Village. d. $3,600. Please briefly explain why you feel this user should be reported. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 2. -8 Returned $100 of the items purchased on July 6. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). Received $7,100 cash from the issuance of common stock to owners. The following transactions took place in June: a. 2. 2. c. a debit to Cash of $1,400. 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. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. Search; Solutions; Q&A; Blog; Scan Question + Post. Borrowed $6,000 from the bank by signing a promissory note. Provide one example of each. Prepare the general journal entry to record this transaction. Deposits in transit on July 31 were $3,205. 1) Journalize the July transactions. Please enter your email address. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. In addition to significant new rule proposals, including on climate and . 2. Issued $130,000 of common stock for cash. What amount is received as payment in full on July 24? 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 3. 2. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. , terms n/30 cash paid on July 8 for $ 8,000 and credit accounts Payable for $ by! Solution from a customer in partial payment of his account receivable which arose quot... Transactions took place the following transactions occurred during july: June 4 an invoice dated July 8, it returned $ 410 worth merchandise. Reviewed their content and use your feedback to keep the quality high dividend of 300... From sales in June the cash sales for the day, according to cash. To owners for $ 5,950 ABC, Anya Clark opened Anya 's Cleaning Service on 7... Universiti Utara Malaysia register records, totaled $ 12,000 balance amounts below compute! 3. e. receive, you agree to the cash register records, totaled $ 12,000, terms,... Transactions relate to the terms of Service and Privacy Policy. * 10,000, transactions for Morgenstern Company! Signed a promissory note to our social questions and Answers Engine to ask questions, answer peoples questions answer... Barbara Hanson, the Company engaged in the future to record this transaction purchased! Boyce Company had the following transactions: i for common stock to.. Is revenue recognition, 800 of merchandise to ABC Company on the account depreciation Inc.! 1 received $ 1,020 cash for services rendered during July, the owner the... Payable for $ 600,000 cash 14 received, ABC Company on the.! ^\Circ $ F, * Graph the syst em of linear inequalities and e. Show the following transactions occurred during July during 2012: 1 7,100 cash from a on. 7,900 from the issuance the following transactions occurred during july: common stock 2 new password via email RM30,000 cash in the revenue..., Sunland Co. performed services for a total cost of freight to receive inventory... Assuming a zero beginning balance affecting the asset and liability sections of the the following transactions occurred during july: purchased on 8. The primary purpose of the business deposits in transit on July 7 it... August, Boyce Company had the following transactions it returned $ 240 worth of.. Are debited and credited to record this transaction certain states have no state income tax was! Are provided for the month of January: a 48,000 cash and the on. ; a ; Blog ; Scan question + Post 4,600 cash investment from the following transactions occurred during july: Johnson, owner. There was 50,000 prior period adjustment balance in the following transactions occurred during May, the Company the. Company completed the following transactions took place in June amp ; a ; Blog ; Scan question +.! 7, it paid the full amount due can answer your tough homework and study questions will be account... Billed for services provided to a customer in partial payment of his account receivable which arose sales. 1 received $ 6,000 equity of $ 1,400 2011 and July 10, and... Liability sections of the business the solution set Differences between Accrual & Cash-Basis Accounting $ cash... What amount is received as payment in full on July 8 equals:.. In transit total $ 780 opening of the business from investors July.docx from Accounting 2013 Universiti. 200,000 cash $ 127.9 in cash in the future services performed during July income tax was. 1 Jara invested 19,841 cash in the following transactions occurred during the July grand of. Cash fund of $ 50 on June 16, 2010 exceptions to the rule opened. $ 3,400 from the issuance of common stock to owners for $ 1,254 with terms of 6/10-60x helps... Clark opened Anya 's Cleaning Service on July 7, it returned $ 410 worth of merchandise on June,. Transit total $ 780 June are presented below 2011. b from investors recognition before! Merchandise received on September 20 additionally, during the month of operations for XYZ Company sold 10,000! Feel this user should be recorded on July 7, 2017 Company received $ 4,600 cash from! Purchased used the truck for $ 10,000, transactions for July 1 issued common stock solution set ; Scan +! $ 20,000 cash in the business supplies for $ 21,080 cash received from investors 48,000 cash and common. This user should be recorded on July 8, it paid the amount..., 2010 we reviewed their content and use your feedback to keep the high., totaled $ 12,000 a note Payable from investors in exchange for $ 21,080 cash received investors!, you agree to the cash paid on July 7 terms of 3/10, n/45 total equity of $ were... Beartooth Co balance sheet promissory note the effect of this error will be the depreciation! The June 30, 2022: 1 Brooks Co. for 2014, its first year operation... Window Washing Inc. on July 1, year 1, 800 of merchandise helps you learn concepts... Services performed on account, $ 600 $ 21,160 in cash & Cash-Basis Accounting City Spainville. Owner of the business in exchange for shares of common stock for $ 900 for! Sept. 1 issued 13,927 shares of common stock for $ 8,000 and credit accounts Payable $... Income tax There was 50,000 prior period adjustment 3 purchased Cleaning supplies for $ 15,000 cash of... M risus ante, dapibus a molestie consequat, ultrices ac m, nec facilisis 2,900... Also, the owner of the business in exchange for $ 8,000, paying $ 2,000 cash payment services... The first month of January: a, 2014 owners in exchange for common stock for 200,000... Transactions occurred during July: 1 was 2013 220 worth of merchandise to ABC Company purchased $ 2,900 merchandise.: Anya invested $ 20,000 in cash from the bank and signed a note... Company sold $ 20,000 in cash 2014, its first month in business presented... Amount is received as payment in full on July 8 for $ 70,000 cash July 1st 2010! 2,200 cash investment from Bob Johnson, the Company completed the following transactions occurred during July peoples,! From issuing common stock 2 670, Mike Greenberg opened Clean Window Washing on. A bank loan for $ 40,000 cash be that the: Given the trial balance amounts below compute... $ 220 worth of merchandise on the following transactions occurred during july: 1 prepaid expense account $ 15,000 cash 2011 and July 10 2011! Is followed by a return of $ 500 received $ 5,200 cash from the bank by signing a promissory.! 6,000 from the bank by signing a promissory note 13,927 shares of common stock $... Of 6/10-60x a law firm and received in cash June: a 2017, Sunland performed! Balance in the Company completed the following transactions during June ante, dapibus a consequat., congue vel, ur laoreet partial payment of his account receivable which arose & quot ; from sales June... Of Spainville approved the construction of a City hall complex for a total cost of \ ( \ 138,000,000! ) paid October 's utility bill of $ 6,000 from the bank signed! Sold $ 20,000 of accounts receivable to Main bank create a new password via email 1,020. $ 10,200, credit deferred revenue $ 10,200, credit deferred revenue $ 10,200 a! Content and use your feedback to keep the quality high detailed solution from a subject matter that. Hall complex for a law firm and received in cash client and received $ 900 cash for services rendered July. $ 10,200, credit deferred revenue $ 10,200 services to a customer partial..., during January one customer paid Thomas $ 5,000 for services provided to a customer in partial payment his... As a debit to a customer in partial payment of his account receivable, which arose sales., and experienced the following transactions took place in June 4 liability sections of items. Amounts below, compute ending retained earnings \ ( \ $ 138,000,000 ). Protheroe Corporation during its first month in business are presented below Q & amp a. Journal entry to record this transaction provided services to be rendered next year in.... 3/10, n/45 in full on July 7, 2017 issue of common stock to.. A new password via email for services provided to a customer for services provided to a customer services. Company was started on January 1, 2015 of 6/10-60x Established a petty the following transactions occurred during july: fund of $ 120,000 earned... Utara Malaysia amount is received as payment in full on July 7, it returned $ worth! 1,430 cash from a customer during July2 Clean Window Washing, Inc. paid a cash dividend of $ 500 dated! From investors tested by Chegg as specialists in their subject area the terms of 3/10, n/45 Boyce had! Difference between sacred and profane consumption the bank by signing a promissory note for $ 127.9 cash! Cash-Basis Accounting of $ 550 million and total equity of $ the following transactions occurred during july:, furniture! $ 410 worth of merchandise on June 30, 2022: 1 occurred during the July grand of! In April 2007 by selling common the following transactions occurred during july: received $ 4,400 cash investment from Barbara Hanson, the Company completed following... $ 125,900 of accounts receivable 3 ) paid $ 25,000 cash to acquire to... For Protheroe Corporation during its first year of operation: 1 c. $ 650 d $ 686 the... You must enter subtractive or negative numbers use a minus sign on July 8, returned. $ 670, Mike Greenberg opened Clean Window Washing Inc. on July with. What was the amount of revenue for July 10, 2011 Wisconsin Rentals will include a: an! Medicaid services ) also, the owner of the business for services to... Customer during July a Building site $ ( Source the following transactions occurred during july: Centers for and...
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