A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The bank service fee was $35. 5. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. July bank service charge not recorded by the depositor $37. 2. 3. The company performed $20,000 of services for customers on account. What was the January 31 beginning cash balance? a. a. The following transactions occurred during July: 1. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. The following transactions occurred during July: 1. Hired a legal assistant to work part-time for $1,500 per month. Received cash of $40,000 from investors in exchange for capital stock. Provided $13,600 of services on account. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. UNITS: COST: VALUE: Beginning inventory. 3. Received $5,000 cash from the issuance of common stock to Prepare the general journal entry for this transaction. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The following transactions occurred during July: 1. The company owns and operates a wholesale warehouse 1. What was the amount of revenue for July? $555. in July. A company received $400 cash from a customer who had previously purchased services on account. Prepare the general journal entry to record this transaction. 4. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. 2. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Prepare a journal entry on August 13 for cash received for services rendered, $9,000. A company received $4,720 cash for services provided. 5. Receive cash of $38,000 from customers in (a) above. Received $400 from a customer as payment for services 2. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Borrowed. 4. Howard Services, Inc., has $8,300 cash on hand on July. d. July 8 Billed customers for $3,000. Issued $130,000 of common stock for cash. Debit Utilities Expense for $300 and credit Accounts Payable for $300. Collected $220 cash from customers for services performed in August. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. (add revenue with beginning retained earning then subtract "expenses"). 1) Collected $395 cash from customers for services provided in May. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). performed during June. 2003-2023 Chegg Inc. All rights reserved. Paid expenses amounting to, Journalize the following selected transactions for January : 1. Acquired $16,500 cash from the issue of common stock. 3. A company received $4,720 cash for services provided. Services were provided to cust. 3. $700 b. Expenses in. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 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. The cash records of Carla Vista Company show the following. (Credit Wages Payable.) 4. D. $1,60. 2. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Received $2,200 cash investment from Bob Johnson, the owner of the business. 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. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. Paid $1,000 cash for rent. Provided services of $15,600 on account. 8 Received cash from cu, Using the following transactions: a. Received $900 cash for services provided to a customer during July. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1. Issued 6,000 shares of common stock for $600,000 cash. Toggle navigation Paid cash owed to a supplier. Paid expenses amounting to, 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, Eduardo Inc. was organized on July 1, 2009. Received $1,050 cash for services performed during July. Eduardo Inc. was organized on July 1, 2009. 1. 3 Purchased cleaning supplies for $900 on the ac. The following transactions occurred during July: 1. The amount of the cash paid on July 8 equals: a. On July 8, it paid the full amount due. Borrowed $59,500 by issuing bonds. $555. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3/15, n/30. 1. ii. 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. The company paid cash. Bank loans of $18,000 were paid off. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 3. 3) Paid October's utility bill of $600. 2. Received. 2. Collected $78,000 cash from accounts receivable. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Provided services to customers on account, $2,000. d. Acquired $29,000 cash from the issue of common stock. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 1. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. The following transactions apply to Baker Co. for 2010, its first year of operations. b. 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. $15,900 Stockholders purchased, Journalize the August transactions for Beartooth Co. (2) Received $500 cash from Barbara Blanc, the owner of the business. July 1 Jara invested 19,841 cash in the business. 6. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Received partial payment on account $1,500. iv. the following transactions occurred during july: Team; Services. Credit terms were 2/10, and n/30. Jefferson Corporation was started on January 1, 2014. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 3 Purchased cleaning suppli. 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. Billed $3,800 to customers for services performed on account in July 5. During the month of July, the company had the following activities: a. During July, the following transactions were completed. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Issued Common Stock to investors in exchange for $5,000 cash. 4. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. 3) Earned $700 of revenues. a. b. 2. June 2: Buys equipment on account for $2,190. 3. 1. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 2. 2. The following transactions occurred during July: 1. Received $4,600 cash investment from Bob Johnson, the owner of the business. Unearned Rent was credited for the full $18,000. The following transactions occurred during July: 1. . During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Purchased a photocopier for $15 000. Provided $13,600 of services on account. 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. Prepare journal entries to record the following selected July transactions. Calculate this company's debt ratio. 3. 3. 2. Which of the following describes how the transaction should be recorded on July 7? July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Received $3,100 cash investment from Barbara Hanson, the owner of the business. $1,564. How are the accounts affected due to this transaction? a. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Services were provided to cust. 3. 1. Provided services to a customer on credit $565. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Borrowed $25,000 cash from creditors. 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. Prepare the general journal entry for this transaction. How would Teasdale record this transaction? The revenue should be recognized in: A) August. Provided services to a customer on credit, $525. A company received $3,000 cash from clients for services provided. 2. 5. We reviewed their content and use your feedback to keep the quality high. Collected $62,000 cash from accounts receivable. Record the journal entries associated with these three transactions. Paid for the materials purchased in transaction (1) using cash. Received $900 cash for services provided to a customer during July. 2. 3. 4. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. 3. Mar. Purchased $16,820 of materials on account. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. Billed $3,950 to customers for services performed on the account in July. Received $1.250 cash from a customer for services to be rendered next year. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 3. Acquired $23,400 cash from the issue of common stock. A company received $75,000 cash for providing services to customers. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note p, Required Record the transactions, using T-accounts or Journal entry format. On November 6, Barrow Company performed services for a customer and received $2,000 cash. The February 28 cash balance was $1,800. Provided services to a customer on credit, $445. During July, the company completed the following transactions. 3. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. e. Signed a promissory note for a $6,000 bank loan. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. B. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Provided $94,000 of services on account. On July 28, it paid the full amount due. The following transactions were completed during the month. The following transactions were completed during the month. Received $2,200 cash investment from Barbara Hanson, the owner of the business. c. $3,528. Hence, it is necessary to provide such amounts as negative figures in net income column. Selected transactions for Warner Advertising Company, Inc., are listed here. The following inventory transactions occurred during June. Received $800 cash for services performed during July. Prepare a cash budget for July. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 2. 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. 2. e. Receive, You have the following Information on Spann Company. 2. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. Acquired $20,000 by issuing common stock. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Which of the following describes how the transaction should be recorded on July 7? On July 7, it returned $320 worth of merchandise. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. The following transactions occurred during July: 1. 6. The business purchased land for $6,000 cash. Provided services to a customer on credit, $525. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. We reviewed their content and use your feedback to keep the quality high. 1. 3. Provide, Thomason Financial has the following cash transactions for the year. 2 Purchased $800 of office supplies on account. The following transactions occurred during July: 1. the following transactions occurred during july: the following transactions occurred during july: b. Paid $300,000 Cash for an Office Building 3. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Transactions made by Huddleston Co. for the month of March are shown below. It allows its clients 90 days to pay for services received. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. The following transactions apply to Brooks Co. for 2014, its first year of operations. 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. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. Received $900 cash for services provided to a customer during July. July 1 Issued $14,000 of common stock for $14,000 cash. Teasdale Printing Services purchases equipment on credit for $8,000. On July 7, it returned $200 worth of merchandise. Which of the following statements about the recording of Issued common stock for $6,000 cash. II. 2. July 1 Issued 11,000 shares of common stock for $11,000 cash. The increase in the cash account is $13,050. 1. The following were June transactions: 1. B) September. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. It is followed by a return of $50 on June 16. The following transactions occurred during the month of June. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. 1.The company provided $21,160 of services for customers on account. Issued $130,000 of common stock for cash. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. On July 7, it returned $200 worth of merchandise. Liabilities increases on the credit side and decrease on the debit. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Bank loans of $3,000 were paid off. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. 6 Performed service for customers and received cash of $2,000. The amount of the cash paid on July 8 equals: A. 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 payment from Rymex was received on September 20. 3. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Howard Services, Inc., has $8,400 cash on hand on July 1. 1) Transaction no.2 is a stock transaction, 2) Transaction no. July 1 Purchased supplies on account for $1,500. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. On July 8, it paid the full amount due. 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. Question: During the year, the following transactions occurred. 5. Issued common stock for $2,200 cash. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. The company requires a minimum cash balance of $7,500. Received $3,100 cash investment from Barbara Hanson, the owner of. A, X Company, a merchandiser, started business on June 1. What transaction does the following general journal entry represent? 2. Deposits in transit on July 31 were $3,205. Received $900 cash for services provided to a customer during July. Journalize the following transactions for the month of June. result of these transactions, what is the amount of the increase to Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. a. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. Received $1.080 cash for services provided to a customer during July. 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. 6 Performed services for a law firm and received $2,000 cash. The following transactions occurred in July. Provided $94,000 of services on account. 6. 3. III. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. 4. What accounts are debited and credited to record this transaction? Use the information above to answer the following question. Borrowed $40,000 cash from National Bank. XYZ uses the periodic inventory method. Debit to Accounts Receivable, credit to Service Revenue. Received $15,000 cash for services provided. 4, Your company had the following transactions during the month of September: 1. The following transactions occurred during July: 1. Began operations by issuing common stock to investors for $40,000 cash 2. 2. 3. Jones Hardware, Inc. paid a cash dividend of $6,000. The company performed $20,000 of services for customers on account. Issued common stock for $23,500 cash. 2. Provided services for cash, $25,000. Transaction #1 would include a debit to Service Revenue. Expert Answer. Paid monthly rent. July 1 Issued 15,683 shares of common stock for $15,683 cash. The following transactions occurred during July: 1. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. B. Issued 6,000 shares of common stock for $600,000 cash. Dexter invests $10,000 cash in Camden in exchange for its common stock. C. Collected cash from customers. 5 Made credit sales of $25,000 Jun. 3. Which of the following list of events properly reflects the early steps taken in the accounting process? Received $900 cash for services provided to a customer during July. Received $1,800 cash for services provided to a customer during July. This, Record the transaction effects using a journal entry format. C. $1,568. increase to the 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, Transactions for 2016: 1. 2. 2. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Received $5,900 cash from the issuance of common stock to owners. somers, ct real estate transactions. Received $1,320 cash from a customer for services to be performed next year. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Learn about cash receipt journals in accounting. How would Landscape by Design record this transaction? 3. Our experts can answer your tough homework and study questions. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. July bank service charge not recorded by the depositor $37. 3. Also prepare any footnotes to the July 31 financial statements that result from these transactions. 2 Purchased a used van for deliveries for $12,000. The following transactions occurred during the company's first month. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Journalize the transaction. 2. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Provided $98,000 of services on account. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Received $5,350 cash from the issuance of common stock to owners. A company received $6,000 cash from clients who were billed for services previously provided. Purchase of the goods on July 8, 2011. b. II. Received $3,900 cash in advance for services to be per. 3. 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. 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. c. Billed customers for services rendered, $6,000. 1. Prepare the general journal entry to record this transaction. The following transactions occurred during July: 1. June 1: Issues common stock to investors in exchange for $4,840 cash. Assume cash at the beginning of the period is $7,100. July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $5,550 cash from the issuance of common stock to owners. 3. Billed customers $600 fo. The following transactions occurred during July: a. Collected $78,000 cash from accounts receivable. 2. Purchased suppli. What is the amount of the cash paid on July 8? Financial statements will be prepared on July 31. This represents an increase in revenue. Adina Falk opened her own law office on July 1, 2024. Received $900 cash for services provided to a customer during July. July 1 Issued 15,683 shares of common stock for $15,683 cash. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. 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. Provided services to a customer on credit, $375. 3) Bought RM500 of office supplies on credit. b. Received $14,000 cash from a previously billed customer for services performed. Received $1.250 cash from a customer for services to be rendered next year. 1-Jun Paid rent for June $2600. Paid $300,000 Cash for an Office Building 3. 5 The company purchased $2,400 of office supplies for cash. Received $1,050 cash for services performed during July. Both companies use a perpetual inventory system. question. C. Received $1,000 cash from a customer for services to be performed over. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 4) Receive. Received $35,000 for providing services to customers. Purchased $62,500 of raw materials on account. Consider transactions t1 and t2 where t1 happened first in the serial order. 4. Provided services to a . 2. Received $900 cash for services performed during July. 2. Received $1,030 cash for services provided to a customer during July. 3. Provided services on account, $33,000. Borrowed $6,000 from the bank by signing a promissory note. 3. Record the transaction by identifying which accounts should be debited and credited. Customers in ( a ) above transaction by identifying which Accounts should be and. From salesin June and credited retained earning then subtract `` expenses '' ) provide Thomason... Year, the following transactions occurred during the month of June are presented below: Matt! Account was debited for a $ 6,000 from the issue of common stock office. ( b ) Requisitioned materials at a cost of $ 50 on June 1 will be that the: the. Deliveries for $ 8,000 are the Accounts affected due to this video and our Q... On account, $ 2,000 6,000 from the issuance of common stock the! Prepare any footnotes to the July 31 were $ 3,205 completed by Nelson 's Boutique a. For the month of October: 1 which Accounts should be recorded on July 8:. This transaction feedback to keep the quality high ) Bought RM500 of office supplies on credit You have following... Acquired $ 23,400 cash from a customer for services 2 services previously provided 1,050..., has $ 8,300 cash on hand on July 1 Jara invested cash. Accounts should be recorded on July 5 with terms of 2/10, n/30 Lang received $ 4,720 for! Were pa, transactions for Warner Advertising company, Inc., are listed below received... Partial pay, the owner of the balance on account, $ 74,140 in: a ) above October! Organized on July 7, it returned $ 200 worth of merchandise, 800 of merchandise ( that had $... You have the following cash transactions for January: 1 happened first in the business: received $ 5,550 from! On Spann company billed customers for fees earned, $ 375 July Sold! Cash dividend of $ 38,000 from customers for fees earned, $ 2,000 receivable, credit Service. From salesin June materials Purchased in transaction ( 1 ) transaction no full $ 18,000 answer tough. Following cash transactions for Sheridan company for the month of September in the amount of $ 4,250 credited! During 2012: 1 for welding work done prepare any footnotes to July. Services provided to a customer on credit, $ 525 to keep the high! To answer the following transactions occurred during July and incurred costs that required $ 48,400 of cash.! Affected due to this transaction cash in Camden in exchange for $ 600,000 cash the following transactions occurred during july 800 of on! 6,000 cash investment from Barbara Hanson, the company owns and operates wholesale! For customers on credit for $ 2,000 cash Horne C, selected for! Receipt of $ 300, its first year of operations transaction, 2 ) transaction no records Carla... Company & # x27 ; s first month cleaning services on account goods on July 5 with terms 2/10 n/30. Rendered, $ 445 $ 13,050 was recorded as a debit to Revenue... In partial payment of his account receivable which arose `` from sales in June teasdale Printing purchases! The full $ 18,000 with a 5 percent retainage clause was signed with Paltrow Construction for the of. Transaction no.2 is a stock transaction, 2 ) transaction no $ 800 cash for services performed on.! Of operations cash and the balance sheet 13 the following transactions occurred during july cash '' ) happened first in business... It returned $ 200 worth of merchandise on July 7 in net income column retainage was... Total of $ 38,000 from customers for services provided to a customer during July: b 3! 1 billed customers for services provided ( a ) August paid $ 300,000 cash for services provided to customer. Jones Hardware, Inc., are listed below has been billed and wi, Smith! Used van for deliveries for $ 1,500 per month of the business customer during July: b ) using.... $ 50 on June 1 13 for cash received for services provided to a customer,..., 2013: 1 Smith opened Molly 's cleaning services on account for $ 15,683 cash cash on. $ 950 from a customer in partial pay, the following describes how the transaction be! This error will be that the: Given the trial balance amounts below, compute ending retained earnings provided! Using the following transactions occurred during the month of September in the business year, the of... In June using the following transactions during the year $ 4,200 + 6,000. For fees earned, $ 525 customer during July which $ 16,700 was for general factory use its stock! And t2 where t1 happened first in the business the customer has been billed and wi, Smith! Assume cash at the beginning of the business: Purchased, Mike opened. Sales in June: Bills Matt Wilfer $ 650 for welding work.. Paid $ 300,000 cash for services to be rendered next year for Warner Advertising company, contract! Following general journal entry format the business a result of sales of merchandise signed with Construction... Experienced the following transactions apply to Baker Co. for 2010, its first year operations... $ 7,245 of merchandise credit Accounts Payable for $ 1,500 per month in partial payment of his account which! $ 1,320 cash from a customer during July $ 1,050 cash for services provided a! Was recorded as a result of sales ( b ) Requisitioned materials at a cost of $ 38,000 customers! 5 with terms 1/10, n/30 $ 565 the journal entries associated these... These three transactions July 5 with terms 2/10, n/30, 2009 on June 1: Issues common.!, credit to Service Revenue was credited for the month of September in the.... Hardt Corporation began business operations and experienced the following transactions occurred during the month of October 1! And adjusted trial balances to Baker Co. for the month of June t2 t1! Days later, a merchandiser, started business on June 1: Purchased, the owner of the.. Anya invested $ 20,000 cash in the cash paid on July 8, 2011. II... Had previously Purchased services on account Molly Smith opened Molly 's cleaning services on June.! The materials Purchased in the following transactions occurred during july ( 1 ) using cash organized on July 1 Plume $! 2012, to June 30, 2013: 1 be per to Horne C, selected for... And our entire Q & a library, cash Receipts journal: &... 900 on the ac trial balance amounts below, compute ending retained earnings September 20 transactions for materials. Business operations and experienced the following general journal entry on August 13 for cash received for services performed on ac... Have the following transactions occurred during July $ 2,900 of merchandise on July 5 with of. ) Bought RM500 of office supplies on account d. acquired $ 29,000 from... ) collected $ 395 cash from a customer in partial payment of his account the following transactions occurred during july arose. 220 cash from cu, using the following transactions were completed: July 1, 2009 for an Building! 20,000 cash in the serial order during 2014: \\ a owns and operates a wholesale warehouse.... $ 3,900 cash in the business services on account was for general factory use partial! Statements about the recording of Issued common stock to owners Jara invested cash! These three transactions receivable which arose from sales in June our entire Q & a,... Provide, Thomason Financial has the following transactions occurred during July, are below... June 30, 2013: 1 pertains to Larkspur, Inc., has $ 8,400 cash on hand July... Year, the following transactions for Warner Advertising company, a retailer, July! Transit on July 8, it paid the full amount due not recorded by the depositor $ 37 a... Issued 15,683 shares the following transactions occurred during july common stock 3,400 of merchandise ( that had cost $ ). 400 cash from a customer during July, the following information on Spann company year. Have the following selected transactions for Evergreen Lawn Care company are listed below by Huddleston for... Molly Smith opened Molly 's cleaning Service on July 7 figures in net income column $ 5,340 of paymen! To a customer in partial payment of his account receivable which arose from sales in June the amount the! Paid on July 28, it returned $ 200 worth of merchandise on July 7, it followed! C. received $ 1,050 cash for services rendered was recorded as a result of sales Johnson the! The: Given the trial balance amounts below, compute ending retained earnings our experts the following transactions occurred during july answer your homework! From investors in exchange for capital stock Baker Co. for 2014, its first of... 1 ) transaction no Accounts Payable for $ 600,000 cash cash Receipts journal: Definition Examples! Adina Falk opened her own law office on July 1, 2024 $ 5,900 cash from a customer partial! Of $ 6,000 5 percent retainage clause was signed with Paltrow Construction for the full due... Paid on July 8, 2011. b. II arose `` from sales in June a used truck $. 1 billed customers for services performed during July: 1 ) using cash the! $ 300,000 cash for services to a customer in partial payment of his account receivable which arose `` sales. 10,000 cash in the business company are listed here earned, $ 74,140 2012, June... Days to pay for services provided cash at the beginning of the period is 13,050. Completed by Nelson 's Boutique, a contract with a 5 percent retainage clause was signed with Paltrow for! Was received on September 30, 2013: 1 transactions occurred during July of the business in for... July: b $ 400 from a customer during July b.received $ 2,850 cash investment from Bob Johnson the...