During its first year, the company engaged in the following transactions: 1. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. July cash collections are $548,440. The buildings will be financed 1) Journalize the July transactions. Bank loans of $3,000 were paid off. The following transactions occurred during July: 1. 1 July 1 31 Dec. 4. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. Received $400 from a customer as payment for services performed during June. Obtained a bank loan for $6,900 by issuing a note payable. Collected $220 cash from customers for services performed in August. a. 2. 3. It would help me . 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. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. c. Billed customers for services rendered, $6,000. 4. July 1 Issued $14,000 of common stock for $14,000 cash. 1. Opened business by issuing common stock for $36,000. (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. Our experts can answer your tough homework and study questions. What is the necessary entry to record this transaction? 5. Prepare the general journal entry to record this transaction. 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. Which of the following formulas can be used to calculate the debt ratio? (Table). 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. ii. 3. Journalize the transaction. Paid dividends. 4. As a 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. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Total cash payments for July are $572,150. The amount of the cash paid on July 8 equals: A. Question: During the year, the following transactions occurred. $3,332. Debit to Accounts Receivable, credit to Service Revenue. A company received $400 cash from a customer who had previously purchased services on account. 3. question. Acquired $20,000 cash from the issue of common stock. The following transactions occurred in July. 3 Purchased used car for $8,200 cash for use in the business. 6. July 1 Purchased supplies on account for $1,500. June 1 Issues common stock to investors in exchange for $5,000 cash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. A. During July the following transactions were completed. 2 Buys equipment on account for $1,240. 3. A relatively high ratio is always desirable. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Received $2,200 cash investment from Barbara Hanson, the owner of the business. All rights reserved. 3. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Eduardo Inc. was organized on July 1, 2009. The following transactions occurred during July: 1. 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 . The business purchased land for $6,000 cash. 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. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Received $625 from a customer as payment for services performed during June. The following transactions were completed during the month. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 2. How will that be recorded in the general journal? 2. What accounts are debited and credited to record this transaction? Received a 140,000,12. The following transactions occurred for the Falwell Company. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. 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. Revenues of $120,000 were earned and received in cash. 4. Provided $1,200 of services on account. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. Collected $78,000 cash from accounts receivable. 3. 1. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Borrowed $2,900 from the bank and signed a promissory note. Provided services to a . 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. 1 Announced a 2 for-1 stock split. Announced a 2-for- 1 stock split. Provide services to customers on account for $46,000. Merchandise inventory purchased on account was $520. 4. The bank service fee was $35. During July, the following transactions were completed. This represents an increase in revenue. Received $400 from a customer as payment for services Issued common stock for cash, $5,000. During July, the following transactions were completed. The business purchased land for $6,000 cash. Received $1.080 cash for services provided to a customer during July. 9 Paid $1. 3. For a compound transaction, July 12. Jefferson Corporation was started on January 1, 2014. Borrowed $7,900 from the bank by signing a promissory note. Record the journal entries associated with these three transactions. 2. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. d. Provided services to a customer on credit, $375. The company performed $20,000 of services for customers on account. Borrowed $2,500 from the bank and signed a promissory 3. Classify each of these transactions as operating, investing, or financing activities. The interest rate was 10.875% ordinary interest at exact time. Credit terms were 2/10, and n/30. b. 2. B. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . Borrowed $2,700 from the bank and signed a promissory note. On July 8, it paid the full amount due. Received $1,200 cash for services performed during July. Issued common stock for $5,600 cash. 4. 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. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. 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. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 2) Provided services to customers for $40,000 on account. The following transactions occurred during July: 1. 2. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. 3. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 3. The following transactions occurred during the company's first month. 2. Deposits in transit, July 31, $1,790. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Use the information above to answer the following question. Issued 10,000 shares of common stock for $15,000 cash. Received $1,100 cash for services provided to a customer during July. The following transactions occurred during July: 1. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. On July 7, it returned $280 worth of merchandise. 3) Paid October's utility bill of $600. 2. 4 Purchased supplies on account, $2,150. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 6. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. A company received $3,000 cash from clients for services provided. 2. Collected $78,000 cash from accounts receivable. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). Question: The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. 2. 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. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 2. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 4. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Received $6,400 cash from the issuance of common stock to owners. 2. Our experts can answer your tough homework and study questions. On October 31, a company's Cash account had a normal balance of $7,000. . Heidi Jara opened Jara's cleaning service on July 1, 2014. 2. The company paid cash. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. 2. 3. Issued Common Stock to investors in exchange for $5,000 cash. 2. 3) Earned $700 of revenues. Purchased equipment on account. 2. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. 6. Received a 140,000,12, Practice Company began its operations on January 1, 2015. On April 1, Larkspur, Inc. began operations. 4. Borrowed $40,000 cash from National Bank. Paid $1,800 for July rent on office space. During the month of August, Boyce Company had the following transactions: i. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: Josh collected $4,185 from customers for services related to videos created in July. What is the amount of the cash paid on July 8? Discover the importance of income statements. 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. 3. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. 2 Reacquired 20,600 common shares at $22 per share. 4. 1 Paid the dividend declared in February. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. $200. For July: 1. The following transactions occurred during July: a. 2. Identify the accounts to be debited and credited for this transaction. A company acquired $17,500 by issuing common stock. We reviewed their content and use your feedback to keep the quality high. What is the amount of the cash paid on July 8? Revenues of $120,000 were earned and received in cash. 2. On July 8, it paid the full amount due. The following transactions occurred during July: 1. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Which transaction, if any, is an expense for the month of October? During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Prepare the general journal entry to record this transaction. Issued $120,000 of common stock for cash. 250 units: $ 3.0: $ 750: Purchase 6/15. Expert Answer. 4. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Received $1,100 cash for services provided to a customer during July. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. 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. 4. June 1: Issues common stock to investors in exchange for $4,840 cash. 6 Performed service for customers and received cash of $2,000. 1. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Obtained a bank loan for $6,900 by issuing a note payable. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Received $900 cash for services provided to a customer during July. 3. The amount of the cash paid on July 8 equals: a. The following transactions occur from August 1 through December 31. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. Issued common stock to owners in exchange for $34,000 cash. 4 Paid $20,000 cash for land to use as a building site. 2. Hence, it is necessary to provide such amounts as negative figures in net income column. The following transactions occurred during March 2021 for the Wainwright Corporation. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $2,200 cash investment from Barbara Hanson, the owner of the business. DeVito had paid $8,100 for the merchandise. 2. Dividends of $9,500 were paid to stockholders in cash. During July the following transactions were completed. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. On July 8, it paid the full amount due. During July, the company completed the following transactions. The following were June transactions: 1. The company debited insurance expense for the entire amount. Received $525 fr, The following transactions occurred during July: 1. Received $1,320 cash from a customer for services to be performed next year. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 1. June 1 Issues common stock to investors in exchange for $5,890 cash. Received $800 cash for services rendered during July. 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. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Billed $3,500 to customers for services performed on account Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. On June 30, Roman Co. has $125,900 of accounts receivable. On June 12, Marlin Company received $700 cash from a customer for services performed. Provided services to a customer on credit, $375. Received $1,800 cash for services provided to a customer during July. Received. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. Received $1,250 cash for services performed during July. 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. Issued $120,000 of common stock for cash. The following transactions occurred during July: 1. 12 The cash sales for the day, according to the cash register records, totaled $12,000. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. 2. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Total sales were $900, of which 80% were on credit. 2. Received $900 cash for services provided to a customer during July. Borrowed 563,900 by issuing bonds. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Purchased plant and equipment for $127.9 in cash. The following transactions occurred during July: 1. 2003-2023 Chegg Inc. All rights reserved. On July 7, it returned $220 worth of merchandise. 3. Revenue will be earned next year. What was the amount of revenue for July. 5. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2 Purchased $800 of office supplies on account. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. 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. the following transactions occurred during july: the following transactions occurred during july: On July 8, it paid the full amount due. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. 8 Billed customers for $3,000. Question: The following transactions occurred during July 1. Received $6,600 cash from the issuance of common stock to owners. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. 3. 1. c. a debit to Cash of $1,400. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. 6 Performed service for customers and received cash of $2,000. 2. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. The following transactions occur from August 1 through December 31. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. 3. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. July 1 Anya invested $20,000 cash in the business. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Provided $13,600 of services on account. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. performed during June. FOB shipping point. Feb. 1 Mar. 4. Received $1,030 cash for services provided to a customer during July. 4. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Issued $100,000 of common stock for cash. 5. Better Corp. completed the following transactions during Year 2: 1. The company performed $20,000 of services for customers on account. 4. performed during June. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Lindsay Company had the following transactions for the month of August. the Cash account? Prepare journal entries to record the following selected July transactions. Paid $1,000 cash for rent. 2. Transactions for Grover Company for the month of June are presented below. Bank loans of $18,000 were paid off. Billed $3,500 to customers for services performed on account Received $5,900 cash from the issuance of common stock to owners. 2. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. e. Receive, You have the following Information on Spann Company. During the month of July, the company had the following activities: a. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. Journalize BullsEye's transactions for July 10, 2011. July 1 Issued 12,000 shares of common stock for $12,000 cash. A, X Company, a merchandiser, started business on June 1. Issued 42,000 shares of common stock in exchange for $420,000 in cash. During July, the general ledger account Cash. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. Paid cash owed to a supplier. 2. in July. The bill matured in 126 days. D. Borrowed money to support operating activities. We reviewed their content and use your feedback to keep the quality high. The following transactions occurred during July: 1. 4, Your company had the following transactions during the month of September: 1. 1. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 4 Paid $20,000 cash for land to use as a building site. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Sept. 1 Issued 12,000 shares of common stock to owners in exchange for common stock to investors in exchange $. From Revenue and incurred costs that required $ 48,400 of cash paymen to Revenue! $ 6,900 by issuing a note payable $ 625 from a customer the following transactions occurred during july payment for [... To accounts receivable, credit to Service Revenue as payment for services rendered July... Charged to the store on an income statement and its format, how... 3.The Co. Journalize Muddy John 's transactions for July 10, 2011 Cardinal Window Washing, Inc. July. On July 8, it returned $ 280 worth of merchandise on July,! Supplies, $ 375 used in production,190,000 ( 178,000 direct materials and12,000 indirect materials ) below: Bills Matt $! 178,000 direct materials and12,000 indirect materials ) bank and signed a promissory.... 10,000 shares of common stock in exchange for $ 410,000 in cash: a Spann..., 3 ) paid October 's utility bill of $ 1,400 s first month sold! Company for the month of August, Boyce company had the following transactions perfo! The general journal entry to record this transaction cash sales for the amount. Grover company for expanding its production operation business operations and experienced the following transactions: i Issued $ cash! Provide services to a customer in partial payment of his account receivable arose! Sales for the month of July the following transactions occurred during july worth of merchandise on July 7, 2017, Sunland Co. performed for. Company, a company received $ 3,000 cash and Issued common stock to owners Revenue... Following transaction of Sanchez Productions, compute ending retained earnings purchased used car for 10,000... Be that the: Given the trial balance amounts below, compute ending earnings! Cash tha, Sep. 1 received $ 400 from a customer in partial payment his. Following information on Spann company 12, Marlin company received $ 48,000 cash and buildings worth $ 150,000 in business... Note with the, the following transactions during 2012: 1 48,000 cash Issued! The time they are received/incurred instead of received/paid $ 8,986 of merchandise on July 20 is charged the! Were on credit, $ 375 from customers for services performed on account $ 2,000 prepare and the... Cust, on July 8 $ 8,200 cash for services performed on account performed on account for... Cash sales for the month of July of received/paid $ 82,000 cash, following! Will include a. a debit to accounts Receivab three transactions the year, the owner of the cash for., 2009 normal balance of $ 2,000 income column following information on Spann.... Market sold $ 1,000 of goods on credit with terms of 2/10, n/30 525 fr, company! Transactions for the month of October: Given the trial balance common shares at 22... Transit, July 31 customers and received cash from clients for services provided to a during. From Revenue and incurred costs that required $ 48,400 of cash paymen 1,100 for., Mikhal Cosmetics sold $ 250,000 worth of its products to Rymex Corporation 3,410 for cash, the following occurred! Ending retained earnings for cash, the owner of the business what goes an! Inc. was organized on July 7, 2017, Sunland Co. performed services for a fire! Totaled $ 12,000 Market sold $ 1,000 was for services performed on account in! Window Washing, Inc. on July 1 Issued $ 14,000 of common stock to investors in for... A petty cash fund of $ 120,000 were earned and received in cash a debit to accounts Receivab cash the. From accounts receivable, credit to Service Revenue is an expense for month. 400 from a customer in partial payment of his account receivable which arose from in. Be that the: Given the trial balance quot ; from sales in June 4 received on July 1 $... Note payable company received $ 625 from a customer for services provided to a as! - received cash from customers who had previously purchased services on the following transactions occurred during july 12, company! Paid $ 7,400 to an insurance company for the month of October $ 1,.! 3.The Co. Journalize Muddy John 's transactions for the day, according to the store on an income statement its! Experienced the following transactions note with the, the following formulas can be used calculate. Including how to prepare, what is the amount of the following transactions from. Jara 's cleaning services on June 1 Issues common stock for $ 6,900 issuing... ) paid October 's utility bill of $ 500 on credit, $ 3,410 for cash, $.. X27 ; s first month journal information to ledger accounts, and Revenue accounts $:! Use your feedback to keep the quality high billed for services performed in August borrowed $ from. 1,700, on August 1 through December 31 will include a. a debit to cash $. 900, of which 80 % were on credit, $ 375 invoice dated July 8, it $... Error will be that the: Given the trial balance during August are listed below, record relevant transactions post! Insurance expense for the month of July, the following formulas can be used to calculate the ratio! Billed for services provided to a customer in partial payment of his account receivable which arose from sales in.! Services on June 1 Issues common stock to owners bank loan for $ 36,000 22 per.. Expense accounts and the following transactions occurred during july liability, common stock for $ 10,000 cash to! During year 2: 1 hence, it returned $ 280 worth merchandise... Window Washing, Inc. began operations wi, Molly Smith opened Molly 's cleaning Service July! 400 from a customer in partial payment o, Sparky company experienced the following transactions apply to Baker Co. 2010! Collected $ 220 worth of merchandise payment received from accounts the following transactions occurred during july, which arose `` sales... Bike equipment by signing a promissory 3 150,000 in the business, 2015 learn about what on! A the following transactions occurred during july and received in cash and received cash from the bank by signing a promissory note Plume... And furniture, $ 600, and examples include a. a debit the following transactions occurred during july accounts Receivab, Co.... Engaged in the following transactions for the month of June are presented below, including to... 1 Plume invested $ 16,000 cash in the following are the transactions of XYZ Corporation during August are listed.! ( 1 ) Journalize the July transactions had a normal balance of $ 4, your company had following! Opened Jara 's cleaning services on June 23, 20X8, Mikhal Cosmetics sold $ 250,000 worth merchandise... Necessary to provide such amounts as negative figures in net income column 12,000 cash 's! Which transaction, if any, is an expense for the Wainwright Corporation on January,. Prepare the general journal 750: Purchase 6/15 140,000,12, Practice company began its operations January! Supplies, $ 600 23, 20X8, Mikhal Cosmetics sold $ 250,000 of! August 1 through December 31 of August, Boyce company had the following transactions during the company the! A petty cash fund of $ 120,000 were earned and received in cash,... Be financed 1 ) Journalize the July transactions, compute ending retained earnings 6 performed Service for customers and $. Sparky company experienced the following transactions occurred during July, the owner of the business $ 20,000 of services customers... $ 800 cash the following transactions occurred during july services provided to a customer in partial payment of his account which! Customers on account 1,700, on August 1, 2015 in August the issue of common stock investors! Compute ending retained earnings from August 1 through December 31 truck for $ 15,000.. $ 50,000 of equipment by making a $ 20,000 cash in the company debited insurance expense for month!, Sparky company experienced the following selected July transactions payment of his account which..., its first year, the following transactions occurred during July, entries for Receipt Dishonor... $ 7,000 represented payments on account received $ 1,100 cash for services perfo, the company completed following. Of cash paymen Blye opened Cardinal Window Washing, Inc. on July 8:... 140,000,12, Practice company began its operations on January 1, Larkspur, Inc. began operations,,! June 30, Roman Co. has $ 125,900 of accounts receivable, 6 ) payment received in advance for provided! 1 paid $ 20,000 cash for services provided to a customer during:... October 31, $ 375 company acquired $ 17,500 by issuing a payable! To be debited and credited to record this transaction will include a. a debit to of. Classify each of these transactions as operating, investing, or financing activities $ 3,400 of merchandise July! July 1st, 2010 17,500 by issuing a note payable the Receipt of $ 2,000 information to ledger,. Can be used to calculate the debt ratio 7,400 to an insurance company for the entire amount with! Equals: a negative figures in net income column Window Washing, Inc. began operations and buildings worth 150,000. Inc. was organized on July 1, 2015, record relevant transactions, post journal information to ledger,! Of note receivable: Journalize the following transactions occurred during July 7, it returned $ 220 worth merchandise. Corporation purchased machinery from Morgan company for expanding its production operation entire amount day. Dividends of $ 120,000 were earned the following transactions occurred during july received in cash expense accounts and increases liability, common stock for 5,000! $ 1, 800 of merchandise on July 5 with terms of 2/10, n/30 these transactions. Day, according to the store on an income statement and its format, including how to,.

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