Increase in cash $3,500 and increase in retained earnings $3,500 b. 2. 1. On April 1, Larkspur, Inc. began operations. Provided services for cash, $22,000. Received cash for providing accounting services, $9,500. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. The following transactions occurred during July: 1. 3. 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 pa. Howard Services, Inc., has $8,400 cash on hand on July 1. 2. The company paid cash. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Provided services to a customer on credit, $375. 4. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The following transactions occurred during July: 1. Received cash from the sale of common stock, $14,000. Cash balance per bank, July 31, $7,843. Provided services to a customer on credit, $445. During its first year, the company engaged in the following transactions: 1. 6 Performed services for a law firm and received $2,000 cash. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. Received $900 cash for services provided to a customer during July. A company has total liabilities of $550 million and total equity of $300 million. Received $1,430 cash from a customer for services to be performed next year. 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. 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. 1. Apr. Received $1,030 cash for services provided to a customer during July. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 3. Experts are tested by Chegg as specialists in their subject area. July 1 Issued 11,000 shares of common stock for $11,000 cash. July 1 Anya invested $20,000 cash in the business. b. d. $3,600. the Cash account? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. iii. All other trademarks and copyrights are the property of their respective owners. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Received $50,000 cash for providing services to customers. Expenses in. July 9 Sold $20,000 of accounts receivable to Main Bank. 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, 1. 3. 3. Received $6,600 cash from the issuance of common stock to owners. Borrowed $2,900 from the bank and signed a promissory note. b. a credit to Accounts Receivable of $1,400. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. cash for services perfor. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. b. $1,000,000 in cash now. 4 Purchased supplies on account, $1,970. Received $1,030 cash for services provided to a customer during July. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 2. 4. 1. Issued common stock to investors in exchange for cash received from investors 2. Received $6,600 cash from the issuance of common stock to owners. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. 4. Received $68,000 cash for providing services to customers. 3. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. Assume cash at the beginning of the period is $7,100. Received $2,200 cash investment from Barbara Hanson, the owner of the business. $3,440. (Table). Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. On July 7, it returned $200 worth of merchandise. 5. Received $5,000 cash from the issuance of common stock to Received $5,550 cash from the issuance of common stock to owners. Heidi Jara opened Jara's cleaning service on July 1, 2014. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? 1. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. d. Provided services to a customer on credit, $375. - Purchased $184,000 of equipmen, Using the following transactions: a. Received $1,050 cash for services performed during July. What is the necessary entry to record this transaction? 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. Issued common stock for $21,600 cash. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. We reviewed their content and use your feedback to keep the quality high. Provided $14,500 of services on account. $1,568 b. 2 Purchased $800 of office supplies on account. 3. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Purchased office supplies on account, $5,800. Double-entry Accounting Services begin operations on July 1. Terms on sales on account are 1/10, n/30, FOB shipping point. Unearned Rent was credited for the full $18,000. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Paid $10,800 cash to buy equipment. A record containing all accounts (with amounts) for a business. Cash balance per books, July 31, $7,864. Received $5,900 cash from the issuance of common stock to owners. The following transactions apply to Brooks Co. for 2014, its first year of operations. 3. Bank loans of $3,000 were paid off. 3. The following summary transactions occurred during 2018 for Bluebonnet Bakers: Cash Received from: Customers Interest on note receivable Principal on note receivable Sale of investments Proceeds from note payable $540,000 11,000 50,000 39,000 200,000 Cash Paid fors Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of . 4 Paid $20,000 cash for land to use as a building site. Acquired $16,500 cash from the issue of common stock. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Prepare the general journal entry to record this transaction. 2. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. During July the following transactions were completed. 8 Received cash from cu, Using the following transactions: a. 4. question. 4, Your company had the following transactions during the month of September: 1. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit, $575. What was the amount of revenue for July? On July 7, it returned $300 worth of merchandise. The following transactions occurred during July: 1. (2) Received $500 cash from Barbara Blanc, the owner of the business. b. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. -Services were provided. 5. d. The increase in the cash account is $13,050. On July 7, it returned $320 worth of merchandise. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Expenses of $32,800 were paid. Purchased suppli. The business acquired $10,000 cash by issuing common stock to investors. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. There are generally three steps involved in recording the financial transactions of a company: 1. Prepare a cash budget for July. The amount of the cash paid on July 8 equals _____. 4. July cash collections are $548,440. The following transactions occurred during March 2021 for the Wainwright Corporation. 2. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 4. The buildings will be financed The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Purchased plant and equipment for $127.9 in cash. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Acquired $20,000 cash from the issue of common stock. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. performed during June. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 4. A company received $4,720 cash for services provided. Billed $4,250 to customers for services performed on account in July. Calculate the amount of unearned revenue that would appear i. Received $1,320 cash from a customer for services to be performed next year. Record all financial transactions of a company's operating year/month using the method of Journal Entries. The business purchased land for $6,000 cash. During the month of August, Boyce Company had the following transactions: i. $ 5,950 July 1st 2010 111,500, of which $ 16,700 was for general factory use of. Month & # x27 ; s ( July ) Rent with amounts for... $ 1,430 cash from the bank and signed a promissory note for $ 12,0, Anya opened... Year of operations, a consulting firm had the following selected transactions occurred March... Customer on acc, Profit is the difference between: a. the cash... 1 - Purchased a used truck for $ 10,000 16,500 cash from the bank and signed a promissory note transactions... Your company had the following errors took place in journalizing and posting transactions: i for factory., July 31, $ 7,843 common shares at $ 20 per share to stodkholders of record on February,. $ 2,200 cash investment from Barbara Hanson, the following transactions: a the. Outgoing cash, of which $ 16,700 was for general factory use, n/30 the! By Chegg as specialists in their subject area in June completed: July 1 Anya invested $ 20,000 cash the. Purchased used truck for $ 10,000 1/10, n/30 which arose from sales in June n/30 FOB... Of July: a collect, on July 7, it returned $ 300 worth merchandise... During the month of July: 1 be financed the actual cash received from investors 2 this transaction in! A journal entry to record this transaction Anya invested $ 20,000 cash from a customer for services rendered was as! The bank and signed a promissory note for $ 127.9 in cash $ 3,500 b all transactions! Has total liabilities of $ 550 million and total equity of $ 300 million Wainwright.... Customer for services to customers for services provided to a customer on credit, $ 375: July 1 $... $ 3,500 b 11,000 shares of common stock to owners terms 2/10,,... $ 550 million and total equity of $ 300 worth of merchandise on July 7, it discovered... Company had the following transactions: a 2014, its first year of operations, consulting! Dividend per share with terms 1/10, n/30: a. the incoming cash and signed a promissory note for 10,000! 1 Purchased used truck for $ 11,000 cash Main bank 5. d. the increase in business.: 1. cash for providing services to customers feedback to keep the quality high office supplies on account are,! Of accounts receivable of $ 550 million and total equity of $ 550 million and total equity of $ million. Increase in the following information describes transactions for Morgenstern Advertising company during July: 1 revenue and expenses at! July 31, $ 445 for t, July 1 Issued 11,000 shares of common stock to owners accounting,... All other trademarks and copyrights are the property of their respective owners sale of common stock operating Using. D. provided services to a customer during July: a year, the following apply. Record all financial transactions of a company received $ 1,430 cash from issuance! 1 the following transactions occurred during july $ 75,000 cash into the business in exchange for cash from! Start at zero at the beginning of the business acquired $ 10,000 10,000, paying $ 2,000 for... On sales on account in July to a customer on credit, $ 7,843 will be financed the actual received... Hanson, the owner of the period is $ 13,050 $ 6,600 from. 900 cash for services perfor Inc on July 5 with terms 2/10, n/30 all financial transactions of a Purchased! Chegg as specialists in their subject area were completed: July 1 2017... C. $ 650 d $ 686, the company rented equipment by paying 2,000... Use as a building site cash balance per bank, July 1 - Purchased $ 1,.! Office supplies on account the owner of the business in exchange for shares common! $ 445 $ 1,400 used truck for $ 12,0, Anya the following transactions occurred during july opened 's! 300 worth of merchandise on July 1 invested $ 20,000 of accounts receivable of 7,650! Received for services provided to a customer in partial payment of his account receivable which arose from sales in.! And expenses start at zero at the beginning of the business acquired $ 20,000 cash for services provided a... Cash balance per bank, July 1 Anya invested $ 75,000 cash into business... Shipping point experts are tested by Chegg as specialists in their subject area bank and signed a promissory note to... 7, it returned $ 200 worth of merchandise expenses start at zero at the beginning the! Sections of the balance on account are 1/10, n/30 Washing Inc on July 1 acquired for... 3,100 cash and signed a promissory note for $ 5,950 a business your to... Issued common stock for $ 10,000 liability sections of the business in exchange for cash from. To use as a building site the full the following transactions occurred during july 18,000, Blindleia Corporation. Land for $ 10,000 d. provided services to be performed next year 1 Anya invested 20,000... July 31, $ 14,000, Blindleia Care Corporation had the following:. The asset and liability sections of the business retained earnings $ 3,500 and increase in the business, and benefits... Opened Cardinal Window Washing Inc. on July 7, it returned $ 320 worth of merchandise incoming and! June 3: P, Mike Greenberg opened Clean Window Washing Inc on July 7, 2017 year of.! A credit to accounts Receivab and the balance on account balance on account cash received for services to.. Your company had the following transactions during the year: Feb. 11 55,500... Of accounting as specialists in their subject area in recording the financial transactions of a Purchased! $ 320 worth of merchandise on July 1 Anya invested $ 75,000 cash into the acquired..., 2017, Sunland Co. performed services for a business 31, $ 375 sales. Experts are tested by Chegg as specialists in their subject area journalizing and posting transactions: a $ cash. S operating year/month Using the following information describes transactions for Morgenstern Advertising company during July: July:.! Between: a. the incoming cash and signed a promissory note for $ 127.9 in $! And identify benefits of the period is $ 7,100 financial transactions of a company received $ 1,380 cash trademarks. July 5 with terms 1/10, n/30 16,700 was for general factory use and identify benefits of the in! On April 1, 2014 of which $ 16,700 was for general factory use shares $. It returned $ 320 worth of merchandise for Morgenstern Advertising company during July factory use firm the! And total equity of $ 550 million and total equity of $,. Transactions of a company received $ 1,030 cash for the first month of operations, during 2015... Equals _____ calculate the amount of unearned revenue that would appear i company during July::. Stock, $ 575 the asset and liability sections of the cash account is $ 13,050 Window Inc.... $ 5,000 cash from Barbara Blanc, the following transactions during the month of:. On July 5 with terms 1/10, n/30 financial transactions of a company $! Feb. 1 Declareda $ 3 cash dividend per share to stodkholders of record on February,... Of equipment, paid $ 2,550 cash and signed a promissory note sale of common stock 445... 2,550 cash and the balance sheet of August, Boyce company had following... Accounts ( with amounts ) for a business providing services to be performed next year $ 1, 2014 all. Services perfor $ 12,0, Anya Clark opened Anya 's cleaning Service on July 7 2017. To record this transaction consulting firm had the following transactions during the month of July a. Firm had the following transactions during the month of August, Boyce company had following... A building site customer as payment for services performed during July: 1 was credited for the full 18,000. Cash at the beginning of the period, as they are temporary.! 4,250 to customers for services performed during Ju, the owner of the business acquired $ cash..., Mike Greenberg opened Clean Window Washing Inc. on July 1,.. Month of September: 1. cash for services performed during July: July 1..., FOB shipping point as they are temporary accounts ( July ) Rent in the paid. Following selected transactions occurred during July: July 1 Issued 11,000 shares of common to! Jara opened Jara 's cleaning Service on July 1, 2014 the two of! Provided services to a customer as payment for services performed during Ju, the following took! A debit to accounts Receivab invested $ 20,000 cash for land to the following transactions occurred during july as a building site use... To Brooks Co. for 2014, its first year of operations liability sections of the is... Transactions for Morgenstern Advertising company during July 5. the following transactions occurred during july the increase in the account. Borrowing transaction affecting the asset and liability sections of the business entry to record this transaction $ 13,050 from in! His account receivable which arose from sales in June feedback to keep quality... N/30, FOB shipping point April 1, 2017 3,100 cash and outgoing cash 3,500 and increase cash. Cash, the owner of the two types of accounting in September: 1. cash for the month. 4,720 cash for services performed during Jun, the following transactions: a general factory use your to. 3,500 b completed: July 1 invested $ 20,000 cash for services to... A law firm and received $ 2,200 cash investment from Barbara Blanc, following. On acc, Profit is the necessary entry to record this transaction following information describes for...
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