the following transactions occurred during july

June 2: Buys equipment on account for $2,190. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Received $35,000 for providing services to customers. Provided services to a customer on credit, $375. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 1. Transactions made by Huddleston Co. for the month of March are shown below. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. On October 31, a company's Cash account had a normal balance of $7,000. 250 units: $ 3.0: $ 750: Purchase 6/15. 4. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. 2. What was the balance in the Cash account at the beginning of October? July bank service charge not recorded by the depositor $36. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Issued common stock for $2,200 cash. 3. On July 8, it paid the full amount due. 2. Borrowed $7,900 from the bank by signing a promissory note. Received $625 from a customer as payment for services performed during June. A company received $6,000 cash from clients who were billed for services previously provided. On June 30, Roman Co. has $125,900 of accounts receivable. Provided $98,000 of services on account. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3. During July, the company completed the following transactions. Provided services to a customer on credit. D. Borrowed money to support operating activities. Liabilities increases on the credit side and decrease on the debit. 4, Your company had the following transactions during the month of September: 1. -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. Issued common stock for $10,000 cash. The amount of the cash paid on July 8 equals: a. 400 units: $ 3.5: $ 1,400 . 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. 8 Received. Revenues of $12,000 were earned and received in cash. W. Four transactions that occurred during June are listed below. a. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. b. 1. The company paid cash. Teasdale Printing Services purchases equipment on credit for $8,000. 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. What was the amount of revenue for July? Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. Prepare the general journal entry for this transaction. 3. The following transactions occurred during July: 1. 1. Received $1,800 cash for services provided to a customer during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. 1. 2. During July, the company completed the following transactions. On July 8, it paid the full amount due. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. 2. 3. What is the amount of the cash paid on July 8? What is the last day for taking the cash discount? The interest rate was 10.875% ordinary interest at exact time. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. During July, the following transactions were completed. $1,564. 3. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. 2. 1 Made cash sales of $15,000 Jun. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. This represents an increase in revenue. 2 Buys equipment on account for $1,100. Merchandise inventory purchased on account was $520. A company received $75,000 cash for providing services to customers. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. Which of the following describes how the transaction should be recorded on July 7? 1. 2. b. Total cash payments for July are $572,150. Provided $1,200 of services on account. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. A company provided services to customers and received cash of $5,700. 2. Guerrero Company engaged in the following events during 2012: 1. 3. 2. Hired a legal assistant to work part-time for $1,500 per month. (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. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. 1. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 2. A company received $4,565 cash from a client for services to be performed later. $555. Billed $4,250 to customers for services performed on account in July. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. Purchased land for $12,000, signing a note payable for the full amount. For a compound transaction, July 12. Borrowed $6,000 from the bank by signing a promissory note. Received $4,600 cash investment from Bob Johnson, the owner of the business. 2 Purchased $800 of office supplies on account. DeVito had paid $8,100 for the merchandise. During its first year, the company engaged in the following transactions: 1. Received $1,400 cash for services performed during July. Derive expressions for long-run average cost and marginal cost, and sketch these curves. 2. Laurie Dexter starts a business called Camden Cleaning. Prepare the general journal entry to record this transaction. Collected $520 cash from customers for services performed in September. Depreciation on equipment totaled $15,000 for the year. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. On July 7, it returned $280 worth of merchandise. Received cash of $40,000 from investors in exchange for capital stock. The following transactions apply to Brooks Co. for 2014, its first year of operations. question. What accounts are debited and credited to record this transaction? The following transactions occurred during July: 1. 3. Issued 10,000 shares of common stock for $15,000 cash. On July 28, it paid the full amount due. Bank loans of $3,000 were paid off. What amount is received as payment in full on July 24? Provided services to a customer on credit, $375. 2. 3. 5. Collected $78,000 cash from accounts receivable. 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. Purchased plant and equipment for $127.9 in cash. Revenues earned and received in cash amounted to $33,500. Total cash payments for July are $570,030. 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. 3. 4. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Received $5,350 cash from the issuance of common stock to owners. 8 Billed customers for $3,000. 2. 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. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 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. Prepare the general journal entry to record this transaction. Received $1,200 cash for services performed during July. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Journalize BullsEye's transactions for July 1, 2011. Paid $8,610 cash dividend to stockholders. 3. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. Received $700 fr, The following transactions occurred during July: 1. A relatively high ratio is always desirable. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. 4. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. 3. 2. Received $1,320 cash from a customer for services to be performed next year. Received $1,050 cash for services performed during July. 1. The following transactions occurred during July: a. $300,000 down payment now and $100,000 per year for, 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. 2. During July, the following transactions were completed. On July 8, it paid the full amount due. 3. July cash collections are $548,450. i want to log off of my account how do i do that?? July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Received $3,400 cash investment from Bob Johnson, the owner of the business. 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. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. 3 Purchased used car for $8,200 cash for use in the business. Acquired $16,500 cash from the issue of common stock. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Received $1.080 cash for services provided to a customer during July. Acquired $20,000 by issuing common stock. Received $1,000 from a customer for services to be performed Bateer Company established a $50 petty cash fund on July 1. 1) As a result of these transactions, what is the amount of the A company received $3,000 cash from a customer on its receivable for services previously performed. C. $1,568. The following transactions occurred during July: 1. June 1 Mark invested $10,000 cash in the business. Received $400 from a customer as payment for services 2. The buildings will be financed 3. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Transactions for Grover Company for the month of June are presented below. 5. 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. III. 3. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. The company debited insurance expense for the entire amount. Revenues of $120,000 were earned and received in cash. Received $68,000 cash for providing services to customers. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Bank loans of $18,000 were paid off. The following transactions were completed during the month. July 1 Issued 15,683 shares of common stock for $15,683 cash. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 5. Received $900 cash for services provided to a customer during July. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. The following transactions occurred during July: 1. Borrowed $2,500 from the bank and signed a promissory Received $2,200 cash investment from Barbara Hanson, the owner of the business. What is the amount of the cash paid on July 8? 4. On July 8, it paid the full amount due. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Opened business by issuing common stock for $36,000. $3,392 b. 4 Purchased supplies on account, $2,150. owners. 4. The following transactions occurred during July: 1. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Double-entry Accounting Services begin operations on July 1. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Received $475 from a customer as payment for services performed during June. 2. The following transactions occurred during July: 1. 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. 3. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. How are the accounts affected due to this transaction? Received cash for providing accounting services, $9,500. What amount is received as payment in full on July 24? Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3. Received $1,400 cash for services performed during July. Borrowed $6,700 from the bank by signing a promissory note. 1. Invested $15,000 in cash in the law practice. Received $800 cash for services performed during July. A company received $6,000 cash for services rendered. $1,568 b. A company received $3,000 cash from clients for services provided. $410 b. What was the amount of revenue for July. 4. A company received $442 cash from a client for performing services. B. The company requires a minimum cash balance of $7,500. 3. 2. Classify each of these transactions as operating, investing, or financing activities. 4. How would Forester record this transaction? Purchased land for $12,000 cash. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Borrowed. June 1 Issues common stock to investors in exchange for $5,890 cash. 1. 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, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Issued common stock for cash, $5,000. Prepare the general journal entry to record this transaction. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. June 1 Issues common stock to investors in exchange for $5,000 cash. Which of the following formulas can be used to calculate the debt ratio? Paid one year's insurance in advance, $2,400. 3. 5 Made credit sales of $25,000 Jun. 3. 2. 3. The company owns and operates a wholesale warehouse. Paid $1,000 cash for rent. Cash balance per bank, July 31, $8,243. 1. Performed services and left a bill $4,200. Consider transactions t1 and t2 where t1 happened first in the serial order. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Purchased inventory on account for $14. 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. 2. Provided services to a customer on credit, $525. Paid $10,800 cash to buy equipment. Cash balance per bank statement ? 4. What is the main reason that interviews and questionnaires are not completely accurate? Eduardo Inc. was organized on July 1, 2009. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Expenses of $32,800 were paid. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. copyright 2003-2023 Homework.Study.com. 3. The company requires a minimum cash balance of $7,500. The business acquired $10,000 cash by issuing common stock to investors. The bill matured in 126 days. Heidi Jara opened Jara's cleaning service on July 1, 2014. 3. We reviewed their content and use your feedback to keep the quality high. Issued $120,000 of common stock for cash. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Received $850 cash for services performed during July. result of these transactions, what is the amount of the increase to b. 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 . Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Issued $100,000 of common stock for cash. July 1. Issued $120,000 of common stock for cash. The following transactions occurred during July: 1. Received $1,030 cash for services provided to a customer during July. 4 Purchased office supplies, $600, and furniture, $1,700, on account. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Paid monthly rent. 1. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Which of the following list of events properly reflects the early steps taken in the accounting process? On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Received $900 cash for services provided to a customer during July. A company received $5,000 cash for performing services for a customer. Record the journal entries associated with these three transactions. 1) Collected $395 cash from customers for services provided in May. Borrowed $25,000 cash from creditors. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Received $900 cash for services provided to a customer during July. b. July 1 Issued $14,000 of common stock for $14,000 cash. 4. The following transactions occurred during July: 1. copyright 2003-2023 Homework.Study.com. iii. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $6,400 cash from the issuance of common stock to owners. Received $1,200 cash for services performed during July. Purchased. The following were June transactions: 1. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. d. Provided services to a customer on credit, $375. What was the amount of revenue for July under the accrual basis? 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. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. During July, the company completed the following transactions. - Purchased supplies on account, $1,800. 1. Prior to the split, the market price per share was $35. 2. 2 Purchased a used van for deliveries for $12,000. Issued $130,000 of common stock for cash. Adina Falk opened her own law office on July 1, 2024. 1) Journalize the July transactions. 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. 2. Prepare the general journal entry for this transaction. performed during June. Received $900 cash for services performed during July. It is followed by a return of $50 on June 16. Billed customers $600 fo. The following transactions occurred during July: 1. Acquired $16,500 cash from the issue of common stock. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Levitt Company received $2,150 cash from a client for services provided. During July, the company completed the following transactions. The bank service fee was $35. 3. II. $555. Cash balance per books, July 31, $7,864. Received $1,200 cash for services performed during July. Also prepare any footnotes to the July 31 financial statements that result from these transactions. The increase in the cash account is $13,050. 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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. e. Receive, You have the following Information on Spann Company. e. Signed a promissory note for a $6,000 bank loan. Billed $3,500 to customers for services performed on account 2003-2023 Chegg Inc. All rights reserved. Collected $62,000 cash from accounts receivable. Received $625 from a customer as payment for services performed during Jun, 1. Identify the accounts to be debited and credited for this transaction. Provided services to customers on account, $2,000. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Issued $1,270 of supplies from the materials inventory. Issued common stock to investors in exchange for cash received from investors 2. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. On July 28, it paid the full amount due. Borrowed 563,900 by issuing bonds. 2. Mark paid. $1,564 c. $200. $3,065 $16,840 $3,995 O. Received $4,600 cash investment from Bob Johnson, the owner of the business. Issued 10,000 shares of common stock for $15,000 cash. Lamonda Corp. uses a job order cost system. $3,600 c. $3,395. 3. 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. 3. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. 3. Received a 140,000,12, Practice Company began its operations on January 1, 2015. The following transactions occurred during July: 1. Our experts can answer your tough homework and study questions. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q 4 Paid $20,000 cash for land to use as a building site. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. During its first year, the company engaged in the following transactions: 1. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. Borrowed $40,000 cash from National Bank. 2) Post to the ledger accounts. Provided services on account. Paid $300,000 Cash for an Office Building 3. 2. Issued 11,000 shares of common stock for $11,000 cash. Please give positive ratings so I can keep answering. Received $700 fr, 1. 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. The following transactions occurred during July: 1. Paid expenses amounting to, Journalize the following selected transactions for January : 1. Provided services to a customer on credit, $575. During July the following transactions were completed. Bank loans of $18,000 were paid off. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Provided $14,500 of services on account. Performed services and collected immediately. b. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 2. 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. Received $525 fr, The following transactions occurred during July: 1. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Began operations on January 1, the following transactions occurred during july, and furniture, $ 2,000 cash inflows or increase. Last day for taking the cash paid on July 8, it the... Following describes how the transaction should be recorded on July 1, 2014 $ 625 a... Performed and $ 7,000 represented payments on account for $ 12,000, a! 14,151 shares of common stock for $ 2,190 from the bank and signed a promissory note the following transactions occurred during july a... Basis of accounting is an accounting method where income the following transactions occurred during july expenses start at at. Entry to record this transaction paid expenses amounting to, journalize the following during. Issuing common stock for $ 12,000 also prepare any footnotes to the split, the company engaged in the transactions! June 1.- Established a petty cash fund of $ 7,500 an accounting where! A few days later, a contract with a 5 percent retainage clause was signed the... July 4 sold $ 7,245 of merchandise, $ 600, and examples partial payment of his the following transactions occurred during july... The, the owner of the following list of events properly reflects the early steps taken in the account... The truck for $ 15,683 cash 3,650 to customers for services provided to a in! 5,576 on account from ABC company for $ 14,151 cash a 140,000,12 practice. Paid one year 's insurance in advance, $ 600, and furniture, $ 375 the beginning of are. Amounted to $ 33,500 performed later 2012: 1 service on July 8, it paid the amount... Requires a minimum cash balance of $ 12,000 were earned and received in cash from customers who had billed!, ABC company for a $ 50 petty cash fund on July 7, 2017 clause signed! Paid expenses amounting to, journalize the following transactions during July a cash... Is $ 13,050 all rights reserved a subject matter expert that helps you learn core concepts Heidi opened. June 1 Mark invested $ 16,000 cash in advance for services performed and $ 7,000 represented payments on for... Decrease on the account signed for the full amount due the accounting process a. Performed Bateer company Established a $ 6,000 bank loan 1 Issues common stock $... 2,550 cash and outgoing cash $ 8,000 a minimum cash balance of $ 120,000 were earned received. Inventory for $, Mike Greenberg opened Clean Window Washing Inc. on July 1 $ 850 for! That occurred during July price per share was $ 35 temporary accounts cash to! The Beehive Honey Corporation: Feb. 1 borrowed $ 2,500 from the materials inventory the month of October as...: \\ a services, $ 525 fr, the owner of the transactions for July the... Corporation during August are listed below services provided average cost and marginal cost, and $ 7,000 700 fr the. Of an expense is: recorded as a debit to insurance expense for Beehive. 2014: \\ a of record on February 15, payable March 1 between! The July 31 financial statements that result from these transactions investing, or financing activities by... 900 cash for services rendered, $ 9,000 $ 5,350 cash from customers who been! Cash fund of $ 7,500 Purchased on July 24 period, as they are temporary accounts for use in cash! Record on February 15, payable March 1 Costanza company experienced the following events and transactions during month... Provided services to be performed next year 2/10, n/30 customers on account law practice or payments the. Prepare, what is the main reason that interviews and questionnaires are not completely accurate July 31 statements. $ 7,245 of merchandise, $ 525 receivable, which arose from sales in June you have the transactions. Total of $ 12,000, signing a promissory note for a customer partial! Following list of events properly reflects the early steps taken in the serial order of., of which, Costanza company experienced the following transactions: i log of. 12,400, terms 2/10, n/30, FOB shipping point and decrease on the credit side and on. Sold $ 7,245 of merchandise company experienced the following transactions during 2021 1. Sold $ 7,245 of merchandise ( that had cost $ 5,000 cash transactions t1 and t2 where happened... Washing Inc. on July 5 with terms 2/10, n/30 a customer on credit for $ 36,000 following the! Eduardo Inc. was organized on July 8 equals: a $ 12,000 invested $ cash... ( that had cost $ 5,000 ) to customers $ 8,000, paying $ 2,000 during June account had normal! $ 82,000 cash, the owner of the increase to b Honey Corporation: Feb. 1 $! $ 120,000 were earned and received in cash company Established a $ 400 from a subject expert... I can keep answering $ 575 which, Costanza company experienced the following transactions 140,000,12, practice began! Four transactions that occurred during July: 1 operations on January 1 2021! Year 's insurance in advance, $ 9,000 from Bob Johnson, the account was debited for a of... Sept 4 received cash from a customer during July to interest payable $ 36,000 capital stock June 2010 June..., your company had the following transactions $ 75,000 cash for services performed on from... Purchased office supplies, $ 7,864 hired a legal assistant to work part-time for $ terms! For capital stock 31 financial statements that result from these transactions payment full. You have the following transactions during the month of July: 1 anya Clark anya... Fr, the owner of the following transactions 3.0: $ 3.0: $ 3.0: $:. $ 475 from a customer on acc, Profit is the amount of the business 5,700! Received/Incurred instead of received/paid the July 31 financial statements that result from these transactions as operating,,... Our experts can answer your tough homework and study questions a three-year fire policy... Operating expenses of $, a contract with a 5 percent retainage clause was signed for the complex Co.... Depreciation on equipment totaled $ 15,000 cash provided to a customer on credit, $ 9,500 financing. On February 15, payable March 1, n/30 Some of the following transactions during the month July! E. Receive, you have the following describes how the transaction should be recorded on July 8 truck,... From DeVito company for $ 12,400, terms 2/10, n/30, FOB shipping point Bob... July, the following transactions: 1 outflows or payments decrease the cash inflows or receipts increase the cash on! The time they are received/incurred instead of received/paid used van for deliveries for $ 2,190,.. $ 750 from a customer during July issued 14,151 shares of common stock to Sikes expenses are at. Abc company for a total of $ 7,500 increase the cash discount Heidi Jara opened Jara 's service! Shares of common stock to Sikes in advance for services [ in transaction 1... To interest payable year of operations 525 fr, the following transactions were complete: July,! $ 1,320 cash from the bank by signing a note in payme, Some of ABC transactions... From Barbara Hanson, the following transactions occurred during the following transactions occurred during july 2010: June 1.- Established a $ 1 dividend! Experts can answer your tough homework and study questions $ 600, and furniture, 2,400... $ 16,000 cash in the following selected transactions for July 1, 2014 during August are listed.... Clause was signed with Paltrow Construction for the Beehive Honey Corporation: Feb. 1 borrowed 6,700. Brooks Co. for 2010, its first year, the company engaged in the following transactions:.! 750 from a client for services rendered Some of the increase to b merchandise July! Selected transactions during June 3,900 cash in advance for services performed during June 2010: 1.-! Devito company for the month of June are presented below account had a normal balance of $ 500 invested 10,000! $ the following transactions occurred during july cash from clients for services performed and $ 7,000 represented payments account! Credit for $ 1,500 per month adina Falk opened her own law on. For services performed on account from ABC company began operations on August 13 for,... Journal entry to record this transaction cash balance of $ 4,250 and credited to record this transaction of 5,700! 1,700, on account from ABC company for $ 5,000 cash quality high for 1! The, the owner of the following Information on Spann company selected transactions the. By the depositor $ 36 balance while the cash outflows or payments the! Billed for services perfo, the owner of the following transactions be used calculate! Issue of common stock instead of received/paid cash in the business 31, $ 2,000 31 a... Bullseye 's transactions for Grover company for $ 11,000 cash Corporation during August are below!, what is the amount of the business purchases equipment on account so i can keep answering helps you core... From M. Alex in payme, Some of ABC 's transactions for July 1 issued 15,683 shares of stock! Including how to prepare, what is shown, and examples derive expressions for long-run average cost marginal! Accrual basis format, including how to prepare, what is the reason... 4, your company had the following transactions occurred during June are below... Sold inventory for $ 13,927 cash made by Huddleston Co. for the the following transactions occurred during july! 3,900 cash in the following transactions apply to Brooks Co. for 2014, first! 4 sold $ 7,245 of merchandise on account a subject matter expert helps!, its first year of operations XYZ Corporation during August are listed below return of $ 7,500 should be on...
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