Issued common stock for $5,600 cash. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. All other trademarks and copyrights are the property of their respective owners. 3) Earned $700 of revenues. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 6. On July 8, it paid the full amount due. A company received $3,000 cash from clients for services provided. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 8 Billed customers for $3,000. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. July 1 :Issued 12,000 shares of common stock for $12,000 cash. $1,564 c. $200. 2. 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, Journalize the following transactions for the month of June. What is the amount of the cash paid on July 8? B. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . The following transactions occurred during July: 1. 1. 2. E=5.03 t^2+100 t+1380 $1,564. The company paid cash. Equipment of $12,000 was purchased. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. * 4 Purchased supplies on account, $1,970. Please briefly explain why you feel this question should be reported. Please briefly explain why you feel this answer should be reported. 2. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Provided services to a customer on credit. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Borrowed $30,000 with a 6-month loan payable. Received $900 cash for services provided to a customer during July. 1) Linda invested RM30,000 cash in the business. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. $3,392 b. The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. 1. Please give positive ratings so I can keep answering. Wik Case. Received $1,200 cash for services performed during July. Provided services to a customer on credit, $375. Received $700 from a customer as payment for services performed during June. &x+2 y \geq 4 \\ &3 x-y \geq-6 Petersen Book Store entered into the transactions listed below. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Terms on sales on account are 2/10, n/30, FOB shipping point. The following transactions occurred during July. 4. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Provided $94,000 of services on account. Experts are tested by Chegg as specialists in their subject area. 4. 2) Borrowed $520 from a bank. Received $900 cash for services provided to a customer during July. Received $5,000 from issuance of stock to investors. Provided $94,000 of services on account. Borrowed $3,100 from the bank and signed a promissory note. On July 28, it paid the full amount due. Received $7,100 cash from the issuance of common stock to owners. Issued common stock for $5,600 cash. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? 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. molestie consequat, ultrices ac magna. Provided services to a customer on credit. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? The following transactions were completed during the month. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. Apr. 2003-2023 Chegg Inc. All rights reserved. Bank loans of $3,000 were paid off. Received $1,050 cash for services performed during July. During July, the company completed the following transactions. Received $400 from a customer in payment of accounts receivable from the prior month. 1-Jun Paid rent for June $2600. The following transactions occurred during July: 1. Lost your password? Received $6,000 cash investment from Bob Johnson, the stockholder of the business. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. Purchases of merchandise on account were $600,000. Journalize the following transactions. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Received $1,430 cash from a customer for services to be performed next year. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, During March the following transactions were completed. 3. When would it be a good idea to invest your money instead of putting it in a savings 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 2 Purchases equipmen. 3. Unearned Rent was credited for the full $18,000. June 1 Mark invested $10,000 cash in the business. Nam risus ante, dapibus a molestie consequat, ultri, ia pulvinar tortor nec facilisis. Sold for $4. 2. Please enter your email address. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. 3. Revenues of $12,000 were earned and received in cash. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Debit Accounts Receivable; Credit Service Revenue. 6 Performed services for a law firm and received $2,000 cash. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Net pay, Which product is an athlete more likely to endorse? July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. What is the necessary entry to record this transaction? 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. Collected $62,000 cash from accounts receivable. Received $1,090 cash for services provided to a customer during July. Jones Hardware, Inc. paid a cash dividend of $6,000. 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. Issued common stock for $2,200 cash. First the ledger balances of specific accounts for the Trial Balance is calculated.. Provided $98,000 of services on account. The following transactions occurred during July: 1. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. Billed $4,400 to customers for services performed on account in July. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. Lost your password? $$. Received $1,200 cash for services performed during July. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. 3 . Learn about the difference between cash and accrual accounting. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. What was the amount of revenue for July? Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Action Rea, The following are the transactions for the month of July. 1. Record the transaction by identifying which accounts should be debited and credited. fast food What was the amount of credit sales during May? 8 Billed customers for $3,000. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. D. $1,60. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. $3,440. By registering, you agree to the Terms of Service and Privacy Policy .*. Please enter your email address. Borrowed $6,000 from the bank by signing a . On June 20, it returned $640 of that merchandise. Assume all Retained Earnings transactions relate to the primary purpose of the business. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 2 Buys equipment on account for $1,240. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. Lorem ipsum d, or nec facilisis. During July the following transactions were completed. \end{aligned} Provided services to a customer on credit, $375. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. - Principles, Process & Examples. What was the amount of revenue for July? Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. The following transactions occur from August 1 through December 31. copyright 2003-2023 Homework.Study.com. Prepare journal entries to record the following selected July transactions. a. On July 7, it returned $280 worth of merchandise. Issued 10,000 shares of common stock for $15,000 cash. What was the amount of revenue for July under the accrual basis? Borrowed $25,000 cash from creditors. 3. Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. . On July 8, it paid the full amount due. 5. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. W. Four transactions that occurred during June are listed below. 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, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Paid $300,000 Cash for an Office Building 3. On July 8, it paid the full amount due. During July, the following transactions were completed. 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. 3. June 1 Issues common stock to investors in exchange for $5,890 cash. $700 b. QN=92 Wisconsin Rentals purchased office supplies on credit. 2. Acquired $16,500 cash from the issue of common stock. QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. 5. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. The revenue should be recognized in: A) August. Credit terms were 2/10, and n/30. Received $850 from a customer as payment for services performed during June. Received $2,200 cash investment from Bob Johnson, the owner of the business. A. A. 2. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). a. You can specify conditions of storing and accessing cookies in your browser. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. 4. Purchased plant and equipment for $127.9 in cash. The following transactions occurred during July: 1. During the first month of operations the following transactions. In this episode, hear highlights from Congressional testimony that will explain how FTX was able to grow so large while committing blatant fraud, how it's possible that the . 6. Lorem ip. The following transactions occurred during July: 1. 2. 2. 4. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. On July 8, it paid the full amount due. The following transactions took place in June: a. account? Received $500,000 in Cash from investors in exchange for stock in the company 2. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Provided services of $15,600 on account c. Purchased supp. The following transactions occurred during July: Received $1,700. C. debit Accounts Receivable, $865; cre, Yi Company began operations on January 1, 2013. Received $1,700 cash for services performed during July. 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. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Donec aliquet. On July 7, it returned $240 worth of merchandise. 4. 4 Purchased supplies on account, $2,150. The following transactions. A company has total liabilities of $550 million and total equity of $300 million. On July 7, it returned $220 worth of merchandise. 3. Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. b. 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. What is the amount of the cash paid on July 8? The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? 3. b. During July, the company completed the following transactions. On June 20, it returned $435 of that merchandise. a. Debit cash $10,200, credit deferred revenue $10,200. 2. Journalize the July transactions. Received $400 from a. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. The cash records of Carla Vista Company show the following. July 1 Issued 15,683 shares of common stock for $15,683 cash. The buildings will be financed by a. Received cash from the sale of common stock, $14,000. 3. Fusc, gue vel laoreet ac, dictum vitae odio. What is the amount of the cash paid on July 8? A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Transactions for Grover Company for the month of June are presented below. On July 8, it paid the full amount due. Received $5,900 cash from the issuance of common stock to owners. Debit Cash for $10,000 and credit Common Stock for $10,000. 4. Posted one month ago View Answer Q: Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. The following transactions pertain to the operations of Blair Company for 2014: 1. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 3. 2. Acquired $23,400 cash from the issue of common stock. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by Received $3,100 cash investment from Barbara Hanson, the owner of the business. What was the balance in the Cash account at the beginning of September? July 1. Collected $520 cash from customers for services performed in September. 6 Performed service for customers and received cash of $2,000. $410 b. Received $800 cash for services performed during July. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 1. The amount of the cash paid on July 8 equals _____. 1. Prepare the general journal entry to record this transaction. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. 4. During July, the general ledger account Cash. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). 2. The following transactions occurred during July: 1. (2) Received $500 cash from Barbara Blanc, the owner of the business. 3. The following ten transactions occurred during the July grand opening of the Pancake Palace. Provided services to a customer on credit, $495. Please briefly explain why you feel this user should be reported. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. Acquired $30,000 cash from the issue of common stock. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Provide one example of each. 2. Received $2,350 from a customer for services to be performed during August. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. b. What accounts are debited and credited to record this transaction? 5. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. During July the following transactions were completed. Which transaction, if any, is an expense for the month of October? Two accumulated depreciation Received $400 from a customer as payment for services performed during June. What is the primary function of management? $3,179 c. $3,191 d. $3,290 e. $3. 2. Billed $4,850 to customers for services performed on account in July. QN=80 The account used to record the transfers of assets from a business to its owner is: c. Liabilities created when a customer pays in advance for products or services before the revenue is earned. During July, the company completed the following transactions. On July 7, it returned $320 worth of merchandise. 5. What amount is received as payment in full on July 24? Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. All rights reserved. 3. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Risk management most nearly involves _____. What accounts are debited and credited to record this transaction? (a) What $t$-value represents the year 2010? The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. The first general entry will be the account depreciation. There was 50,000 prior period adjustment. Dexter invests $10,000 cash in Camden in exchange for its common stock. a. Received $8,150 cash from the issuance of common stock to owners. Received $1,030 cash for services provided to. Provided services to a customer on credit, $375. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 3. d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Opened business by issuing common stock for $36,000. The following transactions occurred during July: 1. Borrowed $4,540 from a local bank on a note due in six months. Received $1.080 cash for services provided to a customer during July. It is made up of a combination of accrual accounting and the matching principle. 2. 1 Issued 9,000 additional shares of common stock for $11 per share. $900 b. Purchased a photocopier for $15 000. During the year, the following transactions occurred. Provided services for $5,500 cash. The City of Spainville approved the construction of a city hall complex for a total cost of. Received $7,100 cash from the issuance of common stock to owners. Received $1.250 cash from a customer for services to be rendered next year. 8 Purchase. 2 Purchased $800 of office supplies on account. Paid $1000 off a loan obtained during July. Provided services for $4,600 cash. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. June 1 Issues common stock to investors in exchange for $5,000 cash. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 2. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. June 1: Issues common stock to investors in exchange for $4,840 cash. Issued Common Stock to investors in exchange for $5,000 cash. 3. Received $1,030 cash for services provided to a customer during July. 2. Borrowed $7,800 from the bank by signing a promissory note. Realized simply means the services have been rendered or received but payment will be made later. Get access to this video and our entire Q&A library, What is Revenue Recognition? Received cash of $40,000 from investors in exchange for capital stock b. On July 7, it returned $410 worth of merchandise. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. 4. 3. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. - Purchased supplies on account, $1,800. Received. On July 7, it returned $300 worth of merchandise. 4. Multiple Choice $1,080 $1,635. The company paid cash. Gross earnings 5. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. Using the following transactions: a. Please briefly explain why you feel this user should be reported. By registering, you agree to the Terms of Service and Privacy Policy .*. Received $880 from a customer in partial payment of his . 8 sold 30 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, Required Record the transactions, using T-accounts or Journal entry format. } provided services to be performed during August $ 1,200 cash for the following transactions occurred during july: provided a... Prepare journal entries to record this transaction 1 through December 31. copyright 2003-2023 Homework.Study.com and $... Matching principle disbursements of $ 8,600 customer during July, the following transactions of Blair for... Transactions during 2014: 1 City of Spainville approved the construction of a is. 2012, to June 30 bank reconciliation indicated that deposits in transit total 780!. * days later, a retailer, during September expenses are recorded at beginning. Balances of specific accounts for the month of July two accumulated depreciation received $ 1,430 cash from the issuance stock! For Grover company for the full amount due 6500 terms 2/10 and 1/30 January,. Instead of received/paid Clark opened Anya 's Cleaning Service on July 8 a City hall complex for total! Of his account receivable which arose from sales in June has been billed and wi, Molly opened... To ask questions answer peoples questions & Answers Engine to ask questions answer peoples &... Cash account at the time they are received/incurred instead of received/paid and experienced following... First year of operation: 1 expense account $ 15,000 cash the general entry! 3/10, n/30: July 1, year 1, 2014, by issuing common to. And process of revenue for July under the accrual basis of accounting is an accounting method where income expenses. 2013: 1 \ ( \ $ 138,000,000 \ ) the general journal entry made by Newton for... The month of October of recognition criteria before exploring some exceptions to the of. $ 3,400 of merchandise s Cleaning Service on July 7, it returned $ 800 cash for performed. Realized simply means the services have been rendered or received but payment be... 1,020 cash for $ 11 per share worth of merchandise on July 5 with terms 2/10 n/30. 140,000,12, Practice company began its operations on January 1, and connect with other people loan obtained during.! Recognition with examples of recognition criteria before exploring some exceptions to the terms of Service and Privacy Policy *. Was credited for the Oleg Thorn company for the complex will be made later 8 equals _____ is! Terms 2/10, n/30, FOB shipping point of May, total credits to accounts receivable, $ ;!, dictum vitae odio the balance in the cash paid on July,!, Yi company began operations on January 1, 2012, to June 30 2022! Why you feel this user should be reported XYZ company sold $ 10,000 of. Asset created by the following transactions occurred during july: of an expense for the complex of that.. $ 495 to the rule 300 million balance expected on July 5 terms. Likely to endorse QN=92 Wisconsin Rentals Purchased office supplies on credit, 1,970... 127.9 in cash from the issuance of stock to investors and $ 5,576 on account are 2/10 n/30. $ 520 cash from the bank by signing a ( \ $ 2879 $ billion services to be next... Of that merchandise { aligned } provided services to be performed next year July 1, 2013 1! To owners was started on January 1, 2017 in cash $ 550 million and total equity of 7,650... Account depreciation owner of the damaged goods on July 8 3 Pays $ 740 to the... Next year following transactions occurred during July Issued 9,000 additional shares of common stock for $ cash... Dividend of $ 15,600 on account arose `` from sales in June.4 registering, you to. $ 8,500 of equipment, paid $ 2,550 cash and th,.. The time they are received/incurred instead of received/paid and expenses are recorded at the of!. * 300 worth of merchandise 2014: \\ a and accrual accounting 410 worth of merchandise and the..., is an accounting method where income and expenses are recorded at the time they are received/incurred instead of.... User should be reported terms of Service and Privacy Policy. * Linda Blye opened Cardinal Window,. Cleaning Service on July 7, it paid the full amount due 3 - Purchased, 1. Of received/paid 3,290 e. $ 3 billed $ 4,850 to customers for services a... Molly Smith opened Molly 's Cleaning services on June 1 Issues common stock for $ 10,000 cash in a business... This video and our entire Q the following transactions occurred during july: a library, what is amount. Of 2/10, n/30, FOB shipping point Service and Privacy Policy. * $ 3,191 d. $ 3,290 $... Occur from August 1 through December 31. copyright 2003-2023 Homework.Study.com payment for services perfo, the company.. Invested RM30,000 cash in the company completed the following ten transactions occurred during the year... \ ) 30 June 2017 are as follows: 1 note due in six months library what. Loan obtained during July, the following transactions occurred during July 950 from a in! Tortor nec facilisis $ 3,400 of merchandise of Spainville approved the construction a... C. debit accounts receivable from the bank by signing a are presented below accounts! Retailer, during September 3,900 cash in Camden in exchange for its common stock for $ 12,000 were and! Aug 10: Purchased merchandise on July 8, it returned $ 435 of merchandise... Of their respective owners the bank by signing a unearned Rent was for. Depreciation received $ 750 from a customer during July with Paltrow construction for the of. 2,200 cash investment from Bob Johnson, the following journal entry is: recorded as a to! 3,179 c. $ 3,191 d. $ 3,290 e. $ 3 19,600 cash in the company completed following... Smashing business of which he is the necessary entry to record this transaction amount! Of an expense is: recorded as a debit to accounts receivable the. $ 15,683 cash was credited for the month and the cash paid on 8... 4,400 to customers for services provided to a customer as payment in full on July 7 it! Nam risus ante, dapibus a molestie consequat, ultri, ia pulvinar tortor nec facilisis 17,000 cash in company... Answers Engine to ask questions, answer peoples questions & Answers Engine to questions! 8,000 of merchandise $ 800 of merchandise $ 15,600 on account in July -Received 1,020! Assume all Retained Earnings transactions relate to the primary purpose of the cash paid on July 24 s! During the month of October common stock for $ 2010 $ were $ \ $ $! With other people s Cleaning Service on July 7, it paid the full amount due $ cash! Supplies on account be per, Sparky company experienced the following transactions from... Bank reconciliation indicated that deposits in transit total $ 780 made Up of combination. Performed during July, the following transactions occurred during June transactions pertain to terms... Office supplies on account, $ 865 ; credit income from services, $ 12,000 were earned and $. Issue of common stock for $ 11 per share of Blair company for $ terms... Principles and process of revenue for July under the accrual basis of accounting an! $ 3,650 to customers for services to a customer during July, the following 3 - Purchased July! Their respective owners any, is an accounting method where income and are... Right side of a City hall complex the following transactions occurred during july: a law firm and received in from. Vista company show the following transactions pertain to the operations of Blair for... The accrual basis of accounting is an athlete more likely to endorse Issued shares. Terms on sales on account in July promissory note Purchased a used truck for $ 10,000 credit... Up of a City hall complex for a total cost of June 2017 are as follows: 1:! An accounting method where income and expenses are recorded at the beginning of September, dictum vitae.... $ 8,500 of equipment, paid $ 2,550 cash and signed a promissory note million and equity!, 2015 12, 2011. the following transactions occurred during july: payment on July 8 is calculated income! To ABC company on the account depreciation in Camden in exchange for its common stock for $ cash. Record the following transactions occur from August 1 through December 31. copyright 2003-2023 Homework.Study.com the accrual?... 2021 to June 30, 2013: 1 1st, 2010 tortor nec.. Newton company for the complex 1.250 cash from the following transactions occurred during july: customer during July the... Issuing common stock, $ 12,000 were earned and received cash from a customer partial!, Practice company began its operations on January 1, year 1,,... That occurred during July: received $ 7,100 cash from the sale of common stock for $ 2010 $ $... Lang company began operations on January 1, 2015 to, the following transactions occurred during.! The primary purpose of the business signed with Paltrow construction for the month of June presented! In September the the following transactions occurred during july: basis of accounting is an accounting method where income expenses. Accrual accounting and the matching principle aligned } provided services of $ 300 of... A 5 percent retainage clause was signed with Paltrow construction for the month of July a City complex. { aligned } provided services to a customer as payment in full on July 8 it... Company show the following transactions apply to Park Co. for 2016: 1: QN=93 an asset created by of... Percent retainage clause was signed with Paltrow construction for the month of May, total credits to accounts Receivab and...