Prepare a journal entry on August 13 for cash received for services rendered, $9,000. 2 Purchased furniture for $10,000 cash. when you wont need the money for a long time. Borrowed $30,000 with a 6-month loan payable. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. QN=90 Of the following accounts, the one that normally has a credit balance is: e. An increase in the balance of the owner's withdrawals account. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. What accounts are debited and credited to record this transaction? Net pay, Which product is an athlete more likely to endorse? The following transactions were completed during the month. 2. For July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The City of Spainville approved the construction of a city hall complex for a total cost of $138,000,000. $$ 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. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. Lost your password? Rec eived $2,200 cash investment from Barbara Seah, . Jefferson Corporation was started on January 1, 2014. c. The left side of a T-account is the debit side. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $900 cash for services performed during July. The February 28 cash balance was $1,800. During July, the company completed the following transactions. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. During July, the following transactions were completed. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. On July 8, it paid the full amount due. 2. Record the transaction by identifying which accounts should be debited and credited. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. jul. Prepare journal entries to record the following selected July transactions. What is the amount of the cash paid on July 8? During July, the company completed the following transactions. Journalize BullsEye's transactions for July 1, 2011. 1) Linda invested RM30,000 cash in the business. 5. 6. It would help me . $3,179 c. $3,191 d. $3,290 e. $3. Provided services to a customer on credit, $375. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. The following transactions occurred during July: 1. Acquired $15,600 cash from the issue of common stock. 3. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. . 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Lost your password? Billed customers for services performed in July, $3,500. The February 28 cash balance was $1,800. Issued 6,000 shares of common stock for $600,000 cash. Received $5,350 cash from the issuance of common stock to owners. First the ledger balances of specific accounts for the Trial Balance is calculated.. Received $450 from a customer as payment for services performed during June. Received $1,030 cash for services provided to a customer during July. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. Provided services to a customer on credit, $375. 2. When would it be a good idea to invest your money instead of putting it in a savings 2. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 4. The following transactions occurred during July: 1. Acquired $23,400 cash from the issue of common stock. -8 Returned $100 of the items purchased on July 6. Jones Hardware, Inc. paid a cash dividend of $6,000. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. Issued 10,000 shares of common stock for $15,000 cash. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. The following transactions occurred during the month of June. 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. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 2. Gross earnings Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 2. The following transactions occurred during July: Which of the following formulas can be used to calculate the debt ratio? Using the following transactions: a. A relatively high ratio is always desirable. Received $400 from a customer as payment for services performed during June. - Purchased supplies on account, $1,800. 2003-2023 Chegg Inc. All rights reserved. Received $1,050 cash for services performed during July. Question:The following transactions occurred during July 1. Revenue will be earned next year. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. Purchased equipment for $16,000 cash on July 1, 2017. 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. On July 7, it returned $220 worth of merchandise. 2. 4. Issued common stock for $21,600 cash. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Purchased plant and equipment for $127.9 in cash. 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. 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. 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. 3. . Don, ac, dictum vitae odio. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. Equipment of $40,000 was purchased with cash. 2. The following transactions occurred during July: 1. 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 . Received $1,090 cash for services provided to a customer during July. 1. On July 7, it returned $320 worth of merchandise. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. E=5.03 t^2+100 t+1380 II. The City of Spainville approved the construction of a city hall complex for a total cost of. What amount is received as payment in full on July 24? 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. 8 sold 30 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. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Sold common stock to owners for $100,000 cash 2. Revenues are recorded when realized and earned. Lorem ipsum d, or nec facilisis. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. What was the balance in the Cash account at the beginning of September? 12 The cash sales for the day, according to the cash register records, totaled $12,000. During July, the following transactions were completed. Received $900 cash for services provided to a customer during July. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. The May 31 Accounts Receivable balance was $13,000. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Received $5,900 cash from the issuance of common stock to owners. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. (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. m risus ante, dapibus a molestie consequat, ultrices ac magna. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . Received $2,350 from a customer for services to be performed during August. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. 3. 6 Performed service for customers and received cash of $2,000. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. A. During the first month of operations the following transactions occurred: March. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. 2. Which of the following statements is false with regard to the debt ratio? 6. At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. 2. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. On July 28, it paid the full amount due. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. The June 30 bank reconciliation indicated that deposits in transit total $ 780. June 1 Mark invested $10,000 cash in the business. 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. 1. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., 5. Borrowed $6,000 from the bank by signing a promissory note. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. The following transactions occurred during July: 1. Received $700 from a customer as payment for services performed during June. 3. Provided services to a customer on credit $565. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca, 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. Cash balance per books, July 31, $7,864. Which transaction, if any, is an expense for the month of October? 3. Issued common stock for $5,600 cash. a. b. Briefly explain the importance of each of the following. 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. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. Received $900 cash for services provided to a customer during July. &3 x-y \geq-6 $1,568 b. What is the last day for taking the cash discount? Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). Received $1,400 cash for services performed during July. What is the amount of the cash paid on July 8? copyright 2003-2023 Homework.Study.com. It is made up of a combination of accrual accounting and the matching principle. $y=(a x+b)^{6}, y^{\prime \prime \prime}$. QN=92 Wisconsin Rentals purchased office supplies on credit. The following transactions occurred during July: 1. 2. 2. 2. Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. Received $1,030 cash for services provided to a customer during July. This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. The following transactions occurred during May, the first month of operations for XYZ Company: 1. $833 c. $850 d. $882, 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. July 1 Jara invested 19,841 cash in the business. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. Received $4,600 cash investment from Bob Johnson, the owner of the business. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. During the month of July, the following transactions occurred: July 1: Issued $18,000 of Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 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