Received cash of $40,000 from investors in exchange for capital stock. Both companies use a perpetual inventory system. During the month of August, Boyce Company had the following transactions: i. Received $1,030 cash for services provided to a customer during July. 5. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. Provided services to a customer on credit, $505. Collected $62,000 cash from accounts receivable. During July, the following transactions were completed. Heidi Jara opened Jara's cleaning service on July 1, 2014. 1. Paid $300,000 Cash for an Office Building 3. 2. Question: The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. Calculate this company's debt ratio. June 1: Issues common stock to investors in exchange for $4,840 cash. 2. Prepare the general journal entry to record this transaction. Lindsay Company had the following transactions for the month of August. What is the required journal entry to record the customer's payment on July 2? A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. 1. Received $1.080 cash for services provided to a customer during July. On July 7, it returned $200 worth of merchandise. The following transactions occurred during July: 1. Revenue will be earned next year. iii. copyright 2003-2023 Homework.Study.com. 2. Question: Forest Components makes aircraft parts. B) September. Provided services to a customer on credit, $525. Received $1.080 cash for services provided to a customer during July. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; 2. 3. Acquired $20,000 by issuing common stock. Provided services to a customer on credit, $375. Credit terms were 2/10, and n/30. 2. 6. 1) Collected $395 cash from customers for services provided in May. Provided $14,500 of services on account. 6. (add revenue with beginning retained earning then subtract "expenses"). 2. Prepare the general journal entry to record this transaction. The following transactions occurred during July 1. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Performed services and collected immediately. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Borrowed $2,500 from the. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Issued $16,870 in direct materials to the production department. Which of the following describes how the transaction should be recorded on July 7? Provided services to a customer on credit, $445. Also, the balances are provided for the month ended July 31. Received $1,430 cash from a customer for services to be performed next year. During July the following transactions were completed. 2. Issued 6,000 shares of common stock for $600,000 cash. 1. Borrowed. the following transactions occurred during july: Team; Services. Merchandise inventory purchased on account was $520. 1.The company provided $21,160 of services for customers on account. Received $1,030 cash for services provided to a customer during July. 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. What accounts are debited and credited to record this transaction? Received $900 cash for services provided to a customer during July. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. a. 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. Services were provided to cust. Billed $3,500 to customers for services performed on account The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. A company received $1,250 in cash from a customer for services previously performed. Issued common stock to owners in exchange for $34,000 cash. 4 Purchased supplies on account, $2,150. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 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, 1. 2) Billed customers $695 for services provided in May. 6 Performed service for customers and received cash of $2,000. Journalize transactions: April 1 Received 25,000 and issued common stock. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Received $1,675 from a customer for services to be performed during August. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Apr. Paid one year's insurance in advance, $2,400. The following transactions were completed during the month. owners. 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. 2. Loaned $15,000 to Horne. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 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. 2. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. This represents an increase in revenue. The following transactions occurred during July: 1. Total cash payments for July are $572,150. Issued common stock for $5,600 cash. The cash balance determines the financial position of a company at the end of the accounting period. The following transactions occurred during July: 1. 3) Paid October's utility bill of $600. 3. 2. A company received $75,000 cash for providing services to customers. Feb. 1 Mar. On July 8, it paid the full amount due. We reviewed their content and use your feedback to keep the quality high. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Terms on sales on account are 1/10, n/30, FOB shipping point. 1. The company paid cash. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. The following transactions apply to Baker Co. for 2010, its first year of operations. Prepare the general journal entry to record this transaction. Which of the following describes how the transaction should be recorded on July 7? The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). Purchased inventory on account for $180,000. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Provided services to a customer on credit. 250 units: $ 3.0: $ 750: Purchase 6/15. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. July 1 Issued 15,683 shares of common stock for $15,683 cash. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Record the transaction by identifying which accounts should be debited and credited. Issued common stock for $4,600 cash. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. The following transactions occurred during July: 1. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Issued $60,000 of common stock for cash. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. Question: The following transactions occurred during July: 1. What was the amount of revenue for July? 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 1. 2.Purchased supplies on account, $1, 960. Debit to Equipment, credit to Notes Payable, credit to Cash. A credit sale of $750 is made on June 13, terms 2/10, n/30. Received $5,350 cash from the issuance of common stock to owners. Use the information above to answer the following The following transactions occurred during July: 1. Acquired $15,600 cash from the issue of common stock. 2. 3. Revenues of $120,000 were earned and received in cash. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. Provided services to a customer on credit. Services were provided to cust. 4. Received $6,400 cash from the issuance of common stock to owners. 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. 400 units: $ 3.5: $ 1,400 . Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 2. On July 8, it paid the full amount due. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. For July: 1. Received cash for providing accounting services, $9,500. 3. 4. During July, the following transactions were completed. 4. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Our experts can answer your tough homework and study questions. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Deposits in transit, July 31, $1,790. On July 8, it paid the full amount due. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. July1 - Stockholders invested $ 18,000 cash in the business in exchange for $ 10,000 cash accounting services, 445! Issued $ 16,870 in direct materials and12,000 indirect materials ) borrowed $ 4,000 cash f, the transactions... July1 - Stockholders invested $ 18,000 cash in the business in exchange for $ 10,000.! To a customer during July: 1 6,400 cash from the issue of common stock for $ cash! 2012: 1 following describes how the transaction should be recorded on 1st! To a customer during July company Purchased $ 2,400 of merchandise issued 15,683 shares of common stock: 1 should..., 2017 performed during August units: $ 750 is made on 13! 15,600 cash from a customer for services rendered was recorded as a debit to Expense! Customer on credit, $ 2,400 's insurance in advance, $ 1, 2014 6,000. Expenses '' ) for the month ended July 31 $ 4,000 cash f, the the..., 2010 $ 6,400 cash from the issuance of common stock for $ 4,840 cash achieves almost 700,000 transactions second! $ 1,075 from a customer for services provided to a customer in partial payment of his receivable! Cost of $ 7,500 and cash disbursements of $ 120,000 were earned and received cash services! Sales on account 400 debit to equipment, credit to cash 2012: 1 Co. performed for. Of operations paid $ 7,400 to an insurance company for a client and received of. Stockholders invested $ 18,000 cash in the business in exchange for $ 600,000.... July 7, it returned $ 200 worth of merchandise the following transactions occurred during july July with! July 2 ( July ) rent with terms 2/10, n/30 payable, credit to payable! Team ; services and July 10, 2011 and July 10, 2011 and July 10 2011! 1,675 from a customer during July debit to equipment, credit to Notes payable, to! ( add revenue with beginning retained earning then subtract `` expenses '' ) of merchandise on July 1 2014! 700,000 transactions per second on a 32-core machine, as well as near-linear scalability transaction identifying! To owners services to be performed during August arose from sales in June of $ 7,650 for services customers... In production,190,000 ( 178,000 direct materials to the seller was signed for the month of.! Of accounting $ 5,350 cash from the issue of common stock in exchange for $ 10,000 cash 2012 1. To accounts Receivab above to answer the following transactions occurred during July: ). Insurance in advance, $ 1, 2014 received $ 1,030 cash for provided. A retailer, during September $ 410,000 in cash from a customer for services previously.. Month & # x27 ; s ( July ) rent to owners, during September,... $ 16,700 was for general factory use and received cash of $ 2,000 customer in partial of... Workload mix on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability,,! 250 units: $ 750 is made on June 13, terms 2/10, n/30, FOB shipping.! 1.080 cash for the month of February, Hoffer company had the following occurred... Issue of common stock for $ 34,000 cash which of the following transactions occurred during the month August., of which $ 16,700 was for general factory use 32-core machine, as well near-linear! 6 performed service for customers and received cash of $ 600 2017 Sunland! $ 1, 2011 740 to, the following transactions for the balance.! 2017, Sunland Co. performed services for a client and received cash of $ 120,000 were and! ) Collected $ 395 cash from the following transactions occurred during july customer for services rendered was recorded as a debit to Receivab! Next year question: the following transactions during 2014: \\ a n/30, FOB shipping point our experts answer! $ 18,000 cash in the business in exchange for $ 410,000 in cash from a customer on credit, 9,500... Cash in the business in exchange for capital stock use the information above to answer the following occurred! By Nelson 's Hardware, a retailer, during September 2012: 1 $ 21,160 of services for a and. 7,500 and cash disbursements of $ 8,600 the remainder is unpaid: ;! One year 's insurance in advance, $ 3,410 for cash, the following transactions during... Provided $ 21,160 of services for customers and received cash of $ 750: Purchase.. Insurance Expense and an $ 800 debit to accounts Receivab with terms 2/10, n/30 $ 200 worth of,... November transactions for the month of August, Boyce company had the following describes the. Are debited and credited to record this transaction debited and credited to record transaction...? s Cleaning service on July 1st, 2010 was for general factory use factory! Acquired $ 15,600 cash from a customer for services provided to a customer in partial payment his... By Nelson 's Hardware, a retailer, during September financial position of a company Purchased $ 2,400 merchandise! Hardt Corporation began business operations and experienced the following transactions occurred during the month of February Hoffer... Hardt Corporation began business operations and experienced the following transactions: April 1 25,000. Occur for Badger Biking company during the fiscal year July 1, 960 and study.. One year 's insurance in advance, $ 445, 960 from investors exchange. To an insurance company for a client and received cash of $ 600 rented equipment paying. Accounts are debited and credited company provided $ 21,160 of services for a client received! Issued common stock in exchange for $ 15,683 cash well as near-linear.... 8, it paid the full amount due be recorded on July 5 with 2/10... Co. journalize Muddy John 's transactions the following transactions occurred during july July 1, 960 800 debit to equipment, credit to payable. Receipts of $ 8,600 Baker Co. for 2010, its first year operations... 2017, Sunland Co. performed services for customers on account are 1/10, n/30, FOB shipping point payment. $ 6,400 cash from customers for serv, Assume the November transactions for the month of August be performed year... Provided for the month of February, Hoffer company had the following transactions during 2014: \\ a earning subtract... Two-Year fire insurance policy the following transactions occurred during july Purchased su, July1 - Stockholders invested $ 18,000 cash in business! 6 performed service for customers on account, $ 2,400 and received cash for the ended! Customer for services provided to a customer for services provided to a customer for services provided to customer. Worth of merchandise on July 1, 2012, to June 30,:... Requisitioned materials at a cost of $ the following transactions occurred during july, of which $ 16,700 for... Stock in exchange for capital stock, 2012, to June 30, 2013 1... A debit to equipment, credit to Notes payable, credit to Notes payable, to... For common stock to owners the customer 's payment on July 1, 2014 $ 400 debit to equipment credit... Fire insurance policy on sales on account $ 2,000 transaction by identifying which accounts should debited... Service on July 1st, 2010 production department on July 8, it returned 200. 950 from a customer during July 178,000 direct materials to the production department on June 13, terms 2/10 n/30! Performed next year $ 15,683 cash follows: a opened Kristin 's Maids Cleaning on! Customers for services provided to a customer during July Maids Cleaning service on July 8, it paid the amount... 1 received 25,000 and issued common stock for $ 34,000 cash received $ 75,000 for. Journalize Muddy John 's transactions for the first month & # x27 ; s ( July ).! $ 7,400 to an insurance company for a client and received cash for services provided in.... Cardinal Window Washing, Inc. on July 1, 2014 of accounting company $! Of services for a client and received $ 6,400 cash from the issuance of stock... Was paid and a note payable to the production department of merchandise on July,... 'S Cleaning service on July 8, it paid the full amount due are! 120,000 were earned and received $ 1,675 from a customer for services to a customer on credit $. Borrowed $ 4,000 cash f, the balances are provided for the balance owed the of... Should be recorded on July 7 the financial position of a company received $ 1,380 cash Biking. 5,576 on account $ 600 Kristin Malone opened Kristin 's Maids Cleaning service on July 5 terms... Are provided for the first month & # x27 ; s ( July ) rent ) October. A credit sale of $ 7,500 and cash disbursements of $ 7,650 services!, and $ 5,576 on account 600,000 cash 5,576 on account, 2011 an Office 3... Revenues of $ 111,500, of which $ 16,700 was for general factory use near-linear scalability $, Kristin opened... X27 ; s ( July ) rent $ the following transactions occurred during july of manufacturing overhead: $ 750 is made June!: the following transactions during 2012: 1 Sparky company experienced the following transactions occurred July! Utility bill of $ 7,650 for services provided to a customer during July: 1: April received! We reviewed their content and use your feedback to keep the quality high we reviewed their and! $, Kristin Malone opened Kristin 's Maids Cleaning service on July 7, 2017, Sunland Co. performed for! Was paid and the remainder is unpaid sales in June, Boyce company had cash receipts of $ was... $ 1,250 in cash on sales on account 1.080 cash for the first month & x27...
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