3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. During the year, the following transactions occurred. Heidi Jara opened Jara's cleaning service on July 1, 2014. 5. note. Given this information, which of the following is likely included among its adjusting entries? owners. On July 28, it paid the full amount due. Apr. iii. Provided services to a customer on credit. What was the amount of revenue for July? b. June 1 Issues common stock to investors in exchange for $5,000 cash. $3,500. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Provided $98,000 of services on account. 2. 1. Received $900 cash for services provided to a customer during July. Prepare the general journal entry to record this transaction. A company received $2,000 cash for its services to be performed later. 2. (2) Received $500 cash from Barbara Blanc, the owner of the business. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit. Received $6,400 cash from the issuance of common stock to owners. D. $1,60. 2) Paid RM20,000 cash for land. Assume 360 days in a year. 4. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Received $5,900 cash from the issuance of common stock to owners. Borrowed $7,900 from the bank by signing a promissory note. Received $700 fr, 1. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 3. Prior to the split, the market price per share was $35. Learn about the difference between cash and accrual accounting. Received. $3,065 $16,840 $3,995 O. During July, the following transactions were completed. Paid one year's insurance in advance, $2,400. 2. Issued 10,000 shares of common stock for $15,000 cash. Also, the balances are provided for the month ended July 31. 4. Received $900 cash for services provided to a customer during July. Provided $74,000 of services on account. Prepare the general journal entry to record this transaction. Began operations by issuing common stock to investors for $40,000 cash 2. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . June 1 Mark invested $10,000 cash in the business. Question: The following transactions occurred during July: 1. 3. 5. 2. Performed services for $43,000 cash. copyright 2003-2023 Homework.Study.com. Received $2,200 cash investment from Bob Johnson, the owner of the business. 1. a. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. Provided services on account, $17,000. II. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. 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 . On July 8, it paid the full amount due. Lindsay Company had the following transactions for the month of August. 3. Amena Company received $1,652 cash as fees for services provided to a customer. Borrowed $7,800 from the bank by. 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. 3. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. f. Received $1,250 cash from a customer for services to be rendered next year. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Our experts can answer your tough homework and study questions. 3. The following transactions occurred during July: 1. Borrowed $59,500 by issuing bonds. a. Debit cash $10,200, credit deferred revenue $10,200. Received $1,030 cash for services provided to a customer during July. A company received $4,565 cash from a client for services to be performed later. During 2022, Flounder Corp. entered into the following transactions. Cash balance per bank, July 31, $7,843. 3. The increase in the cash account is $13,050. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 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. Liabilities increases on the credit side and decrease on the debit. Received $1,430 cash from a customer for services to be performed next year. A company received $75,000 cash for providing services to customers. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. 4. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Acquired $15,600 cash from the issue of common stock. The company requires a minimum cash balance of $7,500. All other trademarks and copyrights are the property of their respective owners. 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. What is the required journal entry to record the customer's payment on July 2? Borrowed. 4. During July, the following transactions were completed. Received $450 from a customer as payment for services performed during June. Billed $3,500 to customers for services performed on account The company paid cash. e. Signed a promissory note for a $6,000 bank loan. Paid $1000 off a loan obtained during July. Deposits in transit, July 31, $1,790. 3. 3. Toggle navigation Provided services to a customer on credit, $375. On August 1, the company received $2,000 cash for providing services to a customer. 2. The buildings will be financed 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? How much cash, if any, 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. 2. Received $850 cash for services performed during July. Depreciation recorded on factory equipment, 40,000. Received $1.080 cash for services provided to a customer during July. 2) Post to the ledger accounts. Provided $94,000 of services on account. 2. IV. $1,564 c. $200. increase to the Cash account? the following transactions occurred during july: the following transactions occurred during july: Provided services to a customer on credit, $445. Journalize this transaction. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 2003-2023 Chegg Inc. All rights reserved. Total cash payments for July are $572,150. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. b. Transaction #3 would include a debit to Accounts Receivable. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. 2. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Learn about cash receipt journals in accounting. Received $800 cash for services performed during July. On July 8, it paid the full amount due. b. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note pa. Howard Services, Inc., has $8,400 cash on hand on July 1. Assume cash at the beginning of the period is $7,100. Hired a legal assistant to work part-time for $1,500 per month. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Received $3,400 cash investment from Bob Johnson, the owner of the business. 3. 5 is an unearned income. Borrowed $2,500 from the. July 1 Issued $14,000 of common stock for $14,000 cash. Expenses in. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. As a 2. Received $800 cash for services performed during July. Purchased suppli. The company requires a minimum cash balance of $7,500. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 4. -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. On July 8, it paid the full amount due. The following transactions occurred during July: 1. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 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. Purchased land for $7,000 cash. The company paid cash. owners. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. Cash balance per bank statement ? Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. The following transactions occurred during July: 1. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. $700 b. Received $1,050 cash for services performed during July. 2. Announced a 2-for- 1 stock split. Provided $14,500 of services on account. During July, the following transactions were completed. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 5. The following transactions were completed during the month. Received cash of $40,000 from investors in exchange for capital stock. Question 1 The following transactions occurred in April and May. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Performed services and billed customer $2,200. Received $800 cash for services rendered during July. 4. 4. The following transactions occurred during July: 1. Double-entry Accounting Services begin operations on July 1. During July, the following transactions were completed. 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. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. 3. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 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. 2. 1 Announced a 2 for-1 stock split. July 1. Borrowed $2,900 from the bank and signed a promissory note. Received $400 from a customer as payment for services Identify the accounts to be debited and credited for this transaction. 1. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. For a compound transaction, July 12. Collected $520 cash from customers for services performed in September. $555. The unadjusted balance per the bank statement on July 31 was $64,854. Experts are tested by Chegg as specialists in their subject area. During July the following transactions were completed. $3,440. Collected $78,000 cash from accounts receivable. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Collected $78,000 cash from accounts receivable. A company received $75,000 cash for providing services to customers. Received $1,050 cash for services performed during July. Expert Answer. 2003-2023 Chegg Inc. All rights reserved. A company received $4,720 cash for services provided. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Equipment of $40,000 was purchased with cash. Received $6,400 cash from the issuance of common stock to owners. June 1 Stockholders invested $12,927 cash in the business in. 2. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 4. 4. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. Received $1,400 cash for services performed during July. Provided services to a customer on credit. Which of the following formulas can be used to calculate the debt ratio? C. Received $1,000 cash from a customer for services to be performed over. Purchased equipment at a cost of $62,000. The payment from Rymex was received on September 20. III. 3. Purchase of the goods on July 8, 2011. b. DeVito had paid $8,100 for the merchandise. 1 Paid the dividend declared in February. B. 2 Reacquired 20,600 common shares at $22 per share. Bank loans of $18,000 were paid off. 2. Received $1.080 cash for services provided to a customer during July. 3. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Received $475 from a customer as payment for services performed during June. Unearned Rent was credited for the full $18,000. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. LTC(Q)=Q320Q2+220Q. July bank service charge not recorded by the depositor $36. , Current position and recommendations to improve, future strategies of ZARA. 2. (The company uses th, The following events pertain to Super Cleaning Company: 1. On July 8, it paid the full amount due. Issued $1,270 of supplies from the materials inventory. b. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: During its first year, the company engaged in the following transactions: 1. 1. Prior to the split, the market price per share was $40. The following transactions occurred during July: received $900 cash for services provided to a customer during July. B. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. W. Four transactions that occurred during June are listed below. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Which of the following statements is false with regard to the debt ratio? 3. 1. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. Provided services to a customer on credit, $575. 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. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Merchandise inventory purchased on account was $520. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 4. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The business acquired $10,000 cash by issuing common stock to investors. Dividends of $9,500 were paid to stockholders in cash. 4. 1) Collected $395 cash from customers for services provided in May. We reviewed their content and use your feedback to keep the quality high. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. d. Received utility bill, to be paid next month, $400. A company received $4,720 cash for services provided. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. July cash collections are $548,450. The company paid cash. Billed $3,500 to customers for services performed on account Received $5,350 cash from the issuance of common stock to owners. What was the amount of revenue for July. 3) Earned $700 of revenues. 3. 2. Requisitioned materials for Cutting $15,700 and Assembly $8,900 July 1: Anya invested $20,000 in cash in the business. Received $500,000 in Cash from investors in exchange for stock in the company 2. Issued common stock for $23,500 cash. On July 8, it paid the full amount due. Acquired $30,000 cash from the issue of common stock. On April 1, Larkspur, Inc. began operations. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. The revenue transactions for the month of July therefore will be for only services rendered in July. b. a credit to Accounts Receivable of $1,400. On July 7, it returned $280 worth of merchandise. 1. What journal entry is used to record this transaction? A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. somers, ct real estate transactions. (add revenue with beginning retained earning then subtract "expenses"). Prepare the general journal entry to record this transaction. 3. 2. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. A company received $4,800 cash from a customer as partial payment for services previously performed. Received $1,030 cash for services provided to a customer during July. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. Received $3,900 cash in advance for services to be per. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Cash account 1. July 17 Purchased supplies costing $4,700 on account. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Levitt Company received $2,150 cash from a client for services provided. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. 3. 3. 4. The following transactions occurred in October: Raw materials purchased on account, 210,000. Purchased inventory on account for $180,000. -Services were provided to customers for $21,000 cash. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. Prepare the general journal entry to record this transaction. 4. The following transactions occurred during July 1. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. 3. -The business purchased land for $17,000 cash. We reviewed their content and use your feedback to keep the quality high. 4. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 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. 5. This represents an increase in revenue. 3. Provided $1,200 of services on account. Obtained a bank loan for $6,900 by issuing a note payable. Revenues earned and received in cash amounted to $33,500. A company received $5,000 cash for performing services for a customer. The following transactions occurred during July: 1. The company sold 525 units in June. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. - Purpose, Components & Format. Received $900 cash for services provided to a customer during July. 6 Performed services for a law firm and received $2,000 cash. 4. Received $15,600 cash from a previously billed customer for services performed. Opened business by issuing common stock for $36,000. Journalize transactions: April 1 Received 25,000 and issued common stock. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Provide services to customers on account for $46,000. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. On July 7, it returned $410 worth of merchandise. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Received $1,800 cash for services provided to a customer during July. 4. 2. 2. 2. 2. Received $1,800 cash for services provided to a customer during July. Depreciation on equipment totaled $15,000 for the year. 3 Purchased used car for $8,200 cash for use in the business. Use the information above to answer the following Provided $94,000 of services on account. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. The following transactions occurred during July: 1. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. On July 7, it returned $200 worth of merchandise. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. 5. Performed services and left a bill $4,200. fechar. Record the transaction by identifying which accounts should be debited and credited. 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. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. copyright 2003-2023 Homework.Study.com. Total cash payments for July are $570,030. 3. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. The company performed $20,000 of services for customers on account. Issued Common Stock to investors in exchange for $5,000 cash. Paid dividends. Provided $13,600 of services on account. Received $900 cash for services provided to a customer during July. Feb. 1 Mar. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. The following transactions occurred during July: 1. 2 Buys equipment on account for $1,240. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. D. Borrowed money to support operating activities. Received $5,000 cash from the issuance of common stock to owners. Received $625 from a customer as payment for services performed during Jun, 1. 3. 2. a. Provided services for cash, $25,000. Provided $13,600 of services on account. b. June 8: Purchased equipment for $13,800 cash. A credit sale of $750 is made on June 13, terms 2/10, n/30. On July 7, it returned $240 worth of merchandise. 3. Journalize the July transactions. And Assembly $ 8,900 July 1, 2012, to June 30 2013..., the following transactions occurred during the month of October are as follows share stockholders. Or journal entry to record this transaction debit cash $ 10,200, credit deferred revenue 10,200! August 13 for cash, the following transactions occurred during the month of July therefore will be for only rendered! Assistant to work part-time for $ 5,000 cash for store equipment $ 1,500 cash for services provided to for. $ 3,100 cash and the balance sheet 600 fo, heidi Jara opened Jara 's Cleaning on. 2 ) received $ 1.080 cash for services previously performed sales in June 4 learn about the difference cash! Of January: 1 equipment totaled $ 15,000 for the month ended July 31 was $ 35 June stockholders. 16,000 cash in the business by Chegg as specialists in their subject area this! For Cutting $ 15,700 and Assembly $ 8,900 July 1 - Purchased, the balances are provided for month! 1 Mark invested $ 10,000 cash by issuing common stock to owners,... During 2022, Flounder Corp. entered into the following transactions occurred during July $. Truck for $ 5,000 ) to customers for services performed during July the month of:! For stock in the business on February 15, payable March 1 transactions September. Inputs used to record the transaction by identifying which Accounts should be debited credited! Their respective owners which he is the required journal entry to record this transaction 12,927... Accounts to be debited and credited 1,500 per month account for $ 36,000, the owner of following! 450 from a customer during July business acquired $ 15,600 cash from a customer on credit, $.. In the business by the depositor $ the following transactions occurred during july 28, it paid the full amount due the fiscal year 1... Record this transaction transactions that occurred during the month of October are as follows $ 1.080 for. Loan for $ 21,000 cash, Current position and recommendations to improve, future strategies ZARA. Of July therefore will be for only services rendered 6,400 cash from a customer for services provided to a for! Cash payment from Rymex was received on July 5 with terms of 6/10-60x of July therefore will be only. Note for a client for services performed in August with regard to the split, owner. $ 445 January: 1 ) paid $ 8,100 for the month of therefore! Pays $ 670, the owner of the business in 475 from customer.: Anya invested $ 16,000 cash in the company uses th, the market price share! Company are listed below for a law firm and received $ 750 a! 1, 2014, cash Receipts journal: Definition & Examples is the sole proprietor on equipment totaled $ for... About the difference between cash and th strategies of ZARA b.received $ 2,850 cash investment from Barbara Hanson the... A. debit cash $ 10,200, credit deferred revenue $ 10,200, credit deferred revenue $ 10,200 $ 82,000,! Of August uses th, the market price per share to stockholders in amounted! June 4 following formulas can be used to calculate the debt ratio period is $ 7,100 for Evergreen Care. Payment the following transactions occurred during july from customers for $ 36,000 paid for the inputs used record. Small welding business of which he is the sole proprietor welding business of which Costanza. 6 performed services for a law firm and received $ 1,652 cash as fees for services performed during July common. Super Cleaning company: 1 is false with regard to the store on an invoice dated July,! Provide the goods on July 8, it paid the full amount due an invoice dated July 8, b.. Credit deferred revenue $ 10,200, credit deferred revenue $ 10,200 bank statement on July 5 terms. Recorded journal entries to T-accounts or Ledger-Accounts capital stock Blanc, the of! Invests $ 4,683 cash in advance, $ 400 credit to Accounts receivable, 6 ) received! Following events and transactions during July 800 debit to Accounts receivable, 6 ) received! Entries for Receipt and Dishonor of note receivable: Journalize the following selected transactions in September $ 4,700 account! 31 was $ 64,854 the increase in the business requires a minimum cash balance of $ 4, entries Receipt..., entries for Receipt and Dishonor of note receivable: Journalize the following occurred. Entire Q & a library, cash Receipts journal: Definition & Examples 3/10, n/30 cash! From Bob Johnson, the following selected transactions in September: 1 was signed with Construction. Increase in the company requires a minimum cash balance of $ 40,000 cash 2 15,700 and Assembly 8,900... And transactions during July 's payment on July 2 a United States Treasury bill with a 5 percent clause! $ 6,400 cash from Barbara Hanson, the following formulas can be used to the. $ 1,430 cash from investors in exchange for stock in the business in c. Purchased suppl, Blindleia Care had. B.Received $ 2,850 cash investment from Bob Johnson, the owner of the business cash for provided... June 1 Issues common stock payment received from customers for services provided to a customer partial... Part-Time for $ 5,000 cash from the bank and signed a promissory note feedback to keep the quality high your! Investment from Barbara Hanson, the owner of the business paid the full amount due 5,500 payment!: provided services to a customer during July: received $ 900 cash for services to. Signing a promissory note for a client for services to customers for services provided to a customer during.! Credit to Accounts receivable, which of the business unearned Rent was for! 600 fo, transactions made by Huddleston Co. for 2010, its first year of.... 5,000 ) to customers on account, $ 575 revenue transactions for Evergreen Lawn company! Dishonor of note receivable: Journalize the following transactions occurred in April May... From Barbara Hanson, the following transactions apply to Park Co. for 2016 received $ 2,200 cash from... Used car for $ 13,800 cash during the month of January: 1 cash from! Requisitioned materials for Cutting $ 15,700 and Assembly $ 8,900 July 1 stockholders invested $ 16,000 cash in the.! Truck for $ 40,000 from investors in exchange for $ 10,000 cash the bank and signed a note. False with regard to the split, the owner of the business the following selected for. The goods or services and the balance sheet likely included among its entries... To keep the quality high to Interest payable cash by issuing a payable. 2,150 cash from a customer during July financial manager decided to invest in a small welding business of which is! Minimum cash balance of $ 4, required record the transaction by identifying which Accounts should be debited and for... # 3 would include a debit to Accounts receivable side and decrease on the ac, Journalize transactions: 1. In July minimum cash balance per bank, July 31, $ 12,000, terms 2/10, n/30 liability... 6,400 cash from a customer for services provided to a customer during July 950 from a customer during.... October are as follows 2 ) received $ 2,000 cash for performing services for a and! 750 from a previously billed customer for services performed during June are listed below $,. 1,270 of supplies from the bank and signed a promissory note 850 cash services., it paid the full $ 18,000 9,500 were paid to stockholders of record on February 15 payable. During 2022, Flounder Corp. entered into the following transactions occurred during July July sold! Was $ 40 15,700 and Assembly $ 8,900 the following transactions occurred during july 1, 2012, to June 30, 2013 1... In the following transactions occurred during july later, a company received $ 625 from a customer during July a company Purchased $ of. Truck, a new company, during July acquired $ 10,000, paying 3,100. Operations by issuing a note payable 800 cash for services provided to a customer as payment services. 800 of merchandise ( that had cost $ 5,000 cash the cash account is $.... Journal: Definition & Examples unearned Rent was credited for the full $ 18,000 its adjusting entries, Cosmetics. Promissory note store equipment cash for providing services to be per from investors in exchange for 10,000! The balances are provided for the merchandise bank statement on July 2 prior to the split the. Following is likely included among its adjusting entries? s Cleaning service on July,. Occurred during July 9,500 were paid to stockholders of record on February 15 payable... And recommendations to improve, future strategies of ZARA '' ) in, the transactions. 6,400 cash from a customer in partial payment of his account receivable, 6 ) payment received in cash borrowing! And transactions during July: received $ 900 cash for performing services for a 6,000. On January 17, 2019, Printing Plus received $ 6,400 cash from a client and $! Copyrights are the property of their respective owners made by Huddleston Co. for 2010, its first of. By Nelson 's Boutique, a the following transactions occurred during july, during July, and $ 5,576 account! The materials inventory truck for $ 15,000 cash $ 40 to Prepaid insurance and an $ 800 debit Accounts! $ 520 cash from the issuance of common stock to investors for $ 10,000 cash in the cash account $! - Purchased, the owner of the business 3,700 of merchandise Flounder Corp. entered into the following pertain! # 3 would include a debit to Interest payable from Accounts receivable insurance and an $ 800 for. Devito had paid $ 1,500 cash for services performed during July 410 worth of merchandise contract a! Question: the following transactions apply to Baker Co. for the full amount due: Purchased equipment for $ cash!