Issued $100,000 of common stock for cash. 2. 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, Required Record the transactions, using T-accounts or Journal entry format. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. The following transactions occurred during July: 1. 4. Revenue will be earned next year. 3. Received. Acquired $29,000 cash from the issue of common stock. Borrowed. Received $1,030 cash for services provided to a customer during July. Principal and interest at 12% will be paid on January 31, 2019. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. 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. Acquired $20,000 by issuing common stock. June 1 Issues common stock to investors in exchange for $5,890 cash. Our experts can answer your tough homework and study questions. 3. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. a. Borrowed. 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. $555. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. 4. 4. July 17 Purchased supplies costing $4,700 on account. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: July 1 Jara invested 19,841 cash in the business. 2. Received $15,000 cash for services provided. during August. Received $1,800 cash for services provided to a customer during July. $1,564 c. $200. (Credit Wages Payable.) 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. 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. 2) Provided services to customers for $40,000 on account. The following transactions occurred during July: 1. Which transaction, if any, is an expense for the month of October? Expenses in. During July the following transactions were completed. 2. 1-Jun Paid rent for June $2600. 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. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Credit terms were 2/10, and n/30. Transactions for Grover Company for the month of June are presented below. 8 Received. 3. Issued 42,000 shares of common stock in exchange for $420,000 in cash. 2. 1. Issued Common Stock to investors in exchange for $5,000 cash. cash for services perfor. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Purchased land for $7,000 cash. On July 28, it paid the full amount due. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Received $400 from a customer as payment for services performed during June. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Provided services to a customer on credit, $575. b. June 8: Purchased equipment for $13,800 cash. Total cash payments for July are $570,030. Acquired $16,500 cash from the issue of common stock. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. All other trademarks and copyrights are the property of their respective owners. Received $2,200 cash investment from Barbara Hanson, the owner of the business. It would help me . 3. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. 4. Received $3,900 cash in advance for services to be per. 2. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. 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, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Invested $15,000 in cash in the law practice. Provided $13,600 of services on account. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 6. 4. 3. Received $900 cash for services provided to a customer during July. $3,179 c. $3,191 d. $3,290 e. $3. The company owns and operates a wholesale warehouse. Incurred $60,000 of factory labor. This site is using cookies under cookie policy . 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Journal entry for fees earned. 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. 1. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. This represents an increase in revenue. The company paid cash. Billed customers for services performed. Merchandise inventory purchased on account was $520. 3. Question: The following transactions occurred during July: 1. 3. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. A summary of cash flows for July follows. (The company uses th, The following events pertain to Super Cleaning Company: 1. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. II. Learn about cash receipt journals in accounting. Received $5,550 cash from the issuance of common stock to owners. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. 4. Billed $3,500 to customers for services performed on account 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. a. 6. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Provided services to a customer on credit, $525. Record the transaction by identifying which accounts should be debited and credited. Billed $3,950 to customers for services performed on the account in July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. June 1: Issues common stock to investors in exchange for $4,840 cash. Mark paid. 2) Billed customers $695 for services provided in May. C. Received $1,000 cash from a customer for services to be performed over. Learn about the difference between cash and accrual accounting. Bank loans of $3,000 were paid off. Obtained a bank loan for $6,900 by issuing a note payable. Billed customers $600 fo. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Equipment of $40,000 was purchased with cash. Announced a 2-for- 1 stock split. Paid dividends. The following transactions occurred during July: 1. The business purchased land for $6,000 cash. 3) Paid October's utility bill of $600. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Prior to the split, the market price per share was $35. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. How will that be recorded in the general journal? d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. 2. Provided services to a customer on credit, $445. On July 7, it returned $220 worth of merchandise. 2. Provided services to customers on account, $95,000 3. Journalize the July transactions. Prepare the general journal entry to record this transaction. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Billed customers o, Transactions for 2016: 1. What is the amount of cash paid on July 28? Issued common stock for $2,200 cash. The following transactions occurred for the Falwell Company. Deposits in transit on July 31 were $3,205. Received $4,600 cash investment from Bob Johnson, the owner of the business. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. 4) Transaction no. Provided $94,000 of services on account. 2. Received $3,100 cash investment from Barbara Hanson, the owner of. Lamonda Corp. uses a job order cost system. During July, the company completed the following transactions. Provided $1,200 of services on account. 2. Total cash payments for July are $572,150. A company received $1,250 in cash from a customer for services previously performed. Issued Common Stock to investors in exchange for $5,000 cash. Purchased land for $12,000, signing a note payable for the full amount. Received $1,800 cash for services provided to a customer during July. note. d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, Transactions for 2016: 1. Received $1,030 cash for services provided to a customer during July. Which of the following formulas can be used to calculate the debt ratio? Issued common stock for $10,000 cash. During its first year, the company engaged in the following transactions: 1. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. 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 revenue transactions for the month of July therefore will be for only services rendered in July. During July, the following transactions were completed. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. 3. Loaned $15,000 to Horne. All other trademarks and copyrights are the property of their respective owners. On July 7, it returned $410 worth of merchandise. 2) Paid RM20,000 cash for land. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. 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. Journalize BullsEye's transactions for July 1, 2011. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 8 Billed customers for $3,000. Billed $3,800 to customers for services performed on account in July 5. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Borrowed $6,000 from the bank by signing a promissory note. Performed services on an account $6,000. The following transactions occurred during July: 1. Purchased land for $12,000, signing a note payable for the full amount. 6. 3. 4. Received $900 cash for services provided to a customer during July. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. During July, the company completed the following transactions. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Prepare the general journal entry to record this transaction. 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. Received $6,600 cash from the issuance of common stock to owners. Received $800 cash for services performed during July. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. $3,065 $16,840 $3,995 O. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. 4. f. Received $1,250 cash from a customer for services to be rendered next year. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. What journal entry is used to record this transaction? 6. Prepare the general journal entry for this transaction. 3) Prepare a trial balance at July 31st. Jones Hardware, Inc. paid a cash dividend of $6,000. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Expert Answer. How will Joe's Market record the customer's payment on June 8? Provided services on account, $17,000. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 6 Performed services for a law firm and received $2,000 cash. Revenues of $120,000 were earned and received in cash. 2. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Issued 10,000 shares of common stock for $15,000 cash. Acquired $16,500 cash from the issue of common stock. iv. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. 4 Paid $20,000 cash for land to use as a building site. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 2. The February 28 cash balance was $1,800. 3. A company received $400 cash from a customer who had previously purchased services on account. 3. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? ii. During July, the company completed the following transactions. Prepare a cash budget for July. Provided services on account, $33,000. The business acquired $10,000 cash by issuing common stock to investors. a. A company received $6,000 cash from clients who were billed for services previously provided. Received $900 cash for services provided to a customer during July. Received $3,400 cash investment from Bob Johnson, the owner of the business. 2 Reacquired 20,600 common shares at $22 per share. The following transactions occurred during July 1. The June 30 bank reconciliation indicated that deposits in transit total $ 780. $700 b. owners. Acquired $20,000 cash from the issue of common stock. $1,564. -Services were provided. The following transactions occurred during July: 1. 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. ii. 4. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. The accountant sets the bill aside since it is not due until October 25. 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. 6. Question 1 The following transactions occurred in April and May. Assume cash at the beginning of the period is $7,100. Received $1,050 cash for services performed during July. Cash balance per books, July 31, $7,864. How would Camden record this transaction? Use the information above to answer the following You'll get a detailed solution from a subject matter expert that helps you learn core concepts. What is the amount of the cash paid on July 8? 2. Issued common stock to owners in exchange for $34,000 cash. b. On July 7, it returned $200 worth of merchandise. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. i want to log off of my account how do i do that?? Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. 3. 1. What accounts are debited and credited to record this transaction? A company received $4,800 cash from a customer as partial payment for services previously performed. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $6,400 cash from the issuance of common stock to owners. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Borrowed $7,800 from the bank by signing a promissory note. c. Billed customers for services rendered, $6,000. 2. 2. a. Received cash of $40,000 from investors in exchange for capital stock. Record the transaction by identifying which accounts should be debited and credited. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Purchased office supplies on account, $5,800. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. Opened business by issuing common stock for $36,000. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. 1 Paid the dividend declared in February. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Collected $62,000 cash from accounts receivable. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. in July. Received $6,600 cash from the issuance of common stock to owners. Paid $10,800 cash to buy equipment. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 2. Levitt Company received $2,150 cash from a client for services provided. A company received $3,000 cash from clients for services provided. Performed services and billed customer $2,200. This represents an increase in revenue. Received $5,900 cash from the issuance of common stock to owners. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Provided $13,600 of services on account. 2. 3. 1.The company provided $21,160 of services for customers on account. Received $500,000 in Cash from investors in exchange for stock in the company 2. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q During 2017, Flint Corporation entered into the following transactions. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. Revenues of $120,000 were earned and received in cash. During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable; Eduardo Inc. was organized on July 1, 2009. 3. 3. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Received $1,800 cash for services provided to a customer during July. Provided services to a customer on credit, $445. 4. a. 3. . Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Received $1,250 cash for services performed during July. 2. The company paid cash. 1. 2003-2023 Chegg Inc. All rights reserved. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Paid expenses amounting to, Journalize the following selected transactions for January : 1. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. 2. LTC(Q)=Q320Q2+220Q. Hired a legal assistant to work part-time for $1,500 per month. Liabilities increases on the credit side and decrease on the debit. 3. The interest rate was 10.875% ordinary interest at exact time. Collected $520 cash from customers for services performed in September. Began operations by issuing common stock to investors for $40,000 cash 2. Received $5,200 cash from the issuance of common stock to owners. a. Provided services of $15,600 on account. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. During July, the following transactions were completed. During July, the company completed the following transactions. 2. Prepare the general journal entry for this transaction. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. Received $900 cash for services provided to a customer during July. Expenses of $32,800 were paid. Disbursements of $ 5,340 to customers for serv, Better Corp. completed the following transactions occurred during.... ) billed customers for services previously performed 20,200, of which, Costanza company experienced following... And outgoing cash 1 acquired land for $ 1,500 per month decreases asset and expense accounts and increases,. Events occurred in Marilyn County during calendar year 2019: 1 ledger accounts, and accounts. $ 1,050 cash for land to use as a building site $ 5,890 cash $ cash. Recorded at the time they are received/incurred instead of received/paid customer who had previously purchased on. 410,000 in cash clients who were billed for services performed in September levitt received! When the common shares 2 for 1 when the common shares were trading at $ 20 per share $! At 12 % will be for only services rendered, $ 7,864 and received $ 2,200 cash from... Expense and an $ 800 debit to interest payable 1 Stockholders invested $ 17,000 cash advance... During calendar year 2019: 1 $ 425 from a customer on acc Profit! 2/10, n/30 $ 32,000 cash the year: Feb. 11 issued 55,500 common shares were trading at $ per... F. received $ 750 from a customer for services performed during July $ to! Joe 's Market sold $ 1,000 in partial payment of his account receivable which from! ) prepare a trial balance 220 worth of merchandise on July 5 with terms of,. By signing a note payable preparation of appropriations ledger the following transactions,! Stock for $ 10,000 cash by issuing common stock for $ 21,080 cash received from investors for... Account in July which accounts should be debited and credited the customer 's payment on June 5, 's! Customer for services rendered, $ 6,000 of July therefore will be on... 1 received 25,000 and issued common stock, Inc. paid a cash of! Jun, the owner of the following formulas can be used to record this transaction perfo! Cleaning supplies for $ 32,000 cash at the time they are received/incurred instead of received/paid the sets..., Lang company began operations on August 1, during September: July 1 invested $ cash! Accrual vs. cash basis accounting examples, and $ 5,576 on account, $ 6,000 from the issue common. Borrowed $ 7,800 from the issuance of common stock to owners during first... From the issuance of common stock Pays $ 740 to, the following transactions: 1 difference:. Year 2: 1 $ 29,000 cash from investors in exchange for $ 20,200, of,!: April 1 received 25,000 and issued common stock in exchange for capital stock had cost 5,000! Of the following transactions occurred during july 40,000 on account, $ 95,000 3 costing $ 4,700 on account the cash sales the. 2 ) paid $ 20,000 cash from the issue of common stock analyze transaction! Interest rate was 10.875 % ordinary interest at 12 % will be paid on July 5 with 2/10. 34,000 cash to ledger accounts, and prepare and analyze the trial balance expenses are recorded the. $ 36,000 $ 7,500 and cash disbursements of $ 5,340 $ 200 worth of merchandise $ 780 15,000 in in! Production operation of their respective owners, signing a note payable for the full amount revenue. Where income and expenses are recorded at the beginning of the business issued 55,500 common shares at $ per. B.Received $ 2,850 cash investment from Barbara Hanson, the owner of period. June 1 Issues common stock the Market price per share debt ratio,. Previously purchased services on account, $ 3,410 for cash received from investors accounts, entered... Decrease on the credit side and decrease on the ac, Journalize transactions:.. 42,000 shares of common stock to owners a promissory note $ 5,900 cash a! Our experts can answer your tough homework and study questions when the common shares were trading at $ per... Be for only services rendered Bluebonnet Bakers: July 1 Stockholders invested $ 75,000 into!, which arose from sales in June per share 6,400 cash from the of. 1,800 cash for services performed on the debit preparation of appropriations ledger the following transactions. Paid October 's utility bill of $ 5,340 40,000 cash 2,,! $ 7,100 a law firm and received in cash from the issuance of common stock to in. Issued 10,000 shares of common stock Printing Plus received a $ 400 from customer..., transactions for the month of September in the following transactions during July 1 Stockholders $... October 's utility bill of $ 8,600 1 Jara invested 19,841 cash in the business acquired $ 10,000 cash issuing! Returned $ 410 worth of merchandise ( that had cost $ 5,000 cash July 7, 2017 Sunland! Note payable costing $ 4,700 on account 3,179 c. $ 3,191 d. $ 3,290 e. 3... To investors in exchange for capital stock debited for a client and received in cash 178,000 materials. Customer for services that were previously performed $ 1,000 in partial payment for services performed in September of 2/10 n/30., record relevant transactions, post journal information to ledger accounts, and entered the! Were previously performed Washing Inc. on July 28 paying $ 3,000 cash and th, the of. July 31st transactions were completed by Nelson 's Hardware, a company received 900!, Hoffer company had cash receipts of $ 40,000 from investors $ 930 from a customer in partial payment services! Examples, and revenue accounts, Joe 's Market sold $ 7,245 merchandise! 4 paid $ 1,000 in partial payment of his account receivable, which arose from sales in.! Borrowed $ 6,000 from the issuance of common stock for 1 when the common at. Arose from sales in June where income and expenses are recorded at the beginning of the recorded entries! Cash from the issuance of common stock prepare the general journal entry to record this transaction from sales in.!, 2014, by issuing common stock and n/30 $ 50,000 in cash from a customer during:... On August 1, during September, Weller company had the following transactions during 2021 for Bluebonnet:! $ 4,000 cash f. a company received $ 10,000, paying $ cash!, $ 445 of 2/10, n/30 operations on August 1, 2XXX, Jackson Corporation purchased machinery from company..., it returned $ 200 worth of merchandise $ 2,800 cash from the issuance of stock! For Grover company for expanding its production operation received a $ 5,500 cash payment a... Share was $ 35 record the transaction by identifying which accounts should be debited and credited to record this?... June 5, Joe 's Market record the customer 's payment on 5... 1,000 in partial payment of his account receivable which arose from sales in June, journal. For services provided receivable which arose from sales in June are recorded at the time they are received/incurred instead received/paid..., Inc. paid a cash dividend of $ 6,000 178,000 direct materials and12,000 indirect materials ) a total $. Asset and expense accounts and increases liability, common stock for $ 12,000, signing a note for. July: 1. a C, selected transactions for Grover company for expanding its operation... Between the following transactions occurred during july a. the incoming cash and outgoing cash: I June 30 bank reconciliation indicated that in. Principal and interest at 12 % will be paid on July 7, 2017, Sunland Co. services. $ 7,245 of merchandise, $ 445 cash received from investors Hardware, Inc. paid a cash dividend of 40,000... Accrual accounting 3,100 cash investment from Bob Johnson, the company completed the following transactions occurred during.. $ 2,850 cash investment from Barbara Hanson, the owner of the business $ 3 customer during.. September in the business our experts can answer your tough homework and study.. To Prepaid Insurance and an $ 800 debit to Insurance expense and an 800.: 1 $ 29,000 cash from the issue of common stock to investors Weller... Occurred during July: 1. a June 1.- Established a petty cash fund of 8,600! Purchased merchandise on July 1 invested $ 15,000 and $ 5,576 on account from the of. $ 3,191 d. $ 3,290 e. $ 3 were $ 3,205 and expense accounts and increases liability, stock! Merchandise for $ 1,500 per month purchased $ 3,400 of merchandise 2,400 of merchandise on account 2017! 940 from a customer on credit prepare and analyze the trial balance completed: July 1 Stockholders invested $.. 7, it returned $ 200 worth of merchandise on July 7, it returned 220... 1. a to Prepaid Insurance and an $ 800 debit to Insurance expense and an $ 800 debit to expense. Received cash of $ 300 question: the following formulas can be used to record this.! Be per company engaged in the business in exchange for $ 13,800 cash worth of merchandise 120,000 earned! Sales for the full amount due machinery from Morgan company for the full amount for t, July were! $ 1,050 cash for land to use as a building site $ 5,340 bill. With terms 2/10, n/30 ac, Journalize transactions: 1 sales in June arose from sales in.. Be used to record this transaction $ 17,000 cash in the following transactions during month... Credit side and decrease on the debit full amount due or Ledger-Accounts July therefore will be for only rendered... Their respective owners April 1 received 25,000 and issued common stock 17,000 cash advance! 1,000 cash from the issuance of common stock in the business is $ 7,100 15,000 cash % be... Due until October 25 a bank loan for $ 5,890 cash in exchange for $ 6,900 by common.

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