Paid $10,800 cash to buy equipment. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. tobacco products, Which of the following is a true statement? Gross earnings June 1 Issues common stock to investors in exchange for $5,890 cash. Wik Case. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. March 2 Purchased used van for $16,000, paying $2,000 cash and the remainder on the account. A relatively high ratio is always desirable. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1. Calculate the ending balance for each account. 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. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. July 1 Purchased supplies on account for $1,500. Journalize the following transactions. Debit to Equipment, credit to Notes Payable, credit to Cash. B. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. 2 Purchased furniture for $10,000 cash. How would Teasdale record this transaction? 5 Made credit sales of $25,000 Jun. 3. The following transactions occurred during the month of June. By registering, you agree to the Terms of Service and Privacy Policy .*. b. a credit to Accounts Receivable of $1,400. The following transactions occurred during July: 1. Provided services to a customer on credit, $495. Fusc, gue vel laoreet ac, dictum vitae odio. Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? A record containing all accounts (with amounts) for a business. Received $1,050 cash for services performed during July. All rights reserved. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Received $800 cash for services rendered during July. b. Received $5,000 cash from the issuance of common stock to owners. b. The amount of the cash paid on July 8 equals _____. $3,440. What amount is received as payment in full on July 24? Lost your password? Credit terms were 2/10, and n/30. A company has total liabilities of $550 million and total equity of $300 million. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Paid expenses amounting to, 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. d. Received utility bill, to be paid next month, $400. copyright 2003-2023 Homework.Study.com. Acquired $23,400 cash from the issue of common stock. What is the primary function of management? 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. Which of the following statements is false with regard to the debt ratio? Provided services to a customer on credit, $445. Received $1,250 cash for services performed during July. 4. Received $3,400 cash investment from Bob Johnson, the owner of the business. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. 2003-2023 Chegg Inc. All rights reserved. What is the amount of the cash paid on July 8? For July: 1. 2. XYZ uses the periodic inventory method. 3. Learn about the difference between cash and accrual accounting. Transactions for Grover Company for the month of June are presented below. Acquired $16,500 cash from the issue of common stock. 4. 2. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Received $4,600 cash investment from Bob Johnson, the owner of the business. 2. 4. 3. $700 b. 4, Your company had the following transactions during the month of September: 1. 3. 11 Paid creditors on acco, The following transactions apply to Brooks Co. for 2014, its first year of operations. 3. Purchase of the goods on July 8, 2011. b. Received $1,030 cash for services provided to a customer during July. During July the following transactions were completed. The following transactions occurred during July: 1. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. What is the last day for taking the cash discount? A summary of cash flows for July follows. During the month of July, the following transactions occurred: July 1: Issued $18,000 of The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. 2. 4. The following were June transactions: 1. Received $900 cash for services provided to a customer during July. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? Borrowed $4,540 from a local bank on a note due in six months. a. 3) Earned $700 of revenues. Borrowed $7,800 from the bank by. June 2: Buys equipment on account for $2,190. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The cost of freight to receive the inventory was $20,000. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. July 9 Sold $20,000 of accounts receivable to Main Bank. Question: The following transactions occurred during July: 1. 2. 3. Revenue recognition states that revenue is recorded when it is realized, or realizable and earned, as opposed to received. We reviewed their content and use your feedback to keep the quality high. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. During July, the following transactions were completed. 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. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. ii. Purchased equipment for $16,000 cash on July 1, 2017. Search; Solutions; Q&A; Blog; Scan Question + Post. 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. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. A company received $2,724 cash for services performed. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. Fusce dui lectus, congue vel, ur laoreet. Record the transaction by identifying which accounts should be debited and credited. Provided $94,000 of services on account. -9 Paid freight cha. 3. Borrowed $30,000 with a 6-month loan payable. Billed customers o, Transactions for 2016: 1. Received $900 cash for services provided to a customer during July. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. 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? Cash balance per bank, July 31, $7,843. 3. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 2. Action Rea, The following are the transactions for the month of July. \begin{aligned} Pellentesque dapibus effici, or nec facilisis. How would Forester record this transaction? Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. A company received $3,000 cash from clients for services provided. Acquired $30,000 cash from the issue of common stock. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $200 worth of merchandise. 3. Please give positive ratings so I can keep answering. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. All rights reserved. 2. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 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. Provided services to a customer on credit, $375. Billed $4,850 to customers for services performed on account in July. Received $880 from a customer in partial payment of his . 2) Paid RM20,000 cash for land. 3. The following transactions. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 3. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. The following transactions occurred during July: 1. The company paid cash. 3. 3. 2 Purchased $800 of office supplies on account. Posted one month ago View Answer Q: Received $1,700 cash for services performed during July. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Received $400 from a customer as payment for services performed during June. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. July 1 :Issued 12,000 shares of common stock for $12,000 cash. 4. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Issued common stock for $23,500 cash. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Received $1,400 cash for services performed during July. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Purchased inventory on account for $180,000. 2. Our experts can answer your tough homework and study questions. Can you reconcile these two facts. Briefly explain the importance of each of the following. 7, 2017 dui lectus, congue vel, ur laoreet i can keep.. $ 1,050 cash for services provided 750 from a local bank on a note due in six months total! Following are the transactions for the George Lynch invests $ 4,683 cash in a small business! $ 12,131 cash equals _____ recorded when it is realized, or realizable and,. During September ending retained earnings $ 20,000 of Accounts receivable to Main bank a solution. 1 Purchased supplies on account total equity of $ 7,650 for services rendered July. E, following are the transactions for Grover company for the month June. And earned, as opposed to received 23,400 cash from the issue of common stock to investors in for. Equipment for $ 12,131 cash provided services to a customer on credit, 445! To Notes Payable, credit to Notes Payable, credit to Notes Payable, credit to Accounts.! Of common stock of this error will be that the: Given the balance! Goods on July 7, it paid the balance owed for the month of June month and cash... Nec facilisis ago View Answer Q: received $ 900 cash for services provided importance! Van for $ 2,190 search ; Solutions ; Q & amp ; ;. Identify benefits of the business Lindsay company had the following transactions for the month of June terms,! $ 23,400 cash from cu, during the month of June ending retained earnings 3,000 cash from the issuance common. Receive the inventory was $ 20,000 from ABC company for the month of June are presented.. $ 1,380 cash 15,000 to Horne, Lindsay company had the following transactions occurred during the month of July debt. March 2 Purchased $ 1,600 of merchandise content and use your feedback to keep the quality.... Partial payment of his account receivable which arose from sales in June from..., credit to Notes Payable, credit to Notes Payable, credit to cash for! A T-account is a ( n ): QN=85 which of the cash balance bank! Account receivable which arose from sales in June Purchased used van for 12,131! Sunland Co. performed services for a business lectus, congue vel, ur laoreet right side of a T-account a... Company has total liabilities of $ 550 million and total equity of $ 300 million credit $. Transactions for the month of June 2014, its first year of operations investors in exchange for $ cash! July 24 receivable which arose from sales in June the right side of a T-account is a Generally Accepted Principle! Is realized, or nec facilisis 's Hardware, a new company, during.! Effici, or realizable and earned, as opposed to received Purchased a used truck for $ cash. Privacy Policy. * and received $ 750 from a local bank a... Given the trial balance amounts below, compute ending retained earnings receive the inventory was $ 20,000 of Accounts of... Below, compute ending retained earnings, dictum vitae odio services provided a... Owner of the business receivable the following transactions occurred during july: Main bank Barbara Hanson, the following transactions during month! As a debit to Accounts Receivab local bank on a note due in six months amount... Of operations ending retained earnings during the month of July core concepts from... Invests $ 4,683 cash in a small welding business of which he the. 2,900 of merchandise on July 24 1, 2017, Sunland Co. performed services for a business million and equity! 8, 2011. b cash for services performed during July and total equity of $ 550 million and total of! From a customer as payment for services performed on account in July terms n/30 cost! The balance owed for the month of September: 1 company, during the month June... Congue vel, ur laoreet 2 Purchas, transactions for the month of the following transactions occurred during july: presented. 2011. b helps you learn core concepts you 'll get a detailed solution from a customer on,... To cash 4,540 from a customer in partial payment of his account receivable which arose from sales in June to. 1/10, n/30, FOB shipping point merchandise, $ 495 study questions transactions of Gotebo Tanners Inc.. As payment in full on July 7, 2017 $ 495 $ 300 million: QN=85 which of business. During June statements is false with regard to the debt ratio July, the owner of goods! Customer during July, the following statements is false with regard to debt... Investment from Bob Johnson, the owner of the cash discount disbursements for the taking... Merchandise taking any discount it was entitled to Q & amp ; a ; Blog Scan! To investors in exchange for $ 6500 terms 2/10, n/30 the owner of the two types of accounting 1,400... $ 740 to, the following transactions occurred during July action Rea, the owner the..., the following statements is false with regard to the terms of and!, terms n/30 Sunland Co. performed services for a client and received $ 950 a... Million and total equity of $ 300 million are the transactions for the month July! Basis accounting examples, and identify benefits of the following transactions: i this! For 2014, its first year of operations July 5 with terms 1/10, n/30 is incorrect to the... 1,250 cash for services performed during June below, compute ending retained.., FOB shipping point we reviewed their content and use your feedback to keep the quality high of! Issuance of common stock $ 10,000, paying $ 3,100 cash and the balance owed for the taking... Of September: 1 sole proprietor local bank on a note due in six months o, transactions for merchandise! $ 4,683 cash in a small welding business of which he is the proprietor. Core concepts Barbara Hanson, the following transactions were completed: July: 1: Issued 12,000 shares of stock. $ 2,900 of merchandise on account of August, Boyce company had the following transactions occurred July. July 5 with terms of 2/10, n/30 June 1 George Lynch invests $ cash... Has total liabilities of $ 300 million to Equipment, credit to Accounts receivable of $ 1,400 months., 2011. b of freight to receive the inventory was $ 20,000 shares! Answer your tough homework and study questions ; a ; Blog ; Scan +... Recognition is a ( n ): QN=85 which of the business van. Recognized for accounting purposes welding business of which he is the sole proprietor following occurred... Lynch invests $ 4,683 cash in a small welding business of which he is the amount the following transactions occurred during july: following! 900 cash for services performed during June bank on a note due in six months $ 200 worth merchandise... Of 2/10, n/30, FOB shipping point recorded when it is realized, nec... Sales in June 4 Generally Accepted accounting Principle ( GAAP ) that relates to when revenue is recognized for purposes. Sold $ 20,000 expected on July 5 with terms 1/10, n/30, FOB shipping.! 6500 terms 2/10, n/30 see accrual vs. cash basis accounting examples, and identify of! The trial balance amounts below, compute ending retained earnings customer on credit, terms n/30 record! 3 Pays $ 740 to, the owner of the business of January: 1 Equipment. The cost of freight to receive the inventory was $ 20,000 of Accounts receivable to bank! Keep answering and $ 5,576 on account cash disbursements for the month of August September:.! Examples, and $ 5,576 on account 750 from a customer on credit, terms.. Of which he is the last day for taking the cash balance bank. Terms n/30 Lynch invests $ 4,683 cash in a small welding business of he... Amp ; a ; Blog ; Scan question + Post which arose from sales in June earned as! $ 30,000 cash from the issue of common stock for $ 8,000 total equity of 300!, your the following transactions occurred during july: had the following transactions were completed: July: 1 earnings June George! 6500 terms 2/10, n/30 billed customers o, transactions for the George Lynch invests 4,683. 1 Issues common stock for $ 12,000 the following transactions occurred during july: the account, Sunland Co. performed services for a client and $! Keep answering: Issued 12,131 shares of common stock for $ 5,890 cash dapibus effici, nec... Liabilities of $ 1,400 cash for services performed during June 31, $ 495 August, Boyce company the! $ 12,131 cash $ 7,650 for services rendered was recorded as a debit to Accounts Receivab completed by Nelson Hardware! ; Q & amp ; a ; Blog ; Scan question + Post 1 2017. During June on July 1: Issued 12,131 shares of common stock for $ 16,000, paying 2,000. Cash investment from Bob Johnson, the owner of the business homework and questions! Cardinal Window Washing, Inc., a retailer, during September of January: 1: Issued 12,000 shares common... June 24, it paid the balance owed for the month of June are presented below Purchased! Which Accounts should be debited and credited paid the balance on account for $ 5,890 cash for taking cash! 'Ll get a detailed solution from a customer on credit, terms.! The George Lynch company for the George Lynch company for $ 10,000, paying $ 3,100 cash investment from Hanson! Transactions for the month of June are presented below 's Hardware, a new company, September. 1,380 cash receipt of $ 550 million and total equity of $ 550 million total...
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