A record containing all accounts (with amounts) for a business. d. 4. What is the primary function of management? Borrowed $80 from, 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, Debra Company began operations on June 1. During the first month of operations the following transactions. The following transactions occurred during July. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 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. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. The February 28 cash balance was $1,800. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Please briefly explain why you feel this user should be reported. July 1 Anya invested $20,000 cash in the business. 2. 2. Record the transaction by identifying which accounts should be debited and credited. Assume 360 days in a year. 2. 3. 3) Prepare a trial balance at July 31st. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. How would Teasdale record this transaction? 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. Pellentesque dapibus eff, ultrices ac magna. Received $400 from a customer as payment for services performed during June. 3. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. Received $5,000 from issuance of stock to investors. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. Question: The following transactions occurred during July: 1. 3. A summary of cash flows for July follows. This represents an increase in revenue. On July 7, it returned $280 worth of merchandise. W. Four transactions that occurred during June are listed below. Which transaction, if any, is an expense for the month of October? Received $750 from a customer in partial payment of his account receivable which arose from sales in June. d. $3,600. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. gue vel laoreet ac, dictum vitae odio. Received $8,150 cash from the issuance of common stock to owners. 3. $3,065 $16,840 $3,995 O. 2 Borrowed $20,000 from the bank and signed a long-term note payable. -9 Paid freight cha. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. (2) Received $500 cash from Barbara Blanc, the owner of the business. 5. 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. The business acquired $10,000 cash by issuing common stock to investors. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. 3. Provided services to a customer on credit, $375. 3. B) September. July bank service charge not recorded by the depositor $37. This was paid in cash. 5 Made credit sales of $25,000 Jun. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. The June 30 bank reconciliation indicated that deposits in transit total $ 780. 2. 7. Sold common stock to owners for $200,000 cash. Received $900 cash for services provided to a customer during July. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. What amount is received as payment in full on July 24? March 1 Issued common stock for $20,000 cash. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. QN=92 Wisconsin Rentals purchased office supplies on credit. All rights reserved. We reviewed their content and use your feedback to keep the quality high. 2. The cash paid on June 24 equ. m ipsum dolor sit amet, consectetur adipiscing elit. 5. II. 2. July 1 Purchased supplies on account for $1,500. 3. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 4. During July, the following transactions were completed. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. $y=(a x+b)^{6}, y^{\prime \prime \prime}$. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. Paid $10,800 cash to buy equipment. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. c. The left side of a T-account is the debit side. $555. 4. Borrowed $7,800 from the bank by. Experts are tested by Chegg as specialists in their subject area. Action Rea, The following are the transactions for the month of July. Jefferson Corporation was started on January 1, 2014. Issued Common Stock to investors in exchange for $5,000 cash. Prepare the general journal entry to record this transaction. a. June 1: Issued common stock to several investors for $73,700. a. Debit cash $10,200, credit deferred revenue $10,200. Services were provided to cust. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . 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. 2. $410 b. The following transactions occurred during July: 1. Revenue recognition states that revenue is recorded when it is realized, or realizable and earned, as opposed to received. 6. Received $6,000 cash from issuing common stock 2. b. What is the amount of the cash paid on July 8? The following transactions occurred during July: 1. Our experts can answer your tough homework and study questions. 3. Received $1,200 cash for services performed during July. 1. The cost of freight to receive the inventory was $20,000. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. 2. QN=94 On September 30, the Cash account of Value Company had a normal balance of $5,000. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 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. 3.. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. Received $1,090 cash for services provided to a customer during July. 104$^\circ$F, *Graph the syst em of linear inequalities and indicat e the solution set. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. All other trademarks and copyrights are the property of their respective owners. Obtained a bank loan for $6,900 by issuing a note payable. In addition to significant new rule proposals, including on climate and . During the year, the following transactions occurred. June 1 Issues common stock to investors in exchange for $5,000 cash. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Billed $4,850 to customers for services performed on account in July. On July 8, it paid the full amount due. $$ The following transactions occurred during July: 1. Provided services to a customer on credit . &x+2 y \geq 4 \\ Borrowed $25,000 cash from creditors. b. The February 28 cash balance was $1,800. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. June 1 Issues common stock to investors in exchange for $5,890 cash. $900 b. Cash sale of $4. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. d. Received utility bill, to be paid next month, $400. On July 8, it paid the full amount due. d. Assets that represent prepayments of future expenses. Fusce dui lectus, congue vel, ur laoreet. C. $1,568. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. b. Debi. Transactions made by Huddleston Co. for the month of March are shown below. On July 7, it returned $320 worth of merchandise. The following transactions were completed during the month. Issued $60,000 of common stock for cash. Issued 11,000 shares of common stock for $11,000 cash. 4. The City of Spainville approved the construction of a city hall complex for a total cost of. QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. Received $2,200 cash investment from Barbara Hanson, the owner of the business. $3,179 c. $3,191 d. $3,290 e. $3. VIDEO ANSWER: Greetings everyone. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 2 Purchased furniture for $10,000 cash. 4 Purchased supplies on account, $1,970. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The stock has a stated value of $4 per share. Billed $4,850 to customers for services performed on account in July. Borrowed $30,000 with a 6-month loan payable. 2. Terms on sales on account are 1/10, n/30, FOB shipping point. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 2 Purchased $800 of office supplies on account. Journalize transactions: April 1 Received 25,000 and issued common stock. Received $1,700 cash for services performed during July. The following transactions occurred during July: 1. Received $5,000 from issuance of stock to investors. By registering, you agree to the Terms of Service and Privacy Policy .*. 4) Transaction no. Billed $3,500 to customers for services performed on account in July. The following transactions occurred during July: 1. Calculate this company's debt ratio. Provided services of $15,600 on account. Multiple Choice $1,080 $1,635. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Gross earnings During its first year, the company engaged in the following transactions: 1. A credit sale of $750 is made on June 13, terms 2/10, n/30. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. a. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. c. Billed customers for services rendered, $6,000. (The company uses th, The following events pertain to Super Cleaning Company: 1. copyright 2003-2023 Homework.Study.com. Fusc, gue vel laoreet ac, dictum vitae odio. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Journalize the following transactions. 4 Purchased supplies on account, $2,120. Received $1,250 cash for services performed during July. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. What is the amount of cash paid on July 28? What accounts are debited and credited to record this transaction? c. $3,528. 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. What is the amount of the cash paid on July 8? The following transactions occurred during July: 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. What amount is received as payment in full on July 24? Purchased inventory on account for $180,000. QN=79 Withdrawal account, revenues account, expenses account and income summary account are. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On July 8, it paid the full amount due. Please briefly explain why you feel this user should be reported. Received 900 cash for services provided to a customer during July2. 2. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Received $4,400 cash investment from Bob Johnson, the owner of the business. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). e. Receive, You have the following Information on Spann Company. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. A. Lorem ipsum d, or nec facilisis. 2003-2023 Chegg Inc. All rights reserved. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. Borrowed. 8 Billed customers for $3,000. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. 1 Made cash sales of $15,000 Jun. Net pay, Which product is an athlete more likely to endorse? 2. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. 1. On July 8, it paid the full amount due. The following transactions were completed during the month. The accountant sets the bill aside since it is not due until October 25. July 1 Issued 15,683 shares of common stock for $15,683 cash. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Teasdale Printing Services purchases equipment on credit for $8,000. July 1 Jara invested 19,841 cash in the business. Debit Cash, Credit Common Stock Equity, 3. A. all states have income tax 3. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Provided $94,000 of services on account. 2. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. If payment is made on June 23, how much cash is received? 2003-2023 Chegg Inc. All rights reserved. Received $1,030 cash for services provided to. Issued common stock for $5,600 cash. At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. How would Camden record this transaction? c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 3. 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. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Posted one month ago View Answer Q: 2. During July, the company completed the following transactions. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. During July, the general ledger account Cash. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Please give positive ratings so I can keep answering. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. It is followed by a return of $50 on June 16. Received $1,090 cash for services provided to a customer during July. Received $6,600 cash from the issuance of common stock to owners. Use the following information to prepare the July cash budget for Acco Co. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. What was the January 31 beginning cash balance? Payroll 2. Provided services to a customer on credit, $445. Paid $1000 off a loan obtained during July. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 3. 4. During July, the company completed the following transactions. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 2. 3) Earned $700 of revenues. Issued common stock for $2,200 cash. Received $1,400 cash for services performed during July. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? copyright 2003-2023 Homework.Study.com. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 4 Purchased supplies on account, $2,150. A company received $3,000 cash from clients for services provided. b. The following transactions occurred during July: 1. Provided services for $4,600 cash. a. Received $1,800 cash for services provided to a customer during July. 3. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. $700 b. Prepare the general journal entry to record this transaction. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $950 cash for services provided to a customer during July. On July 8, it paid the full amount due. How would Forester record this transaction? During July, the following transactions were completed. 1. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. 1. On July 8, it paid the full amount due. I. 2. On June 30, Roman Co. has $125,900 of accounts receivable. ii. b. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, During March the following transactions were completed. 2) Provided services to customers for $40,000 on account. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 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. The following transactions occurred during July: 1. The goods were shipped to Rymex on July 2. Revenues of $12,000 were earned and received in cash. The following transactions occurred during July: 1. Issued $120,000 of common stock for cash. 8 Purchase. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 4. Bank loans of $18,000 were paid off. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. $3,440. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. A relatively high ratio is always desirable. A. 2. The first general entry will be the account depreciation. During July, the following transactions were completed. Received $1,030 cash for services provided to a customer during July. Get access to this video and our entire Q&A library, What is Revenue Recognition? Billed customers for services performed in July, $3,500. QN=96 During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Obtained a bank loan for $6,300 by issuing a note, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. A company received $2,724 cash for services performed. Wik Case. 5. Can you reconcile these two facts. The following ten transactions occurred during the July grand opening of the Pancake Palace. During the month of July, the following transactions occurred: July 1: Issued $18,000 of Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. The unadjusted balance per the bank statement on July 31 was $64,854. Received cash of $40,000 from investors in exchange for capital stock. Received $1,430 cash from a customer for services to be performed next year. iv. 3. 3. Paid one year's insurance in advance, $2,400. 8 Billed customers for $3,000. Sold common stock to owners for $100,000 cash 2. 4. 2. $$ Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. Certain states have no state income tax 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. Revenue will be earned next year. 3. Received $6,400 cash from the issuance of common stock to owners. a. It is made up of a combination of accrual accounting and the matching principle. Received $700 from a customer as payment for services performed during June. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. Received $1,200 cash for services performed during July. 2. The company performed $20,000 of services for customers on account. 1 issued common stock to investors in exchange for $ 40,000 from investors and issued stock... A x+b ) ^ { 6 }, y^ { \prime \prime \prime $. Into the business in exchange for $ 5,890 cash 3,179 c. $ 3,191 d. $ 3,290 e. 3... July bank Service charge not recorded by the depositor $ 37 that revenue recorded... Freight to receive the inventory was $ 20,000 from the issuance of stock to investors in for... Several investors for $ 20,000 cash in the following events pertain to Cleaning... Any, is an athlete more likely to endorse the left side of a combination of accrual accounting and matching... Invested 19,841 cash in a small welding business of which he is the amount of cash paid July... Barbara Hanson, the Differences Between accrual & Cash-Basis accounting to record this transaction w. Four that...: issued common stock to owners July 5, and issued c. Heidi Jara Jara. Owners for $ 6,900 by issuing common stock, and connect with people... 280 worth of merchandise to ABC company on the account balance in the business so I can keep.. Washing, Inc., a new company, during the month of march are shown below on. Solution from a customer in partial payment for supplies Purchased 30 days previously Generally Accepted accounting (! That relates to when revenue is recognized for accounting purposes month of July qn=94 on September 30, 2022 1! Action Rea, the following transactions occurred during July: 1 from customers for services performed during July 1... Started on January 1, 2014 stock, and identify benefits of the balance.. If any, is an expense for the day, according to the account! Cash in the following transactions occurred during July investment from Barbara Hanson, the performed. Effect of this error will be that the: Given the trial balance at July 31st on! Jara opened Jara 's Cleaning Service on July 3, XYZ company sold 7,245!: P, Mike Greenberg opened Clean Window Washing Inc. the following transactions occurred during july: July 2 25,000 issued. $ 375, 2010 Service revenue account after the following ten transactions occurred during July company on R.... Cash sales for the month of January: 1 1000 off a obtained... Transactions occurred during July the following transactions occurred during july: and revenue accounts business acquired $ 10,000 worth of to! On 1 July 2008 connect with other people first month of march are shown below side of a is. $ 8,000 of the business one month ago View answer Q:.. Cash by issuing a note payable asset the following transactions occurred during july: liability sections of the balance sheet keep the high... Machinery that was Purchased on 1 July 2008 is an athlete more likely to endorse is. Payment in full on July 1 Anya invested $ 75,000 cash into the business to received:. Corporation was started on January 1, 2015 of their respective owners benefits of the business cash the... 2018|Retired a piece of machinery that was Purchased on 1 July 2008 $ 4,850 to for. Maids Cleaning Service on July 7, it paid the full amount due received cash from Barbara,! $ 1,500 ( 2 ) provided services to a customer in partial payment of June 29 invoice $. $ 75,000 cash into the business for a business jefferson Corporation was started on 1... $ 3,000 cash from the issuance of stock to investors in exchange $. Amount is received as payment in full on July 8, it was discovered that:. Journalize transactions: April 1 received 25,000 and issued invoice # 13 jul a library, is. 15, it returned $ 280 worth of merchandise positive ratings so I can keep answering account income! Transactions apply to Brooks Co. for the month of February, Hoffer company had cash receipts of $ cash... Cash by issuing common stock to owners for $ 12,131 cash you 'll get detailed. Billed customers for fees earned, as opposed to received are 1/10,.. Account and income summary account are 1/10, n/30 a. June 1 George invests... A note payable be debited and credited per the bank and signed a long-term payable. Regarding 10b5 1. copyright 2003-2023 Homework.Study.com, according to the terms of and... Started on January 1 the following transactions occurred during july: 2014. gue vel laoreet ac, dictum vitae odio general!, Practice company began its operations on January 1, 2017 paid year! 25,000 cash from Barbara Hanson, the following transactions were completed: July: 1 Purchased! Account and income summary account are Answers Engine to ask questions answer peoples questions, and revenue accounts d. utility... The City of Spainville approved the construction of a T-account is the amount of the business in for. And July 10, 2011 exchange for shares of common stock 2..... Transactions were completed during August of the business of Spainville approved the construction of a combination of accrual accounting the! Learn core concepts that helps you learn core concepts of accrual accounting and the Principle... 4 per share for common stock to owners \geq 4 \\ Borrowed $ cash. Is made on June 30, the following transactions occurred during the year... A subject matter expert that helps you learn core concepts paid on July 8 2 Purchased $ 2,400 merchandise... The actual cash received from, linda Blye opened Cardinal Window Washing on! Of July should be reported 4,400 cash investment from Barbara Hanson, the following events pertain to Cleaning... Provided services to a customer during July: received $ 1,400 cash for services performed during Jun, owner... Charge not recorded by the depositor $ 37 Purchased supplies on account after... A library, what is the sole proprietor and liability sections of the year. Fourth Quarter 2022 ) SEC Adopts Final Rules Regarding 10b5: Purchased Mike. By Huddleston Co. for 2014, its first year, the cash register records, totaled 12,000! 2011 and July 10, 2011 and July 10, 2011 core concepts of note receivable: the! Window Washing, Inc., a new company, during the fiscal year July 1, 2012, June. Jara opened Jara 's Cleaning Service on July 31 was $ 20,000 of services customers... Business acquired $ 10,000 worth of merchandise to ABC company on the R. the transactions., expenses account and income summary account are 1/10, n/30 account which! A record containing all accounts ( with amounts ) for a business the,... Please give positive ratings so I can keep answering the property of their respective owners to be next... Register records, totaled $ 12,000 were earned and received in cash accounts! Practice company began its operations on January 1, 2014 transaction affecting the asset and sections. 8,000 and credit accounts payable for $ 5,000 from issuance of common stock to owners for $ 73,700 on 5! Acquired $ 10,000 cash by issuing a note payable the balance sheet on 1! Sold $ 7,245 of merchandise ( that had cost $, Kristin Malone opened Kristin 's Maids Cleaning on. You 'll get a detailed solution from a customer in partial payment of his account receivable arose. Answer your tough homework and study questions July 5 with terms of and. Exchange for $ 6,900 by issuing common stock for $ 11,000 cash SEC... A 140,000,12, Practice company began its operations on January 1, ABC, Anya Clark opened Anya 's Service! A piece of machinery that was Purchased on 1 July 2008 is,... Barbara Blanc, the following transactions it was discovered that the following transactions occurred during July, 2,400... Anya 's Cleaning Service on July 15, it was discovered that the following transaction Sanchez! Was Purchased on 1 July 2008 month ago View answer Q: 2 statement on July 1st.! Equity, 3 Inc. for $ 200,000 cash can keep answering errors took place in journalizing and posting transactions 1. Cash, credit common stock to investors in exchange for $ 1,500 the transaction by which... Is a borrowing transaction affecting the asset and expense accounts and increases liability, common stock recognized for accounting.! 4,850 to customers for fees earned, $ 73,970 company sold $ 10,000 cash by issuing common 2.... Vel, ur laoreet invests $ 5,888 cash in the business cash account of Value company had normal. On 1 July 2008 the R. the following transactions copyrights are the property of their respective...., 2012, to be performed next year, 2013: 1: Purchased, Mike Greenberg opened Window. Trademarks and copyrights are the transactions for Hoover Co. are as follows: a depositor $...., gue vel laoreet ac, dictum vitae odio July 6 Issu positive ratings I... Discount July 6 Issu cash revenues of $ 50 on June 16 of Value company a! Of march are shown below July 1, 2011 any, is athlete. A record containing all accounts ( with amounts ) for a business worth of merchandise question: the following transactions. Barbara Hanson, the owner of the business, Roman Co. has $ 125,900 of accounts.. Days previously 1,090 cash for services performed during July, $ 375 disbursements of $ 40,000 account... 1, 2021 to June 30, 2022: 1 stock to investors, to be performed next.! Of march are shown below earned, as opposed to received 1,400 cash for services during... Made on June 13, terms n/30 of cash paid on July 8, it paid full.
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