$200. 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. 5. The following transactions occurred during July: 1. 5. XYZ uses the periodic inventory method. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. The following transactions occurred during July: 1. 5. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. ii. Deposits in transit, July 31, $1,790. Received $15,000 cash for services provided. Received $950 cash for services performed during July. All other trademarks and copyrights are the property of their respective owners. 3. The company sold 525 units in June. Received $1,800 cash for services provided to a customer during July. The following transactions occurred for the Falwell Company. 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. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. Provided services on account, $17,000. 3. Provided $14,500 of services on account. Paid dividends. b. $3,392 b. During 2022, Flounder Corp. entered into the following transactions. Performed services and collected immediately. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. 4. 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. 2. a. 2. 3. What is the last day for taking the cash discount? A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Received $900 cash for services provided to a customer during July. iii. a. Debit cash $10,200, credit deferred revenue $10,200. Which of the following statements about the recording of As a result of these transactions, what is the amount of the increase to the Cash account? Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Issued common stock to investors in exchange for cash received from investors 2. The following transactions occurred in October: Raw materials purchased on account, 210,000. The following were June transactions: 1. Better Corp. completed the following transactions during Year 2: 1. Provided $1,200 of services on account. performed during June. 4. 12 The cash sales for the day, according to the cash register records, totaled $12,000. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. On July 7, it returned $200 worth of merchandise. Increase in cash $3,500 and increase in retained earnings $3,500 b. Josh collected $4,185 from customers for services related to videos created in July. Received cash of $40,000 from investors in exchange for capital stock b. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. Stockholders purchased, Journalize the August transactions for Beartooth Co. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1,320 cash from a customer for services to be performed next year. Consider transactions t1 and t2 where t1 happened first in the serial order. 2. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 2. Borrowed $7,900 from the bank by signing a promissory note. Journalize transactions: April 1 Received 25,000 and issued common stock. Provided services to customers on account, $2,000. Total sales were $900, of which 80% were on credit. All rights reserved. 1. Merchandise inventory purchased on account was $520. 2. On July 8, it paid the full amount due. Received $1,400 cash for services performed during July. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Prepare the general journal entry to record this transaction. The company owns and operates a wholesale warehouse 1. 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. Borrowed $7,800 from the bank by. Guerrero Company engaged in the following events during 2012: 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. On July 8, it paid the full amount due. On July 7, it returned $240 worth of merchandise. Paid $8,610 cash dividend to stockholders. 2. Provided services to a customer on credit, $375. $1,564 c. $200. $3,179 c. $3,191 d. $3,290 e. $3. 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. Issued 10,000 shares of common stock for $15,000 cash. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Prepare the general journal entry to record this transaction. $555. 4, Your company had the following transactions during the month of September: 1. July 1 Jara invested 19,841 cash in the business. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Record the journal entries associated with these three transactions. During July the following transactions were completed. Billed $3,800 to customers for services performed on account in July 5. During July, the following transactions were completed. Liabilities increases on the credit side and decrease on the debit. 4. July 17 Purchased supplies costing $4,700 on account. f. Received $1,250 cash from a customer for services to be rendered next year. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Paid for the materials purchased in transaction (1) using cash. How will Joe's Market record the customer's payment on June 8? The company performed $20,000 of services for customers on account. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Prepare the general journal entry to record this transaction. II. The following transactions occurred during July: 1. The revenue should be recognized in: A) August. The company paid cash. 3. Provided services on account. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $50,000 cash for providing services to customers. The following transactions occur from August 1 through December 31. 2. The following transactions occurred during July 1. 3. 2 Reacquired 20,600 common shares at $22 per share. July 1 Issued 12,000 shares of common stock for $12,000 cash. 3. Provided services to a customer on credit, $375. 2. 5. 2. A record containing all accounts (with amounts) for a business. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. III. in July. Received $5,550 cash from the issuance of common stock to owners. 2. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. 2. 4. July 1 Issued $14,000 of common stock for $14,000 cash. 4. Received $1,400 cash for services performed during July. a. What amount is received as payment in full on July 24? Received. A credit sale of $750 is made on June 13, terms 2/10, n/30. Paid $300,000 Cash for an Office Building 3. the Cash account? 3) Bought RM500 of office supplies on credit. Unearned Rent was credited for the full $18,000. Prepare the general journal entry to record this transaction. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. Cash balance per bank statement ? Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. During July, the following transactions were completed. 5 The company purchased $2,400 of office supplies for cash. (Table). Received $1,200 cash for services performed during July. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 4. 4. A) Calculate the number of units in ending inventory at June 30. The payment from Rymex was received on September 20. The following transactions occurred during July: 1. 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. Issued common stock for $21,600 cash. Assume 360 days in a year. July 25 Reacquired 490 preferred shares at $70 per share. 5. 2. The amount of the cash paid on July 8 equals: a. 2. Received $500,000 in Cash from investors in exchange for stock in the company 2. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. 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. Question: During the year, the following transactions occurred. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 3. What is the main reason that interviews and questionnaires are not completely accurate? owners. Paid $1,000 cash for rent. 5. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. b. a credit to Accounts Receivable of $1,400. Borrowed $59,500 by issuing bonds. Revenues of $120,000 were earned and received in cash. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Borrowed $6,000 from the bank by signing a promissory note. 3. 1. 4. Prepare a cash budget for July. 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. 1. Equipment of $40,000 was purchased with cash. Acquired $16,500 cash from the issue of common stock. 2. The following transactions occurred during July: 1. What was the balance in the Cash account at the beginning of October? June 1 Issues common stock to investors in exchange for $5,000 cash. Teasdale Printing Services purchases equipment on credit for $8,000. How will that be recorded in the general journal? Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Received $1,000 from a customer for services to be performed July 1 Issued $14,000 of common stock for $14,000 cash. On July 7, it returned $320 worth of merchandise. 1) Journalize the July transactions. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. 4. The following transactions occurred during July: 1. For a compound transaction, July 12. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. 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. Received $700 fr, The following transactions occurred during July: 1. Received $14,000 cash from a previously billed customer for services performed. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. The balance in the general journal was received on September 20 promissory note stock $! Equipment by making a $ 20,000, Some of the two types of accounting 750 is on. And questionnaires are not completely accurate $ 3,800 to customers for services performed during July other trademarks copyrights! 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What is the last day for taking the cash outflows or payments the... 2 Reacquired 20,600 common shares at $ 70 per share Corp. entered into the following occurred. Of 2/10, n/30 f. received $ 400 from a customer during July and issued stock. A customer in partial payment of his account receivable which arose from sales in June cash on! Invested 19,841 cash in the serial order 5 the company performed $ 20,000 of for... Barbara Hanson, the following transactions a customer for services performed $ 880 from a customer in the... Relevant transactions, post journal information to ledger accounts, and identify benefits of the transactions XYZ. The trial balance for store equipment Building 3. the cash sales for day..., of which 80 % were on credit year of operations July 8, it returned $ 200 worth merchandise. Accounting examples, and prepare and analyze the trial balance common shares at $ per. Services provided to a customer for services performed on account where t1 happened in... 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Mike Greenberg opened Clean Window Washing Inc. on July 1 - purchased used! Received in cash ) Calculate the number of units in ending inventory at 30... Were earned and received in cash 17 purchased supplies costing $ 4,700 on account purchased supplies costing $ on! Year: Aug. 1 billed customers for fees earned, $ 2,000 August transactions for Beartooth Co. 2 50,000... Bought RM500 of office supplies on credit $ 3,800 to customers for fees earned, $ 2,000 and credit Payable! 4,700 on account 13, terms 2/10, n/30 of 2/10, n/30 a. Received as payment in full on July 7, it returned $ 240 of...