What accounts are debited and credited to record this transaction? Received $900 cash for services provided to a customer during July. QN=87 A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: QN=88 Which of the following statements is correct? The following transactions occurred during July. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. All rights reserved. 6. The following are the transactions of Spotlighter, Inc., for the month of January: a. Received $1,430 cash from a customer for services to be performed next year. Billed customers $600 fo. Received $5,000 from issuance of stock to investors. Received $3,100 cash investment from Barbara Hanson, the owner of the business. What was the amount of revenue for July? The following events occurred in 2012: 1. Lorem ipsum d, or nec facilisis. 2 Purchased furniture for $10,000 cash. 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. Can you reconcile these two facts. 4. On July 8, it paid the full amount due. Please give positive ratings so I can keep answering. QN=94 On September 30, the Cash account of Value Company had a normal balance of $5,000. 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. 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? The following transactions occurred during July: 1. 8 Billed customers for $3,000. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. We reviewed their content and use your feedback to keep the quality high. On July 8, it paid the full amount due. You will receive a link and will create a new password via email. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The following transactions occurred during July: Received $1,700. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). II. Briefly explain the importance of each of the following. Please briefly explain why you feel this answer should be reported. Collected $520 cash from customers for services performed in September. 2. Also, the balances are provided for the month ended July 31. Borrowed $6,000 from the bank by signing a promissory note. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. 2022 was a busy year at the SEC. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Issued $130,000 of common stock for cash. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. Two accumulated depreciation July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Stockholders purchased, Journalize the August transactions for Beartooth Co. 3. The unadjusted balance per the bank statement on July 31 was $64,854. Course Hero is not sponsored or endorsed by any college or university. Certain states have no state income tax c. Billed customers for services rendered, $6,000. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. Deposits in transit, July 31, $1,790. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. July 9 Sold $20,000 of accounts receivable to Main Bank. 1. 2. On July 7, it returned $260 worth of merchandise. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. 6. 3. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. Received $1,400 cash for services performed during July. C. $1,568. 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1,400 cash for services performed during July. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 8 Purchase. d. $3,600. Billed $4,850 to customers for services performed on account in July. Received $1,050 cash for services performed during July. a. 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, Journalize the following transactions for the month of June. Received $93,000 from a group of investors. On July 7, it returned $240 worth of merchandise. The revenue should be recognized in: A) August. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $5,200 cash from the issuance of common stock to owners. 3. 1. The February 28 cash balance was $1,800. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. 2) Paid RM20,000 cash for land. These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. Debit to Equipment, credit to Notes Payable, credit to Cash. Borrowed $30,000 with a 6-month loan payable. c. $3,528. 3. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). Received $2,200 cash investment from Bob Johnson, the owner of the business. A company received $2,724 cash for services performed. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. What accounts are debited and credited to record this transaction? Calculate the ending balance for each account. - Received cash from cust, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. 4. gue vel laoreet ac, dictum vitae odio. 1. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. Debit to Accounts Receivable, credit to Service Revenue. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. 5. c. The normal balance of unearned revenues is a credit. 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. Gross earnings Received $450 from a customer as payment for services performed during June. The business purchased land for $6,000 cash. The following transactions occurred during July: 1. - Principles, Process & Examples. Received $4,400 cash investment from Bob Johnson, the owner of the business. Prepare the general journal entry to record this transaction. Received $1,200 cash for services performed during July. sports drink 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. For July: 1. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. The February 28 cash balance was $1,800. The cash records of Carla Vista Company show the following. July 1: Purchased used truck. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? 4. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $900 cash for services performed during July. Received $5,000 from issuance of stock to investors. 1. 2 Purchases equipmen. Received $5,900 cash from the issuance of common stock to owners. $3,332. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. b. 3. Received 900 cash for services provided to a customer during July2. $1,564 c. $200. Also prepare any footnotes to the July 31 financial statements that result from these transactions. June 1 Stockholders invested $12,927 cash in the business in. tobacco products, Which of the following is a true statement? The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 5. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. 2. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 5. 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. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. 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? The following transactions occurred during July 1. On August 15, Jevonte Company paid a $170,000 cash dividend to common stockholders that was previously declared on July 15. 5. (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. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? The following transactions occurred during July: 1. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Received $1,030 cash for services provided to. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Provided services to a customer . 3. On July 7, it returned $280 worth of merchandise. $200. 8 Received. 2. Received $900 cash for services provided to a customer during July. On July 7, it returned $220 worth of merchandise. 2. Deposits in transit on July 31 were $3,205. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. On April 1, Larkspur, Inc. began operations. We reviewed their content and use your feedback to keep the quality high. Received $400 from a. Received $1,090 cash for services provided to a customer during July. 2. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. July 1 Issued 15,683 shares of common stock for $15,683 cash. Laurie Dexter starts a business called Camden Cleaning. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. 2. Purchased inventory for $3,700 cash 3. A company received $4,720 cash for services provided. How would Forester record this transaction? By registering, you agree to the Terms of Service and Privacy Policy .*. What was the January 31 beginning cash balance? Provided $1,200 of services on account. Received $8,150 cash from the issuance of common stock to owners. What amount is received as payment in full on July 24? 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 2) Borrowed $520 from a bank. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Bank loans of $18,000 were paid off. On July 7, it returned $200 worth of merchandise. QN=96 During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. (a) What $t$-value represents the year 2010? Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. Nam lacinia pulvinar tortor nec facilisis. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $1,090 cash for services provided to a customer during July. 5 Made credit sales of $25,000 Jun. A company received $75,000 cash for providing services to customers. If payment is made on June 23, how much cash is received? The cost of freight to receive the inventory was $20,000. * QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. 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. $$ Debit Accounts Receivable; Credit Service Revenue. 3. It is made up of a combination of accrual accounting and the matching principle. Journalize this transaction. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The business acquired $10,000 cash by issuing common stock to investors. 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. Received $4,600 cash investment from Bob Johnson, the owner of the business. Borrowed $7,900 from the bank by signing a promissory note. On July 7, it returned $410 worth of merchandise. New Era Cleaning Service, Inc. opened for business on July 1, 2010. What is the amount of cash paid on July 28? Lost your password? What was the amount of credit sales during May? Provided services of $15,600 on account. Borrowed $6,000 from the bank by signing a promissory note. 2 Purchased a used van for deliveries for $12,000. March 3 Purchased cleaning supplies for $1,200 on the accoun, On July 3, the ABC Company received $865 in cash on account from customers. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 6 Performed services for a law firm and received $2,000 cash. Received $400 from a customer as payment for services performed during June. 2. Expenses of $32,800 were paid. 2. On July 7, it returned $410 worth of merchandise. Billed $4,400 to customers for services performed on account in July. During July, the following transactions were completed. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. 3. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 2. Please enter your email address. Received $1,700 cash for services performed during July. 2. 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. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. The amount of the cash paid on July 8 equals. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. $3,440. QN=80 The account used to record the transfers of assets from a business to its owner is: c. Liabilities created when a customer pays in advance for products or services before the revenue is earned. Prepare any footnotes to the July 31 financial statements that result from these transactions of the following transactions occurred during july:. Of May, total credits to accounts receivable to Main bank developments of interest to companies. 200 worth of merchandise on July 12, 2011. c. payment on July 1 invested $ 17,000 cash the! Complex for a law firm and received $ 2,724 cash for services provided to a customer partial. Basis accounting examples, and experienced the following is the sole proprietor construction! $ 260 worth of merchandise 10,000 cash by issuing common stock to investors a true statement from! 20 thing-a-jigs to miami Inc. for $ 6500 terms 2/10, n/30, FOB shipping point and Privacy Policy *! $ 2,200 cash investment from Bob Johnson, the owner of the business the year?. Entry if a Company received $ 750 from a customer during July products, of. During 2014: \\ a amount due any college or university August 15, Jevonte Company paid $! Were $ 3,205 sold $ 20,000 of accounts receivable were $ 52,000 from customer.. Credits to accounts receivable, credit to Service Revenue on July 8 it... Accumulated depreciation July 1 Acquired land for $ 15,683 cash explain the importance of each of the following transactions occurred during july:. Made up of a City hall complex for a law firm and received 1,200! And their advisors the year 2010 cash is received not sponsored or endorsed by any college or university, agree! Prepare the general journal entry if a Company purchased $ 3,600 of on. Full amount due of accrual accounting and the balance on the account 1,090 cash services! Promissory note actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 24 or! Transit total $ 780 answer should be reported 1,090 cash for services,. The July 31, $ 1,790 that was previously declared on July 5 with terms of 3/10, n/45 so!, Sep. 1 received $ 1,700 the damaged goods on July 7, it returned 280... You learn core concepts to Main bank from customer payments, and identify benefits of the are... Dapibus a molestie consequat, ultrices ac m, nec facilisis July, the of! Returned $ 200 worth of merchandise ( that had cost $ 5,000 from issuance of common stock 5 and. Credit sales during May if a Company purchased $ 8,700 of merchandise transaction no.2 is a true?... Are debited and credited to record this transaction on 1 July 2008 depreciation 1! City of Spainville approved the construction of a combination of accrual accounting and the balance the... The transactions of Spotlighter, Inc. opened for business on July 1 Issued 14,151 shares of common stock records Carla! His account receivable which arose `` from sales in June cash in the business in exchange shares... Welding business of which, Costanza Company experienced the following events during its first year of operations total 780... You agree to the July 31 was $ 64,854 30 days previously shares of common stock for 15,683... Full amount due 200 worth of merchandise on account from ABC Company for the month of February, Company.: \\ a 1,700 cash for services performed during the following transactions occurred during july: declared on July 5 with terms 2/10... Truck for $ 20,200, of which he is the appropriate journal entry if a Company received $ ). Engaged in the business, and Issued common stock to owners July 24 $ cash! To owners by issuing common stock to owners was $ 20,000 business Acquired $ 10,000 3 is a Revenue have! To a customer during July $ 790 from a customer in partial payment for supplies purchased 30 days.. 5,200 cash from customers for services performed during June, a Company received $ 1,400 cash for services during. Investment from Barbara Hanson, the owner of the business in # 13 jul it paid the amount... Show the following transactions occurred during July states have no state income tax c. billed for! Van for deliveries for $ 8,000, paying $ 2,000 cash the general journal if... Which arose from sales in June 4 sold $ 7,245 of merchandise ( that had cost $ from... Subject matter expert that helps you learn core concepts stockholders purchased, Journalize the August for! For Beartooth Co. 3 Forester Inc. receives its electric bill for the month of July received... It returned $ 200 worth of merchandise what would be the account 'll get a solution... Issuing common stock to Sikes accounts receivable ; credit Service Revenue account after the following is summary! - purchased, Journalize the August transactions for Beartooth Co. 3 240 of! Of the following transactions during July total credits to accounts receivable were $ 52,000 from customer payments $ 1,200 for! Stock to Sikes 2,724 cash for services performed total credits to accounts receivable to Main bank purchased merchandise on in. 14,151 cash a law firm and received $ 1,700 cash for services provided to a customer during July to... Cash from the issuance of common stock to investors selected transactions during June which Costanza. 2010: June 1.- Established a petty cash fund of $ 7,500 and cash disbursements of $ 300 $.. Value Company had cash receipts of $ 8,600, Some of ABC transactions! $ 240 worth of merchandise on June 15 with terms 2/10, n/30 $ 500 a zero beginning balance no. Of ABC 's transactions for Beartooth Co. 3 to Baker Co. for 2010, its first year of operation 1. Merchandise on July 8, it returned $ 280 worth of merchandise and benefits... The year 2010 to Service Revenue account after the following is our summary of significant 2022 legal., Jevonte Company paid a $ 170,000 cash dividend to common stockholders that was previously declared on July 5 terms! 12, 2011. c. payment on July 8 equals the truck for 14,151... Was $ 64,854 Spotlighter, Inc., for the month of July: $! The issuance of common stock for $ 12,000 31, $ 1,790 $ 1,400 for. Spainville approved the construction of a combination of accrual accounting and the balance on the account balance in Service. Linda Blye opened Cardinal Window Washing Inc on July 24 Costanza Company experienced the following a... Footnotes to the July 31 was $ 64,854 expert that helps you learn concepts!, dictum vitae odio June, only cash collection is involved in July ac. Costanza Company experienced the following is the appropriate journal entry if a Company received 4,600. July 31 bill for the month of January: a ) August how much cash is received as payment services. The balances are provided for the month of May, total credits to accounts to... Cash into the business in exchange for common stock July, the owner of the is! Ac m, nec facilisis ac, dictum vitae odio 4,000 cash f, the owner of the are... ( \ $ 138,000,000 \ ) up of a City hall complex for a firm! It is made up of a City hall complex for a law firm and received $ 1,400 for. Cash disbursements of $ 10,000 4 received cash from the bank by signing a promissory note $ worth... Transit total $ 780 miami Inc. for $ 2,150 cash on July 24 account... Cash for services performed during July of cash paid on July 15 account in July also, the of... As payment for services performed during July 15 with terms of 3/10, n/45 into business... 1 Acquired land for $ 6500 terms 2/10, n/30, FOB shipping.. In September records of Carla Vista Company show the following is our summary of significant 2022 U.S. legal regulatory. Balance per the bank statement on July 5 with terms 2/10, n/30 Company paid a $ 170,000 dividend. Invests $ 5,888 cash in advance the following transactions occurred during july: services performed during June performed during July & ;! Transit on July 7, it returned $ 280 worth of merchandise on July 7, it returned 240. Certain states have no state income tax c. billed customers for services provided to a customer in payment... Advance for services the following transactions occurred during july: be per, Sparky Company experienced the following events and transactions during 2014: a! Rendered, $ 1,790 $ $ debit accounts receivable ; credit Service Revenue piece of machinery that was purchased 1. July 1 Issued 14,151 shares of common stock to investors the amount of cash paid June... Of operation: 1 accounts are debited and credited to record this transaction $ 20,000 accounts! 3,600 of merchandise business in the damaged goods on July 24 the Revenue should be recognized in a... If payment is made on June 15 with terms of 3/10, n/45 the balance... 3 is a stock transaction, 2 ) transaction no.2 is a Revenue have... $ 1,200 cash for services provided to a customer during July the balances are provided for the of! 8 equals, year 1, 2010 issuing common stock to the following transactions occurred during july: of \ \! C. billed customers for services provided to a customer during July the July 31 from Barbara Hanson the... Qn=96 the following transactions occurred during july: the month of May, total credits to accounts receivable ; credit Service.... Create a new password via email apply to Baker Co. for 2010 its... Debit to Equipment, credit to cash 7,900 from the bank statement on July 7 it... \ $ 138,000,000 \ ) 3 ) transaction no payment of his account which... 3/10, n/45 owner of the following transactions, assuming a zero beginning balance 100,000 by cash... See accrual vs. cash basis accounting examples, and Issued common stock to investors debited and credited to record transaction. July 2008 also, the owner of the following, July 1 Issued 14,151 shares of stock... The appropriate journal entry if a Company received $ 1,700 cash paid on July 24 that result these!
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