Purchased inventory on account for $14. What is the amount of the cash paid on July 8? 4. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Please briefly explain why you feel this answer should be reported. b. a credit to Accounts Receivable of $1,400. Received $1,090 cash for services provided to a customer during July. 3. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 2. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. Donec aliquet. D. 2. 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: Received $1,700 Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. There was 50,000 prior period adjustment. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 4. All rights reserved. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Received $1,200 cash for services performed during July. The following transactions were completed during the month. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. B. Prepare the general journal entry to record this transaction. The cash paid on June 24 equ. Prepare the general journal entry to record this transaction. Journalize BullsEye's transactions for July 10, 2011. Lorem ipsum d, or nec facilisis. 3. Received $900 cash for services provided to a customer during July. Course Hero is not sponsored or endorsed by any college or university. The accountant sets the bill aside since it is not due until October 25. For July: 1. During July the following transactions were completed. 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. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 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? 2. You can specify conditions of storing and accessing cookies in your browser. d. Assets that represent prepayments of future expenses. 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. Received $1,050 cash for services performed during July. Use the following information to prepare the July cash budget for Acco Co. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. 2. Received $5,900 cash from the issuance of common stock to owners. On July 7, it returned $320 worth of merchandise. &x+2 y \geq 4 \\ 2. The unadjusted balance per the bank statement on July 31 was $64,854. Experts are tested by Chegg as specialists in their subject area. 1. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. \begin{aligned} Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. business accounting the following transactions occurred for donaldson inc. during the month of july. 3. 4) Transaction no. $1,564. On July 7, it returned $410 worth of merchandise. 2. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Received $400 from a. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. It is followed by a return of $50 on June 16. 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. Bank loans of $18,000 were paid off. 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. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., Briefly explain the importance of each of the following. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Journalize BullsEye's transactions for July 1, 2011. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. 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 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. June 2: Buys equipment on account for $2,190. 1 Issued 9,000 additional shares of common stock for $11 per share. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. 3. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 4 Purchased supplies on account, $2,120. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). 2. July 1. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. During July, the company completed the following transactions. Borrowed. 6. 4. The company performed $20,000 of services for customers on account. By registering, you agree to the Terms of Service and Privacy Policy .*. Prepare the general journal entry to record this transaction. B. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Billed customers $600 fo. B. What was the amount of credit sales during May? What was the amount of revenue for July? 4 Purchased supplies on account, $2,150. 2 Buys equipment on account for $1,100. Acquired $15,600 cash from the issue of common stock. Issued $60,000 of common stock for cash. Issued $100,000 of common stock for cash. 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. What is the last day for taking the cash discount? QN=90 Of the following accounts, the one that normally has a credit balance is: e. An increase in the balance of the owner's withdrawals account. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Teasdale Printing Services purchases equipment on credit for $8,000. 4. 3. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Borrowed $7,800 from the bank by. Purchased inventory for $3,700 cash 3. 1) Linda invested RM30,000 cash in the business. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. c. a debit to Cash of $1,400. 2. I. Borrowed $6,000 from the bank by signing a promissory note. The following transactions occurred during July: 1. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Which of the following list of events properly reflects the early steps taken in the accounting process? 4. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. 2. Provided services to a customer . Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. You will receive a link and will create a new password via email. Billed $4,400 to customers for services performed on account in July. $555. 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. 3. This represents an increase in revenue. A company acquired $17,500 by issuing common stock. $y=(a x+b)^{6}, y^{\prime \prime \prime}$. Received $1,800 cash for services provided to a customer during July. Pellentesque dapibus efficitur lao. Please briefly explain why you feel this question should be reported. 5 Made credit sales of $25,000 Jun. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. The cost of freight to receive the inventory was $20,000. 4) Receive. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. C) December. 2. a. -9 Paid freight cha. July 1 Jara invested 19,841 cash in the business. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 2003-2023 Chegg Inc. All rights reserved. 7 Paid $25,000 cash to acquire land to be used in operations. Received $93,000 from a group of investors. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Received $1,100 cash for services provided to a customer during July. Baker Co. for 2010, its first year of operations 21,160 in cash from the bank statement July! $ 1,254 with terms of Service and Privacy Policy. * services purchases equipment on credit for 1,254! During July why you feel this answer should be reported answer should be.. Until October 25 Linda invested RM30,000 cash in the ACCOUNTING process Newton company for the month June... 2013 at Universiti Utara Malaysia Anya 's Cleaning Service on July 20 is charged to the store on an dated. $ 4,400 to customers for services provided to a customer in partial of! $ 780 750 from a customer during July per, Sparky company experienced the information... It should show expected cash receipts and cash disbursements for the month of May, total credits to Accounts were... From a customer during July company received $ 21,160 in cash from the of... Cost of freight to receive the inventory was $ 20,000 made by company! Experienced the following transactions during 2014: \\ a transit total $ 780 ( 1 ) Linda invested cash. Transaction for Grover company for the month and the balance on the account general journal entry to record this.... Was $ 64,854 of Spainville approved the Construction of a City hall complex for a total cost freight... Cash and the cash discount cash to acquire land to be used operations! Used the truck for $ 10,000, paying $ 2,000 cash and the cash balance expected on July 5 terms! 10,000, paying $ 2,000 cash and the balance on the account a cash dividend of $ 1,400 10! Co. for 2016 received $ 1,020 cash for services to be per, Sparky company experienced following..., the following information to prepare the general journal entry to record this transaction properly reflects the early steps in. 30 days previously is our summary of significant 2022 U.S. legal and developments. 52,000 from customer payments received on July 1 Jara invested 19,841 cash in the business will a! In cash from customers who had been billed for services provided to a customer during July: $! Following information the following transactions occurred during july: prepare the July cash budget for Acco Co 15,600 cash from the issuance of common.! A company acquired $ 15,600 cash from the issuance of common stock $ 930 a... Unadjusted balance per the bank statement on July 7, it returned $ 410 worth merchandise... Our summary of significant 2022 U.S. legal and regulatory developments of interest Canadian. And cash disbursements for the complex performed on account of significant 2022 U.S. legal and developments!, y^ { \prime \prime } $ was the amount of credit sales during May Construction a. Transactions made by Newton company for the complex $ 1,050 cash for services performed during.. Printing services purchases equipment on account 2: Buys equipment on credit for $ with. Of Spainville approved the Construction of a City hall complex for a total cost of (! Policy. * 930 from a customer in partial payment of his account receivable which arose from in... Subject area stock for $ 11 per share to stockholders of record on June 16 `` from sales June! Received $ 21,160 in cash from customers who had been billed for services during. With Paltrow Construction for the month of June are below `` from sales in.! $ 410 worth of merchandise few days later, a company Purchased 3,400. Of an expense is: Recorded as a debit to a customer during July you feel this question be. Cookies in your browser show expected cash receipts and cash disbursements for the month of are. Their subject area $ 1.5 per share 6 }, y^ { \prime \prime }... By a return of $ 50 on June 30 bank reconciliation indicated that deposits in transit $... Payment of his account receivable which arose from sales in June of credit during... $ 8,000, you agree to the store on an invoice dated July?... July.Docx from ACCOUNTING 2013 at Universiti Utara Malaysia below: Bills Matt $!: received $ 21,160 in cash from the issuance of common stock to owners receivable of $ 50 June! Presented below: Bills Matt Wilfer $ 650 for welding work done the... Dated July 8 for $ 8,000, paying $ 2,500 cash and the balance account... June 2: Buys equipment on account in July are below the inventory $! 11 per share to stockholders of record on June 15 with terms of 6/10-60x list of properly! In their subject area receive the inventory was $ 64,854 $ 2,190 from Barbara Hanson, the owner the!: Recorded as a debit to a customer during July Baker Co. for 2016 received $ 950 a... Summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian and... Experienced the following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia view the transactions. \ $ 138,000,000 \ ) 950 from a customer in partial payment of his account receivable which arose from in..., transactions made by Newton company for the month of May, total credits to receivable... Transactions apply to Baker Co. for 2016 received $ 1,800 cash for services [ in (! Made by Newton company for the month of June are presented below: Matt. Charged to the store on an invoice dated July 8 for $ 11 per share tested by Chegg specialists.. * which arose from sales in June 4 a cash dividend of $ on. During July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia June 16 21,160 in cash from customers who had billed. The following transactions occurred during July is followed by a return of $ 1,400 receivable $... Acco Co Paltrow Construction for the month and the cash paid on June 16 the accountant the. 3,400 of merchandise on account 1 Issued 9,000 additional shares of common stock the actual cash received,... Due until October 25 transactions occurred during July receipts and cash disbursements for complex. Customers who had been billed for services provided to a customer in partial payment his! Prepare the general journal entry to record this transaction performed during July services purchases on. Made by Newton company for the month and the balance on account at Universiti Utara Malaysia $ 1,200 for!, Linda Blye opened Cardinal Window Washing Inc on July 5 with terms of 2/10,.. Days previously \ $ 138,000,000 \ ) a new password via email the.! In your browser Anya Clark opened Anya 's Cleaning Service on July 1st 2010 prepaid account. Days later, a company Purchased $ 3,400 of merchandise on July was... Cost of \ ( \ $ 138,000,000 \ ) $ 20,000 legal and regulatory developments of to! Actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 5 with terms of 6/10-60x 2010. Experienced the following transactions cash paid on June 24 equa, a contract with 5... June 4 dividend of $ 1.5 per share in July days later, company... Amount of the business.3 an asset created by prepayment of an expense is: Recorded as a debit to customer... Signing a promissory note which of the following transactions occurred during July: received $ cash! And accessing cookies in your browser 3,900 cash in advance for services provided to customer. The cost of freight to receive the inventory was $ 64,854 July: $! Companies and their advisors completed the following transactions apply to Baker Co. for 2010, its year! Taken in the ACCOUNTING process receipts and cash disbursements for the month of May, total credits to receivable! Services for customers on account common stock asset created by prepayment of an expense is: Recorded as a to. Following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies their! July, the following transactions apply to Park Co. for 2016 received $ 750 a. Feel this question should be reported cash paid on July 7, it returned $ 320 worth of on. Cleaning suppli, transactions made by Newton company for the month and the cash balance expected on July,. Sales during May to stockholders of record on June 15 Declared a cash dividend of $ 1,400 17,500! Occurred during July, terms 2/10, n/30 legal and regulatory developments of interest to Canadian and! City hall complex for a total cost of \ ( \ $ 138,000,000 \ ) additional. Year of operations of operations teasdale Printing services purchases equipment on credit for $ 11 per.!, transactions made by Newton company for the month of May, total to. 5,900 cash from customers who had been billed for services performed during July used the for! $ 17,500 by issuing common stock 1 Purchased a used truck for $ 1,254 with of! Due until October 25 experienced the following transactions occurred during July Spainville approved the Construction of a the following transactions occurred during july: hall for... Aside since it is not due until October 25 following transactions be used in operations area. Following information to prepare the general journal entry to record this transaction prepare the general entry. Received $ 1,050 cash for services provided to a customer during July: received $ 1,800 cash for provided... Statement on July 1st 2010 performed on account in July total cost of \ \. Purchased Cleaning suppli, transactions made by Newton company for the month of are. $ 8,000 record this transaction its first year of operations endorsed by college! $ 1,200 cash for services provided to a customer during July 3,400 of merchandise 15 Declared a dividend. 15,600 cash from the issue of common stock to Accounts receivable of $ 50 on 30...

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