the following transactions occurred during july:

Revenues of $120,000 were earned and received in cash. Provided $98,000 of services on account. Received $500,000 in Cash from investors in exchange for stock in the company 2. 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 cash for providing accounting services, $9,500. I. Record the journal entries associated with these three transactions. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. On July 8, it paid the full amount due. Posted one month ago View Answer Q: 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. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Journalize transactions: April 1 Received 25,000 and issued common stock. A company received $2,724 cash for services performed. Round to the nearest degree. 3. d. Received utility bill, to be paid next month, $400. 2. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Received cash of $40,000 from investors in exchange for capital stock b. The following transactions occurred during July: 1. Provide one example of each. Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. 3) Earned $700 of revenues. On July 7, it returned $240 worth of merchandise. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. (a) What $t$-value represents the year 2010? 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Revenue will be earned next year. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 4. 3. How would Camden record this transaction? On July 28, it paid the full amount due. 4. Revenue recognition states that revenue is recorded when it is realized, or realizable and earned, as opposed to received. The amount of the cash paid on July 8 equals: a. Don, ac, dictum vitae odio. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Most countries, including the United States, import substantial amounts of goods and services from other countries. Question: The following transactions occurred during July: 1. There was 50,000 prior period adjustment. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. 3. We reviewed their content and use your feedback to keep the quality high. 7 Paid $25,000 cash to acquire land to be used in operations. A company received $6,000 cash from clients who were billed for services previously provided. The following transactions occurred during July: 1. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. (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. Bank loans of $3,000 were paid off. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. 2. Find the indicated derivatives. During 2007, ABC Company entered into the following transactions: 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. . Equipment of $2,500. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On July 7, it returned $320 worth of merchandise. m ipsum dolor sit amet, consectetur adipiscing elit. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1.080 cash for services provided to a customer during July. 2022 was a busy year at the SEC. Paid $1000 off a loan obtained during July. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? $555. On July 7, it returned $220 worth of merchandise. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 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. Equipment of $12,000 was purchased. What was the amount of revenue for July? Risk management most nearly involves _____. The accountant sets the bill aside since it is not due until October 25. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Expenses of $73,600 were pa, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. How would Forester record this transaction? The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. -8 Returned $100 of the items purchased on July 6. The buildings will be financed Received $450 from a customer as payment for services performed during June. Only transaction #1 and #4 apply to revenue recognition. Received $4,600 cash investment from Bob Johnson, the owner of the business. 2021 MCQ Village. 2. 3. 2. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. c. Billed customers for services rendered, $6,000. On July 8, it paid the full amount due. - Purchased supplies on account, $1,800. During July, the following transactions were completed. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Billed customers o, Transactions for 2016: 1. Which of the following describes how the transaction should be recorded on July 7? A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. The goods were shipped to Rymex on July 2. 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. 3. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. 3. Received $1,050 cash for services performed during July. b. Debi. The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. The following transactions occurred during July: Received $1,700. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. During the month of July, the following transactions occurred: July 1: Issued $18,000 of Debit Cash for $10,000 and credit Common Stock for $10,000. $3,332. Issued $120,000 of common stock for cash. Dexter invests $10,000 cash in Camden in exchange for its common stock. 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. Received $1,700 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Donec aliquet. The unadjusted balance per the bank statement on July 31 was $64,854. 2. The amount of the cash paid on July 8 equals _____. Received $6,400 cash from the issuance of common stock to owners. 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. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. On July 7, it returned $300 worth of merchandise. 5 is an unearned income. What accounts are debited and credited to record this transaction? QN= 97 The following transactions occurred during July: 1. Financial statements will be prepared on July 31. Sold common stock to owners for $200,000 cash. 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. Nam risus ante, dapibus a molestie consequat, ultri, ia pulvinar tortor nec facilisis. Purchased plant and equipment for $127.9 in cash. On July 28, it paid the full amount due. 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. Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. Get access to this video and our entire Q&A library, What is Revenue Recognition? 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. 4. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. b. Cash sale of $4. 2 Buys equipment on account for $1,240. The following transactions occurred during July: 1. 1 Issued 9,000 additional shares of common stock for $11 per share. Collected $62,000 cash from accounts receivable. Issued 6,000 shares of common stock for $600,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Journalize BullsEye's transactions for July 1, 2011. 3. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. 1 Invested $100,000 cash in new business. 5. 3. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 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. 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. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 1.The company provided $21,160 of services for customers on account. June 1: Issues common stock to investors in exchange for $4,840 cash. Revenues are recorded when realized and earned. Prepare the general journal entry to record this transaction. $1,564. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. What is the difference between sacred and profane consumption? What was the amount of revenue for July? 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? The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Dec 23 2022 1 hr 21 mins. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Acquired $20,000 by issuing common stock. $$ 4) Transaction no. What was the amount of revenue for July under the accrual basis? Received $400 from a customer as payment for services performed during June. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 2) Borrowed $520 from a bank. Received $1,700 cash for services performed during July. 3. (add revenue with beginning retained earning then subtract "expenses"). 1-Jun Paid rent for June $2600. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). Recorded as a debit to a prepaid expense account. March 2 Purchased used van for $16,000, paying $2,000 cash and the remainder on the account. 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. During the month of July, the company had the following activities: a. Paid $10,800 cash to buy equipment. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. The payment from Rymex was received on September 20. ii. The following transactions occurred during July: 1. 3. $900 b. 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. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. 4, Your company had the following transactions during the month of September: 1. Calculate this company's debt ratio. - 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. All other trademarks and copyrights are the property of their respective owners. 2. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. During July, the following transactions were completed. What accounts are debited and credited to record this transaction? Anya Clark opened Anya's Cleaning Service on July 1, 2017. e. Receive, You have the following Information on Spann Company. (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=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? A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Issued 10,000 shares of common stock for $15,000 cash. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Pellentesque dapibus ef, dictum vitae odio. iii. 2003-2023 Chegg Inc. All rights reserved. a. 3. 2021 MCQ Village. 2. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Which of the following items would appear on the income statement? c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. tobacco products, Which of the following is a true statement? Gross earnings 1. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 3) Prepare a trial balance at July 31st. Lorem ipsum d, or nec facilisis. 3. Received $5,000 from issuance of stock to investors. Borrowed $30,000 with a 6-month loan payable. The company performed $20,000 of services for customers on account. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. The City of Spainville approved the construction of a city hall complex for a total cost of. The February 28 cash balance was $1,800. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Multiple Choice $1,080 $1,635. 2. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Debit Cash, Credit Common Stock Equity, 3. It would help me . Purchased equipment for $16,000 cash on July 1, 2017. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 3.. Provided $1,200 of services on account. 4) Receive. 2. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. July 1 Jara invested 19,841 cash in the business. The following events occurred in 2012: 1. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. $3,600 c. $3,395. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. (Select all that apply.) Please briefly explain why you feel this question should be reported. July 1 Issued $14,000 of common stock for $14,000 cash. During July, the company completed the following transactions. This was paid in cash. Provided services to a customer on credit, $375. 4. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Experts are tested by Chegg as specialists in their subject area. 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, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 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. 2. 3. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. C. $1,568. On July 7, it returned $200 worth of merchandise. 2. Received $900 cash for services provided to a customer during July. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by During July, the company completed the following transactions. Received $1.080 cash for services provided to a customer during July. 5. During July, the company completed the following transactions. 3. Apr. Received $850 cash for services performed during July. B. debit Cash, $865; credit Accounts Payable, $865. For those boxes in which you must enter subtractive or negative numbers use a minus sign. 3. Purchased land for $12,000, signing a note payable for the full amount. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. 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. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Purchased land for $12,000, signing a note payable for the full amount. 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. Received $3,000 cash investment from Bob Johnson, the owner of the business 3. 2. 2. . Received $3,100 cash investment from Barbara Hanson, the owner of the business. 3.. The following transactions occurred during July: 1. 2. On July 8, it paid the full amount due. 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. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Experts are tested by Chegg as specialists in their subject area. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 2. Issued common stock to owners in exchange for $34,000 cash. 3. 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