2. I. June 1 Stockholders invested $12,927 cash in the business in. Received $5,000 from issuance of stock to investors. Issued Common Stock to investors in exchange for $5,000 cash. July 1 Issued $14,000 of common stock for $14,000 cash. 6 Performed service for customers and received cash of $2,000. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 3. Please briefly explain why you feel this user should be reported. 3. Provided services to a customer on credit, $375. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. 2. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. The following transactions occurred during July 1. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. The following transactions occurred during July: 1. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. (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. 3. Credit terms were 2/10, and n/30. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. A company acquired $17,500 by issuing common stock. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. What accounts are debited and credited to record this transaction? Lorem ip. Borrowed $7,800 from the bank by. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. a. Debit cash $10,200, credit deferred revenue $10,200. The following transactions occurred during July: 1. During July, the company completed the following transactions. Received $2,350 from a customer for services to be performed during August. 2. Provided $98,000 of services on account. C. All states have a flat state Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. If payment is made on June 23, how much cash is received? 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. Purchased a photocopier for $15 000. June 1 Issues common stock to investors in exchange for $5,890 cash. Donec aliquet. On July 7, it returned $280 worth of merchandise. Donec aliquet. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. 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. Depending on where you live, you may pay no taxes at all. b. a credit to Accounts Receivable of $1,400. By registering, you agree to the Terms of Service and Privacy Policy .*. 2. 2. Journalize the July transactions. 3. 2. sports drink Borrowed $4,540 from a local bank on a note due in six months. For July: 1. Prepare journal entries to record the following selected July transactions. 3. When would it be a good idea to invest your money instead of putting it in a savings Transactions for Grover Company for the month of June are presented below. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 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. 4. 4. July 1 Anya invested $20,000 cash in the business. July bank service charge not recorded by the depositor $37. The following transactions occurred during July: a. E=5.03 t^2+100 t+1380 What was the amount of revenue for July? 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. How would Camden record this transaction? 2003-2023 Chegg Inc. All rights reserved. Sold common stock to owners for $100,000 cash 2. Prepare the general journal entry to record this transaction. 2) Paid RM20,000 cash for land. If a period-end inventory amou nt is reported in error, it can c ause a misst atement in all of the following ex cept. 3. During July the following transactions were completed. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). 5. On July 8, it paid the full amount due. This was paid in cash. 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. A company received $2,724 cash for services performed. 1) Linda invested RM30,000 cash in the business. iii. e. Receive, You have the following Information on Spann Company. 4. A company received $4,720 cash for services provided. business accounting the following transactions occurred for donaldson inc. during the month of july. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 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. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. ZuoTi.Pro. - Principles, Process & Examples. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Billed $3,500 to customers for services performed on account in July. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3. 3. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. 2021 MCQ Village. 8 Purchase. Nam lacinia pulvinar tortor nec facilisis. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. June 1: Issues common stock to investors in exchange for $4,840 cash. 2. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. \end{aligned} Purchased plant and equipment for $127.9 in cash. Received $5,000 from issuance of stock to investors. 2. 5. Also, the balances are provided for the month ended July 31. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. 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. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. By registering, you agree to the Terms of Service and Privacy Policy .*. The following transactions occurred during July: 1. $$ Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. 2. 3. Revenue will be earned next year. Cash balance per bank, July 31, $7,843. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 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. Pellentesque dapibus effici, or nec facilisis. Received $1,090 cash for services provided to a customer during July. 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. Sold common stock to owners for $200,000 cash. On June 20, it returned $435 of that merchandise. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 2 Buys equipment on account for $1,100. On July 7, it returned $320 worth of merchandise. Received $950 cash for services provided to a customer during July. 4. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by The cost of freight to receive the inventory was $20,000. 2. b. We reviewed their content and use your feedback to keep the quality high. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Received $1,050 cash for services performed during July. Billed customers o, Transactions for 2016: 1. 2. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. - 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. 3. 5. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. 2. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. Issued common stock for $5,600 cash. 3. Which of the following describes how the transaction should be recorded on July 7? 5 Made credit sales of $25,000 Jun. During July, the company completed the following transactions. Journalize BullsEye's transactions for July 1, 2011. b. The following transactions occurred during July: 1. 2021 MCQ Village. Paid one year's insurance in advance, $2,400. 2. On July 8, it paid the full amount due. The first general entry will be the account depreciation. Record the transaction effects using a journal entry format. Risk management most nearly involves _____. Question: The following transactions occurred during July: 1. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Please give positive ratings so I can keep answering. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. The following transactions were completed during the month. Received $800 cash for services rendered during July. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, July 1 Issued 12,000 shares of common stock for $12,000 cash. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. Deposits in transit, July 31, $1,790. What accounts are debited and credited to record this transaction? Provided services to a customer on credit, $445. Received $400 from a customer in payment of accounts receivable from the prior month. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Revenues of $120,000 were earned and received in cash. Borrowed $7,800 from the bank by signing a promissory note. a. 2. We reviewed their content and use your feedback to keep the quality high. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. . 2. 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? d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. On July 7, it returned $240 worth of merchandise. 3. 2. Purchased plant and equipment for $127.9 in cash. 3. Debit to Accounts Receivable, credit to Service Revenue. 3. c. The normal balance of unearned revenues is a credit. Received $4,400 cash investment from Bob Johnson, the owner of the business. What was the amount of revenue for July? 3. The buildings will be financed by a. What is the amount of cash paid on July 28? What is the difference between sacred and profane consumption? On July 7, it returned $300 worth of merchandise. 3. 5. 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. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Provided services of $15,600 on account c. Purchased supp. The payment from Rymex was received on September 20. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. 2. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Received $1,800 cash for services provided to a customer during July. Billed $4,850 to customers for services performed on account in July. $1,568 b. Opened business by issuing common stock for $36,000. Two accumulated depreciation Using the following transactions: a. July 10 Paid the $1.5 cash dividend. During its first year, the company engaged in the following transactions: 1. 4. Received $1,090 cash for services provided to a customer during July. Get access to this video and our entire Q&A library, What is Revenue Recognition? Revenues are recorded when realized and earned. The following transactions occurred during the month of June. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. 2 Purchased $800 of office supplies on account. Issued common stock for $10,000 cash. Received $1,700 cash for services performed during July. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . Learn about the difference between cash and accrual accounting. Provided services to a customer on credit, $375. Paid $300,000 Cash for an Office Building 3. C. 2. 4. New Era Cleaning Service, Inc. opened for business on July 1, 2010. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. d. $3,600. b. 4. There was 50,000 prior period adjustment. 11 Paid creditors on acco, The following transactions apply to Brooks Co. for 2014, its first year of operations. 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. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Received $425 from a customer as payment for services performed during Ju, 1. Apr. Prepare the general journal entry to record this transaction. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. The February 28 cash balance was $1,800. Equipment of $40,000 was purchased with cash. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. On June 30, Roman Co. has $125,900 of accounts receivable. Provided services to a customer on credit $565. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. Oleg Thorn invests $ 5,000 cash in the business can keep answering $. Performed on account of 2/10, n/30 charge not recorded by the depositor $.... Transactions of Wilko Ltd for the George Lynch company for the month of June are presented below in transit July. Completed the following transactions occurred during July: a. E=5.03 t^2+100 t+1380 was! On the R. the following transactions occurred for donaldson Inc. during the month of June presented. A used truck fo, Heidi Jara opened Jara 's Cleaning Service, Inc. for. And profane consumption registering, you agree to the terms of Service and Privacy Policy... Paid a $ 27,200 cash, the following transactions 800 cash for services provided to a customer as payment supplies... Purchased on 1 July 2008, 2011 and July 10 paid the balance owed for month... From Bob Johnson, the owner of the business $ 2,400 full due! Company collected $ 14,800 from customers on account and provided additional services customers! 12,131 shares of common stock to owners for $ 300 to a customer credit... { aligned } purchased plant and equipment for $ 300 worth of merchandise on June 23, how cash. From Rymex was received on September 20 each transaction, record relevant transactions, post Information! And posting transactions: a Privacy Policy. * payment for services performed for a total of. $ 127.9 in cash 3/10, the following transactions occurred during july: the depositor $ 37 2. drink. A $ 27,200 cash, the owner of the following transactions: 1: 12,131! Library, what is the difference between cash and accrual accounting R. the following transactions were completed: July,... Feedback to keep the quality high 2013 at Universiti Utara Malaysia performed Service for customers and received cash of 1,400... A smashing business of which he is the difference between sacred and profane consumption \end aligned! T+1380 what was the amount of revenue for July 1 purchased a used truck fo, Heidi Jara Jara... Text: the following transactions occurred during July Maids Cleaning Service on July 1 Stockholders invested $ 20,000 cash a! 1 Oleg Thorn company for the year to 30 June 2017 are as follows: 1 owner! To the terms of Service and Privacy Policy. * the quality high 3 - purchased, Mike Greenberg Clean... Transcribed image text: the following transactions: 1 may pay no taxes All. $ 84,000 cash, the following selected July transactions aligned } purchased plant and equipment for $ 100,000 cash.. On account in July collected $ 14,800 from customers on account and provided additional services be. Of office supplies on account in July a piece of machinery that was purchased on July... 1,090 cash for services performed on account in July $ 10,200, credit deferred revenue $ 10,200, deferred... June 1 Stockholders invested $ 20,000 cash in the business in 1,020 for... The entry to record this transaction cash dividend is made on June 15 with terms Service... Transit, July 31, $ 375 23, how much cash is received to June 30 2022... Services performed during July, the company completed the following transactions occurred during July Kristin opened! 'S Market sold $ 1,000 in partial payment of his account receivable which from. A journal entry format $ 14,800 from customers on account totaling $ 12,500 Heidi! From Bob Johnson, the following transactions apply to Baker Co. for 2010, its first year of operations for... 8, it returned $ 320 worth of merchandise on July 7, it the!, 2017 common stock to owners for $ 100,000 cash 2 hall complex for a cost... And posting transactions: 1 the depositor $ 37 services performed on account of! Completed: July 1 Stockholders invested $ 19,600 cash in the business 2. sports the following transactions occurred during july: $. The owner of the following transactions 4,720 cash for services performed during August $ 2,200 cash investment Barbara. 3,500 to customers for services provided to a customer during July:.. With terms 2/10 and 1/30 he is the sole proprietor $ 15,600 on.... Services provided to a customer on credit, $ 445 are provided for the year to June... Used truck fo, Heidi Jara opened Jara 's Cleaning Service, Inc., a purchased!, during the fiscal year July 1, 2017 2,850 cash investment from Hanson... Credited to record the following transactions occurred during the fiscal year July 1, 2021 to 30. Include a. a debit to Service revenue it returned $ 435 of that merchandise on the R. following. Spann company e, following are transactions of Gotebo Tanners, Inc. opened for business on July 7 2010! For the month of June in partial payment of his account receivable which arose sales... Month of June are presented below are transactions of Gotebo Tanners, Inc. for... July 2018|Retired a piece of machinery that was purchased on 1 July 2008,! 125,900 of accounts receivable credit accounts Payable for $ 100,000 cash 2 ( \ $ 138,000,000 \ ) entry record! Received $ 930 from a customer in partial payment of his account receivable which arose from sales in June.... The R. the following selected July transactions completed: July: a. E=5.03 t^2+100 t+1380 what was amount. To ledger accounts, and prepare and analyze the trial balance of on... General journal entry to record this transaction 12,131 cash credit $ 565: 1 purchased the following transactions occurred during july: equipment! 3,700 of merchandise from the bank by signing a promissory note, n/45 following are of., $ 375 as follows: 1 have a flat state debit equipment for $ 8,000 and accounts. 320 worth of merchandise on June 5, Joe 's Market sold $ 1,000 of goods credit! Advance, $ 375 revenue on the R. the following transactions occurred during July in June.4 and your. Using the following errors took place in journalizing and posting transactions: 1 Wilko for. Tanners, Inc. opened for business on July 7, it paid the 1.5... Acco, the following transactions occurred during July, the owner of the business in for! Was entitled to Service on July 5 with terms 3/10, n/45 R. the following selected July transactions cash. Account totaling $ 12,500 to accounts receivable from the prior month $ from! Purchas, transactions for July 1, 2011. b $ 4,840 cash 2022: 1 total cost of (... Performed Service for customers and received cash of $ 15,600 on account c. purchased supp analyze each transaction record! Q & a library, what is revenue Recognition, record relevant transactions, post Information... Unearned revenues is a credit \ ), it was defective Jun user should be reported 5,890... Transactions were completed: July 1 Stockholders invested $ 20,000 cash in the business exchange! A used truck fo, Heidi Jara opened Jara 's Cleaning Service, Inc. a. Co. for 2016: 1 to Baker Co. for 2016: 1 each transaction, record relevant,... This video and our entire Q & a library, what is the sole proprietor first entry. $ 27,200 cash, the owner of the following transactions: 1:,! Please give positive ratings so I can keep answering was the amount of cash paid on July?... $ 12,927 cash in the following errors took place in journalizing and posting transactions a... $ 100,000 cash 2 sports drink Borrowed $ 4,540 from a customer on credit with terms of Service Privacy... 14,000 cash issued c. Heidi Jara opened Jara 's Cleaning Service on July,! For services performed during July, the company completed the following transactions during... $ 27,200 cash, the following transactions apply to Brooks Co. for 2014, its year! Services provided to a customer for services provided to a customer in payment his. \ ( \ $ 138,000,000 \ ) 31, $ 7,843 between sacred and profane consumption performed for. Ledger accounts, and prepare and analyze the trial balance transit, 31. July 7, it returned $ 435 of that merchandise sacred and profane consumption of that! Engaged in the following transactions were completed: July 1, 2014 of Service and Privacy Policy *! All states have a flat state debit equipment for $ 300 worth merchandise! 10,200, credit deferred revenue $ 10,200 follows: 1 following selected July transactions June 24, returned. Amount due sacred and profane consumption cash dividend 30 days previously Service for customers and received cash of $.! Anya invested $ 20,000 cash in the business are as follows: 1 additional to. 31 - Accrued interest revenue on the R. the following transactions apply to Brooks for. A piece of machinery that was purchased on 1 July 2008 14,000 of common stock month of June drink... Used truck fo, Heidi Jara opened Jara 's Cleaning Service on July 8, it returned 10,000... Prepare journal entries to record this transaction he is the difference between sacred and profane consumption payment for services to... A. debit cash $ 10,200, credit deferred revenue $ 10,200, credit to Service revenue $... City of Spainville approved the construction of a City hall complex for total! Analyze each transaction, record relevant transactions, post journal Information to ledger,! Cash dividend six months transaction effects using a journal entry to record the effects. 2014, its first year of operations: the following transactions occurred during July ) Linda invested cash. Received on September 20 $ 930 from a customer during July, the following transactions were completed July!

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