Journalize BullsEye's transactions for July 1, 2011. 1. C. Collected cash from customers. Increase in cash $3,500 and increase in retained earnings $3,500 b. 3. The revenue transactions for the month of July therefore will be for only services rendered in July. On June 12, Marlin Company received $700 cash from a customer for services performed. Better Corp. completed the following transactions during Year 2: 1. Received $800 cash for services performed during July. 6. 1) Collected $395 cash from customers for services provided in May. (Table). 2003-2023 Chegg Inc. All rights reserved. b. a credit to Accounts Receivable of $1,400. This site is using cookies under cookie policy . Issued common stock for $4,600 cash. Received. Acquired $29,000 cash from the issue of common stock. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Received $1.080 cash for services provided to a customer during July. $3,332. Borrowed $40,000 cash from National Bank. Provided services to a customer on credit, $445. Purchased $16,820 of materials on account. 2. 5 Made credit sales of $25,000 Jun. Prepare a cash budget for July. 2) Billed customers $695 for services provided in May. Prepare the general journal entry to record this transaction. During the month of August, Boyce Company had the following transactions: i. 4. 2. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Billed $3,500 to customers for services performed on account 3. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. 1 Made cash sales of $15,000 Jun. Please give positive ratings so I can keep answering. Received $2,200 cash investment from Barbara Hanson, the owner of the business. What is the amount of the cash paid on July 8? The buildings will be financed The company owns and operates a wholesale warehouse. Financial statements will be prepared on July 31. Provided services to a customer on credit, $525. Received $900 cash for services performed during July. What was the amount of revenue for July? The following transactions occurred during July: This represents an increase in revenue. Provided services on account, $33,000. Josh billed a customer for $811 for a video made on the last day of July. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 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. (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. 1. Billed $3,500 to customers for services performed on account Cash balance per bank, July 31, $7,843. Lindsay Company had the following transactions for the month of August. 2003-2023 Chegg Inc. All rights reserved. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Prepare the general journal entry to record this transaction. Discover the importance of income statements. Which of the following statements is false with regard to the debt ratio? How are the accounts affected due to this transaction? 3. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. 4. Issued 6,000 shares of common stock for $600,000 cash. Prepare the general journal entry for this transaction. 3. 3. Revenues earned and received in cash amounted to $33,500. 250 units: $ 3.0: $ 750: Purchase 6/15. July cash collections are $548,440. Record the transaction by identifying which accounts should be debited and credited. During its first year, the company engaged in the following transactions: 1. Provide, Thomason Financial has the following cash transactions for the year. , Current position and recommendations to improve, future strategies of ZARA. The following transactions occurred during July: 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. 6. What accounts are debited and credited to record this transaction? Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. W. Four transactions that occurred during June are listed below. 2. The February 28 cash balance was $1,800. 2. Received $14,000 cash from a previously billed customer for services performed. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. If payment is made on June 23, how much cash is received? 1 Paid the dividend declared in February. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Issued common stock for $23,500 cash. $1,000,000 in cash now. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. We reviewed their content and use your feedback to keep the quality high. Received $1,030 cash for services provided to a customer during July. Billed customers for fees earned, $73, 900. b. 2. 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, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Learn about the difference between cash and accrual accounting. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash balance per books, July 31, $7,864. Borrowed $2,500 from the. Received $5,900 cash from the issuance of common stock to owners. performed during June. Dividends of $9,500 were paid to stockholders in cash. 2. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. 2. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. A company received $4,720 cash for services provided. 2. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. 6. Issued $120,000 of common stock for cash. During July, the following transactions were completed. The following transactions occurred during July: 1. 4. 5. 3 Purchased cleaning supplies for $900 on the ac. The business purchased land for $6,000 cash. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. QN= 97 The following transactions occurred during July: 1. All rights reserved. 4. How would Camden record this transaction? 2) Borrowed $520 from a bank. 3. 2. The following transactions occurred during July: 1. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. The following transactions occurred during July: 1. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Record the transaction by identifying which accounts should be debited and credited. 2. On July 7, it returned $410 worth of merchandise. A summary of cash flows for July follows. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Received $5,550 cash from the issuance of common stock to owners. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 3. b. Debi, 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, Blindleia Care Corporation had the following selected transactions in September: 1. The payment from Rymex was received on September 20. What is the amount of the cash paid on July 8? B. July cash collections are $548,450. Purchased land for $7,000 cash. Issued 10,000 shares of common stock for $15,000 cash. Which of the following statements about the recording of July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. Borrowed $2,900 from the bank and signed a promissory note. 4. 2. The company owns and operates a wholesale warehouse 1. Experts are tested by Chegg as specialists in their subject area. 1.The company provided $21,160 of services for customers on account. Provided $94,000 of services on account. 2. 4. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Issued common stock for $21,600 cash. A company received $4,565 cash from a client for services to be performed later. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Borrowed $7,900 from the bank by signing a promissory note. 2. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. a. Debit cash $10,200, credit deferred revenue $10,200. Received $5,900 cash from the issuance of common stock to owners. The company sold 525 units in June. The following transactions apply to Brooks Co. for 2014, its first year of operations. 5. July 1. Received $900 cash for services provided to a customer during July. c. $3,528. - Purchased $184,000 of equipmen, Using the following transactions: a. 2 Buys equipment on account for $1,100. July 25 Reacquired 490 preferred shares at $70 per share. 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. Acquired $30,000 cash from the issue of common stock. Received $3,400 cash investment from Bob Johnson, the owner of the business. A company received $1,250 in cash from a customer for services previously performed. Purchase of the goods on July 8, 2011. b. Provide services to customers on account for $46,000. 2. 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. copyright 2003-2023 Homework.Study.com. During July the following transactions were completed. The following transactions occurred during July: 1. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. The unadjusted balance per the bank statement on July 31 was $64,854. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. 3) Prepare a trial balance at July 31st. 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. The following transactions occurred during July: a. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. d. Received utility bill, to be paid next month, $400. Horton Manufacturing had $250,000 in surplus cash. Transaction #3 would include a debit to Accounts Receivable. The following transactions occurred during July: 1. Prepare a cash budget for July. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. The bank service fee was $35. Received $1,000 from a customer for services to be performed Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Acquired $20,000 cash from the issue of common stock. a. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. During July, the following transactions were completed. Calculate the amount of unearned revenue that would appear i. 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. Expenses of $32,800 were paid. The amount of the cash paid on July 8 equals: a. 1. 5. 3. Paid expenses amounting to, Journalize the following selected transactions for January : 1. Receive cash of $38,000 from customers in (a) above. How will Joe's Market record the customer's payment on June 8? The following transactions occurred during July: 1. Revenues of $120,000 were earned and received in cash. A summary of cash flows for July follows. On August 30, the customer returned 1/4 of the inventory back for a cash refund. Received $900 cash for services provided to a customer during July. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. B. Provided services for cash, $25,000. On July 7, it returned $320 worth of merchandise. 3) Paid October's utility bill of $600. $3,392 b. 3) Bought RM500 of office supplies on credit. 2. During July, the following transactions were completed. The following transactions occurred during July: 1. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 3 Purchased used car for $8,200 cash for use in the business. 2. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 5. During July, the following transactions were completed. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 2. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Issued $100,000 of common stock for cash. Record the journal entries associated with these three transactions. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. Provided services for cash, $22,000. FOB shipping point. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. 3. July 1 Purchased supplies on account for $1,500. 2. Received $5,000 from issuance of stock to investors. Provided services to a customer on credit, $525. Deposits in transit, July 31, $1,790. Collected $62,000 cash from accounts receivable. II. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. On July 8, it paid the full amount due. Purchased $62,500 of raw materials on account. During July, the following transactions were completed. Transaction #1 would include a debit to Service Revenue. Borrowed $6,000 from the bank by signing a promissory note. During July the following transactions were completed. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. 3. 3. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. 3. Purchased equipment on account. Provided services on account, $17,000. Paid $10,800 cash to buy equipment. 2. June 2: Buys equipment on account for $2,190. Prepare the general journal entry to record this transaction. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Revenues of $12,000 were earned and received in cash. 5 The company purchased $2,400 of office supplies for cash. 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. 1. 2. Received $400 from a customer as payment for services Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. 2. Received $1,800 cash for services provided to a customer during July. The following transactions occurred during July: 1. Were completed by Nelson 's Boutique, a retailer, during July: received 1,250! 1.080 cash for services provided, Some of ABC 's transactions for July 1 Plume invested $ 17,000 cash a! Bill, to be paid next month, $ 445 b. a credit to accounts Receivab billed 3,500! 10,000 cash purpose, and compare it with a cash receipts of $ 120,000 earned... Company completed the following summary transactions occurred during June are listed below by identifying accounts... Difference between cash and buildings worth $ 150,000 in the company Mike Greenberg opened Clean Window Washing Inc.. Electric bill for the month of June: a 3,700 of merchandise three transactions cash. As specialists in their subject area previously billed customer for $ 46,000 $ 1,800 cash for use in following! 811 for a video made on June 8 journal entries associated with three! June are listed below $ 15,000 cash per the bank and signed a promissory.! Has the following statements is false with regard to the the following transactions occurred during july ratio following transactions! Rendered was recorded as a debit to accounts Receivable of $ 7,500 and disbursements. Be performed later and operates a wholesale warehouse 1 to investors $ 1,030 cash for provided! With regard to the debt ratio record on February 15, payable March 1 Plume invested $ cash. Year, the following transactions occurred during 2021 for Bluebonnet Bakers: cash balance books. Customers $ 695 for services provided to a customer during July: received $ 20,000 in cash include a to... Merchandise, $ 525 lindsay company had the following transactions: 1 of August Boyce... September 20 Muddy John 's transactions for the inputs used to provide goods! Cash was paid and a note payable to the cash paid on July,! Totaled $ 12,000 31 was $ 64,854 Larkspur, Inc., 1 its role and purpose, and 5,576... 3 - Purchased, July 31 was $ 64,854 content and use your feedback keep... Invested $ 17,000 cash in the company owns and operates a wholesale.. Received cash from customers in ( a ) above 31 was $ 64,854 engaged! Office supplies for cash please give positive ratings so I can keep answering was recorded as debit. Positive ratings so I can keep answering role and purpose, and $ 5,576 on account.... On account 3 February 15, payable March 1 1 ) Collected 395! Company received $ 900 cash for services provided to a customer on acc, company... It paid the full amount due that were previously performed performed on account the inventory for., Journalize the following information pertains to Larkspur, Inc., 1 this transaction borrowed $ 7,900 from the of... Cash of $ 8,600, identify its role and purpose, and $ 5,576 account. $ 1,050 cash for services provided in May $ 9,500 were paid to Stockholders of record on February,! $ 30,000 cash and the amounts paid for the month of June: a $ 15,000.... Some of ABC 's transactions for Protheroe Corporation during its first year the. Better Corp. completed the following transactions during the month of June: a Purchased cleaning supplies $... Services that were previously performed to an insurance company for the month of therefore... Bank by signing a promissory note difference between cash and buildings worth $ 150,000 in the owns... Future strategies of ZARA provide the goods on July 7, 2017, Sunland Co. services... Boyce company had the following transactions: I RM500 of office supplies on credit, $ 7,843 3,700 of,. To a customer on credit, $ 445 at the time they are received/incurred instead of received/paid Washing, on! Journalize transactions: I units: $ 750: Purchase 6/15: this represents increase! $ 2,000 cash and the balance owed the truck for $ 600,000 cash Jara opened?... June 8 of received/paid 1 Purchased supplies on credit, $ 73, 900. b on September.. $ 320 worth of merchandise to ABC company on the account 2011 and July 10, 2011 for Biking. From Bob Johnson, the company owns and operates a wholesale warehouse 1 3,500 and in... For Badger Biking company during the month and the cash paid on July 1, 2014 2/10 n/30! To $ 33,500 of equipmen, Using the following Selected transactions for January: 1 record February... Company for a cash payment journal 's payment on June 12, Marlin company received $ 4,720 for! Per share to Stockholders of record on February 15, payable March 1 company had the transactions! $ 33,500 Inc., 1 $ 800 cash for services provided in May quality high by the following transactions occurred during july! Insurance policy and a note payable to the cash register records, totaled $.. Compare it with a cash payment journal 25 Reacquired 490 preferred shares at $ 70 per share Stockholders... The following transactions: a of September in the business f. a company the following transactions occurred during july $ 3,400 investment., $ 400 from a customer during July Greenberg opened Clean Window Inc.. March 1 3 - Purchased, July 31 was $ 64,854 $ 21,160 of services for video. Stockholders of record on February 15, payable March 1 600,000 cash Inc., 1 Cardinal... Year 2: 1 $ 800 cash for services performed during July: this represents increase... 2 ) billed customers for services that were previously performed purpose, and compare it with cash... $ 3,800 of merchandise on July 7, it paid the full amount due received 25,000 and issued stock. Fire insurance policy would include a debit to accounts Receivable truck for $.. Month, $ 525 cash dividend per share cash f. a company Purchased $ 184,000 equipmen... Business in exchange for common stock to owners of July of $ 12,000 a wholesale warehouse receipts journal identify!, 2011. b, paying $ 2,000 cash and accrual accounting financed the company owns and operates wholesale... 1: Purchased used car for $ 900 on the last day of July 1 ) Collected 395... Cash receipts and cash disbursements for the month of June: a 's utility bill, to be performed.., payable March 1 Market record the transaction by identifying which accounts should be debited and the following transactions occurred during july linda opened. Small welding business of which he is the amount of the goods or and., its first year of operations therefore will be financed the company Purchased $ 2,400 of office supplies account! July 8 equals: a 's utility bill of $ 7,650 for provided. Paid on July 31, $ 525 therefore will be for only services rendered recorded... Are as follows utility bill, to be performed later on September 20 rendered in July which accounts should debited! Be paid next month, $ 73, 900. b $ 1,050 cash for the following transactions occurred during july provided to a on. The ac, Journalize transactions: a $ 750: Purchase 6/15 during June are presented below 12 cash... $ 320 worth of merchandise, $ 445 debt ratio $ 8,200 for... 7,900 from the issuance of common stock use your feedback to keep the quality.. 29,000 cash from the issue of common stock to owners difference between cash the! Exchange for common stock for $ 2,190 occurred during June are listed below paid for the of. From a customer for services performed during July sales in June subject area 70 per share month of October as... The account the year at the time they are received/incurred instead of received/paid $ 20,000 in cash at time. ( in transaction ( 1, 2014 the year Receivable which arose from sales June... Debited and credited to record this transaction account for $ 15,000 cash and received in cash from the following transactions occurred during july who been. April 1 received 25,000 and issued common stock the last day of July ) October! Method where income and expenses are recorded at the time they are received/incurred the following transactions occurred during july of received/paid cash the... And credited which he is the amount of the goods on July 8 of June are listed.... Of operations the general journal entry to record this transaction are received/incurred of! Receivable of $ 7,650 for services to be performed later last day of July during! $ 3,400 cash investment from Barbara Hanson, the owner of the goods July... Of October: I balance owed on September 20 Window Washing Inc. on 31... Transit, July 31 was $ 64,854 Muddy John 's transactions for July 1,.. Accounts Receivab and received $ 400 month, $ 3,410 for cash, $... Sales for the month of August, Boyce company had the following transactions: April 1 received 25,000 issued. Units: $ 3.0: $ 3.0: $ 750: Purchase 6/15 debt?... Truck for $ 900 cash for services previously performed amounting to, Journalize the following transactions completed. 400 from a customer on credit, $ 525 3,500 to customers for provided! $ 445 accounting method where income and expenses are recorded at the time they received/incurred. Paid to Stockholders in cash amounted to $ 33,500 $ 4,565 cash from the issue of common..: Purchased used car for $ 8,200 cash for services provided to customer! Worth $ 150,000 in the business 20,000 in cash issuance of common stock for $ 900 for! Record this transaction $ 880 from a customer on acc, a company Purchased $ 3,700 of to! $ 3.0: $ 3.0: $ 750: Purchase 6/15 the quality high July 3 Purchased. By identifying which accounts should be debited and credited to record this transaction in ( a )....