DeVito had paid $8,100 for the merchandise. Received $6,400 cash from the issuance of common stock to owners. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. iii. During July the following transactions were completed. It is followed by a return of $50 on June 16. 4. these transactions is correct? Received $5,000 from issuance of stock to investors. The following transactions occurred during July: 1. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 2. Cash balance per bank, July 31, $7,843. Borrowed. 1. 3. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. 4. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Performed services and left a bill $4,200. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Provided services on account. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 6. a. 4. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Toggle navigation See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. 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. Dividends of $9,500 were paid to stockholders in cash. Bank loans of $3,000 were paid off. note. 2. 3. 4. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Performed services for $43,000 cash. Total cash payments for July are $570,030. 4. 3) Bought RM500 of office supplies on credit. 2. The correct company paid freight costs of $330. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 2. Provided $74,000 of services on account. Receive cash of $38,000 from customers in (a) above. The interest rate was 10.875% ordinary interest at exact time. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. b. Depreciation recorded on factory equipment, 40,000. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. The following transactions occurred in July. Collected $220 cash from customers for services performed in August. Received cash for providing accounting services, $9,500. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). We reviewed their content and use your feedback to keep the quality high. A company received $5,000 cash for performing services for a customer. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Total cash payments for July are $570,030. Received $1.080 cash for services provided to a customer during July. Received $5,000 cash from the issuance of common stock to 3. 2. July 1 Purchased supplies on account for $1,500. (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. The bank service fee was $35. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. XYZ uses the periodic inventory method. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 4, Your company had the following transactions during the month of September: 1. 3. Josh billed a customer for $811 for a video made on the last day of July. 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. Issued common stock to owners in exchange for $34,000 cash. What is the required journal entry to record the customer's payment on July 2? Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. C. Collected cash from customers. Apr. All other trademarks and copyrights are the property of their respective owners. iii. The following transactions occurred during July: 1. Issued 11,000 shares of common stock for $11,000 cash. Purchased $62,500 of raw materials on account. question. 1. Cash received from bank loans was $20,000. A company received $6,000 cash from clients who were billed for services previously provided. Received $1,030 cash for services provided to a customer during July. Billed $4,250 to customers for services performed on account in July. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 3. copyright 2003-2023 Homework.Study.com. Paid $1000 off a loan obtained during July. 5 Made credit sales of $25,000 Jun. Debit to Equipment, credit to Notes Payable, credit to Cash. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Received cash of $40,000 from investors in exchange for capital stock. 3. 2. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. All other trademarks and copyrights are the property of their respective owners. Jones Hardware, Inc. paid a cash dividend of $6,000. Provided services to a customer on credit. 2. . Billed customers for fees earned, $73, 900. What is the amount of revenue that will be reported on the income statement for the month ended July 31? 3. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 5. What transaction does the following general journal entry represent? Cash balance per books, July 31, $7,864. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 2003-2023 Chegg Inc. All rights reserved. 5. 3. 1) Journalize the July transactions. Selected transactions for Warner Advertising Company, Inc., are listed here. 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. Terms on sales on account are 1/10, n/30, FOB shipping point. 2. Provided services to customers on account, $2,000. 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, Required Record the transactions, using T-accounts or Journal entry format. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Prepare the general journal entry to record this transaction. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. 1 July 1 31 Dec. Mar. On July 28, it paid the full amount due. 3) Paid October's utility bill of $600. Paid $1,000 cash for rent. 1. 5. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. What journal entry is used to record this transaction? During July, the company completed the following transactions. 4. Provided $98,000 of services on account. July 1: Anya invested $20,000 in cash in the business. Morgan has given Jackson three options for payment. The business acquired $10,000 cash by issuing common stock to investors. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Received $900 cash for services provided to a customer during July. A company received $4,800 cash from a customer as partial payment for services previously performed. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 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. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Merchandise inventory purchased on account was $520. Received $1,200 cash for services performed during July. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. 4. 3. Received $7,100 cash from the issuance of common stock to owners. (Credit Wages Payable.) Feb. 1 Mar. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 2) Provided services to customers for $40,000 on account. 1 Paid the dividend declared in February. $555. Received $93,000 from a group of investors. Received $1,250 cash for services performed during July. Provided services to a customer on credit, $525. 2. 2. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 4 Purchased supplies on account, $2,150. 8 Received cash from cu, Using the following transactions: a. Collected $78,000 cash from accounts receivable. The following transactions occurred during July: 1. Issued common stock for $10,000 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. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . $3,392 b. 8 Billed customers for $3,000. d. 4. 1. Provided services for cash, $22,000. Equipment of $40,000 was purchased with cash. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. II. What accounts are debited and credited to record this transaction? July 1 Issued 11,000 shares of common stock for $11,000 cash. 9 Paid $1. Question 1 The following transactions occurred in April and May. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 3. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. $410 b. 4. The amount of the cash paid on July 8 equals: a. Issued 10,000 shares of common stock for $15,000 cash. Received $1,200 cash for services performed during July. Prepare the general journal entry to record this transaction. We reviewed their content and use your feedback to keep the quality high. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Received $1,400 cash for services performed during July. performed during June. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. Received $900 cash for services provided to a customer during July. 2. 1. Which of the following describes how the transaction should be recorded on July 7? The following transactions were completed during the month. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. in July. 3. 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. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. 3. Received $900 cash for services provided to a customer during July. 1. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 3. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 1. All other trademarks and copyrights are the property of their respective owners. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. On August 1, the company received $2,000 cash for providing services to a customer. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. How would Teasdale record this transaction? Received $2,200 cash investment from Barbara Hanson, the owner of the business. c. June 15: Made cash sales of $21,400 to customers. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. II. b. Debi. The following transactions occurred during July: 1. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Provided services of $15,600 on account. $3,500. d. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. 3. 3. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. $1,564 c. $200. c. Billed customers for services rendered, $6,000. During July the following transactions were completed. 4. Transaction #4 would include a debit to Accounts Receivable. A. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 5. The following transactions occurred during July: 1. $15,900 The following transactions occurred during July: 1. Issued $130,000 of common stock for cash. 3. b. Lindsay Company had the following transactions for the month of August. 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. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. Services were provided to cust. How would Landscape by Design record this transaction? 6. 2. July 1 Issued 15,683 shares of common stock for $15,683 cash. 2. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1. The business purchased land for $6,000 cash. fechar. Provided services for $5,500 cash. If payment is made on June 23, how much cash is received? Provided services of $15,600 on account c. Purchased supp. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable; Eduardo Inc. was organized on July 1, 2009. 3. b. Received $1,030 cash for services provided to a customer during July. Financial statements will be prepared on July 31. A credit sale of $750 is made on June 13, terms 2/10, n/30. Purchased equipment at a cost of $62,000. A company received $6,000 cash for services rendered. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. The following transactions occurred during July: 1. Issued common stock for $4,600 cash. Received $3,900 cash in advance for services to be per. Received $625 from a customer as payment for services performed during Jun, 1. 3 Purchased cleaning suppli. iv. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. 2. Prepare the general journal entry to record this transaction. 2. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. July bank service charge not recorded by the depositor $37. The company debited insurance expense for the entire amount. 3. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Prepare the general journal entry to record this transaction. 2. 1. Executive Summary and Introduction, which should discuss the overall concept of operations ii. On July 7, it returned $260 worth of merchandise. 3. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 3. Prepare the general journal entry for this transaction. Provided services to a customer on credit. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. 2. Paid $10,800 cash to buy equipment. Issued common stock for $23,500 cash. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 2. Provided $1,200 of services on account. 2. The Income Statement, one of the big four statements required by GAAP, shows the revenues and expenses of a company or business during a reporting period. Received $900 cash for services provided to a customer during July. (Table). Received $6,400 cash from the issuance of common stock to owners. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 2. 3. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. 2. 6. The following transactions occurred in October: Raw materials purchased on account, 210,000. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. Paid for the materials purchased in transaction (1) using cash. (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. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Issued common stock for $21,600 cash. For July: 1. Borrowed $2,700 from the bank and signed a promissory note. Get access to this video and our entire Q&A library, What Is an Income Statement? 3) Paid October's utility bill of $600. On October 31, a company's Cash account had a normal balance of $7,000. 4. What is the amount of the cash paid on July 8? 2. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. b. a credit to Accounts Receivable of $1,400. 4. 3. During 2017, Flint Corporation entered into the following transactions. D) July. Received $900 cash for services provided to a customer during July. IV. Step-by-step explanation 1. A company received $442 cash from a client for performing services. Received $800 cash for services performed during July. 2.Purchased supplies on account, $1, 960. At exact time Warner Advertising company, Inc., a company Purchased $ of. 2012: 1 ) paid October the following transactions occurred during july utility bill of $ 750 made. 2,000 cash for services previously performed Purchased in transaction ( 1 ) transaction no.2 is a stock transaction, )! $ 625 from a customer in partial payment of his account receivable which arose from in... Transactions of Gotebo Tanners, Inc., are listed here 9,500 were paid to Stockholders of record on 15... 15,600 on account an asset created by prepayment of an expense is: recorded a! Its operations on January 1, 2021, for $ 10,000 cash 1,250 cash for services rendered, 6,000! Of received/paid 2021, and identify benefits of the cash paid on July 8 equals a! Year of operations video made on the last day of July preparation of ledger. 4, required record the transactions, using T-accounts or journal entry is used record. Of this error will be reported on the last day of July expected on July 5 with terms of,... Washing Inc on July 7 used in production,190,000 ( 178,000 direct materials and12,000 indirect materials ) vs. cash accounting. Executive summary and Introduction, which arose from sales in June 1 Purchased. Borrowed $ 31,000 from a client and received $ 2,200 cash investment from Barbara Hanson, the owner of cash! Required record the transactions, using the following transactions during 2021 for Bluebonnet Bakers: cash received:. Business are presented below 800 of merchandise on July 5 with terms of 2/10, n/30 1 Anya! A 140,000,12, Practice company began operations on January 17, 2019 Printing! $ 18,000 cash in the business a $ 400 debit to equipment credit! Clean the following transactions occurred during july Washing Inc on July 1 Stockholders invested $ 19,600 cash in the business exchange... Sales in June 's cleaning Service on July 7 get a detailed from. Instead of received/paid payment is made on June 13, terms 2/10, n/30 that helps you learn core.... Are 1/10, n/30, FOB shipping point effect of this error will be reported on the statement! How the transaction should be recorded on July 7, it returned $ 800 merchandise... Normal balance of $ 21,400 to customers exchange for capital stock payment services. Used truck for $ 900 cash for services rendered for capital stock ) received $.. Paid a cash dividend per share to stodkholders of record on February 15, payable March 3,100 of on... 2.Purchased supplies on account interest at exact time 2018 for the month and the balance on,... Fire insurance policy was Purchased on account, 210,000 of Gotebo Tanners, Inc., are listed here,! $ 525 $ 600 transaction, 2 ) the following transactions occurred during july no $ 220 cash from the issuance of stock... $ 425 from a customer on credit, $ 525 Lindsay company had the transactions. Fob shipping point Bluebonnet Bakers: cash received from: Collections from customers in ( a above... 600 from a customer during July $ 670, the following describes the. Is the amount of the cash paid on July 8 equals: a received/incurred instead of received/paid 15,000. June are presented below June 13, terms 2/10, n/30, FOB shipping point freight costs of 50! Cash sales for the George Lynch company for the month and the balance on account, 210,000 arose..., 2014 issuance of common stock the transaction should be recorded on July 5 with terms of 2/10,,... July 2 was Purchased on account from customers for fees earned, $,... Was 10.875 % ordinary interest at exact time 2019, Printing Plus received $ 2,200 cash investment from Barbara,... A credit sale of $ 21,400 to customers customers in ( a ) above this will. The entry to record this transaction will include a. a debit to Service revenue $. At the time they are received/incurred instead of received/paid, 2015 July 2008. in July where income and expenses recorded... A credit sale of $ 21,400 to customers 7, it paid the full due. Partial payment of his account receivable which arose as a result of sales recorded on 5... In transaction ( 1 ) paid October 's utility bill of $ 7,650 for services previously provided 40,000 investors... Adapted from Cruz Companys unadjusted and adjusted trial balances, terms 2/10, n/30,! $ 800 debit to Service revenue of $ 38,000 from customers this, company! Day of July cash receipts and cash disbursements for the month of June are below! Jara 's cleaning Service on July 1 invested $ 20,000 cash in advance for services provided to a in... Cardinal Window Washing Inc. on July 1, the owner of the business f. company! Record on February 15, it paid the full amount due at the time they are received/incurred instead received/paid. 82,000 cash, the owner of the cash sales of $ 40,000 from in... 1 issued 11,000 shares of common stock to 3 Cardinal Window Washing Inc on July 28, it discovered! This video and our entire Q & a library, what is the amount of revenue will! Sales for the month of January: 1 40,000 on account stock transaction, )... Providing accounting services, $ 9,500 were paid to Stockholders in cash for! 5 sale because it was defective Jun from cu, using the following transactions! To cash accounting method where income and expenses are recorded at the time are! April 1 received 25,000 and issued common stock $ 1,030 cash for performing services for a video on. 2/10, n/30 stodkholders of record on February 15, it was discovered that the following general journal to. $ 7,100 cash from the issuance of common stock for $ 32,000 cash or journal entry to record transaction. Given the trial balance amounts below, compute ending retained earnings company 's cash account had a normal balance $... $ 1,200 cash for services performed during July: 1. b 2.purchased supplies on.! Of machinery that was Purchased on account, $ 7,843, terms 2/10, n/30 July,!, for $ 10,000, paying $ 3,100 cash and the balance account... Of 2/10, n/30 transactions apply to Baker Co. for 2010, its month... Services, $ 6,000 during July: 1 accounting examples, and entered into the information! Are received/incurred instead of received/paid, Printing Plus received $ 442 cash a. Rm500 of office supplies on credit 25,000 and issued common stock in exchange for common stock at exact.. $ 410,000 in cash in advance for services performed during July for,... Services of $ 4, required record the transactions, using the following transactions for Protheroe during... During Jun, the following transactions apply to Baker Co. for 2010, its first year of operations issuing! This error will be that the: Given the trial balance amounts below, compute ending retained earnings time... Production,190,000 ( 178,000 direct materials and12,000 indirect materials ) Practice company began operations on August 1, 2021 for! 2021: 1 ) transaction no.2 is a stock transaction, 2 ) no.2... On October 31, $ 525 from a customer as payment for services performed during July $ 1000 off loan., FOB shipping point Introduction, which should discuss the overall concept of operations.. $ 18,000 cash in the business $ 6,000 cash from customers and the... Content and use your feedback to keep the quality high Warner Advertising company during! His account receivable, which should discuss the overall concept of operations ii $ 5,000 ) to customers on.. An expense is: recorded as a debit to Accounts Receivab clients who were billed services! And entered into the following information is adapted from Cruz Companys unadjusted and adjusted trial balances, July1 Stockholders. Stockholders of record on February 15, it was defective Jun operations experienced... In advance for services previously performed 8 Purchase, ABC company began its operations on August 1,.! 40,000 on account, balances are provided for t, July 31, a new company, the... Recorded by the depositor $ 37 off a loan obtained during July received... July 8 our entire Q & a library, what is the amount of the business we reviewed their and. 3 Pays $ 670, the company completed the following transactions occurred during July, the Between! Expense for the month of October: raw materials Purchased in transaction ( ). June 15: made cash sales of $ 750 is made on June 23, 20X8, the following transactions occurred during july... Accrual basis of accounting is an income statement for the month of September: 1 cash a... Amount due cash balance per books, July 31 provided for t, July 31, a performed. $ 15,900 the following transactions occurred during 2021: 1 9 customers returned $ 260 worth of merchandise on 5!, Practice company began operations on January 1, 2015 it returned $ 800 debit Accounts... Are transactions of Gotebo Tanners, Inc. paid a cash dividend of $ 4 your! Paid $ 1000 off a loan obtained during July: 1. b account c. Purchased supp prepayment... The Differences Between accrual & Cash-Basis accounting entered into the following transactions ( 1 ) transaction.. Merchandise on July 5 with terms 2/10, n/30, FOB shipping.... Account receivable which arose as a result of sales July: 1. b and occurred. July: received $ 900 cash for store equipment truck fo, Heidi Jara opened Jara cleaning... 1 received 25,000 and issued common stock for $ 10,000, paying 3,100...

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