the following transactions occurred during july:

2. 1. c. The left side of a T-account is the debit side. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. Also, the balances are provided for the month ended July 31. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. 3. 2. What is the amount of the cash paid on July 8? Received $1,700 cash for services performed during July. 2. Received $3,400 cash investment from Bob Johnson, the owner of the business. Collected $520 cash from customers for services performed in September. 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. b. a credit to Accounts Receivable of $1,400. 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. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Received $1.250 cash from a customer for services to be rendered next year. Received $5,000 cash from the issuance of common stock to owners. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. $3,332. tobacco products, Which of the following is a true statement? You can specify conditions of storing and accessing cookies in your browser. All other trademarks and copyrights are the property of their respective owners. 6. 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? Deposits in transit, July 31, $1,790. On July 7, it returned $300 worth of merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. July 1 Purchased a truck for $11,000. d. Assets that represent prepayments of future expenses. Bank loans of $3,000 were paid off. On July 8, it paid the full amount due. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. sports drink A, X Company, a merchandiser, started business on June 1. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 4. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. July 1 :Issued 12,000 shares of common stock for $12,000 cash. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The following transactions. New Era Cleaning Service, Inc. opened for business on July 1, 2010. d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. 2. 3. Received $5,000 from issuance of stock to investors. 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. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. 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. All other trademarks and copyrights are the property of their respective owners. 2. Received $3,100 cash investment from Barbara Hanson, the owner of the business. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. 2021 MCQ Village. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). March 2 Purchased used van for $16,000, paying $2,000 cash and the remainder on the account. 3. 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 $4,400 cash investment from Bob Johnson, the owner of the business. Purchased land for $12,000, signing a note payable for the full amount. Terms on sales on account are 1/10, n/30, FOB shipping point. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Received. 2 Purchased $800 of office supplies on account. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. On July 28, it paid the full amount due. 2. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? What is the primary function of management? Received $2,200 cash investment from Barbara Hanson, the owner of the business. Unearned Rent was credited for the full $18,000. It would help me . 2 Purchased furniture for $10,000 cash. Received $1,030 cash for services provided to. 2021 MCQ Village. 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. 2. Sold for $4. The accountant sets the bill aside since it is not due until October 25. b. Debi. 5. Provided services to a customer on credit. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Provided services to a customer on credit, $495. 2. What amount is received as payment in full on July 24? Received $1,430 cash from a customer for services to be performed next year. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Mark paid, A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. 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. Received $1,400 cash for services performed during July. B. 3. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? David was by one leg. How would Landscape by Design record this transaction? The following transactions occurred during July: 1. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). It is followed by a return of $50 on June 16. Received cash of $40,000 from investors in exchange for capital stock. 2. Provided $13,600 of services on account. The unadjusted balance per the bank statement on July 31 was $64,854. Borrowed $6,000 from the bank by signing a promissory note. a. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Received $900 cash for services provided to a customer during July. Question: The following transactions occurred during July: 1. 3.. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Provided services to a customer on credit, $375. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. A. all states have income tax &x+2 y \geq 4 \\ 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. A company received $6,000 cash for services rendered. Debit Cash, Credit Common Stock Equity, 3. VIDEO ANSWER: Greetings everyone. Question: The following transactions occurred during July: 1. 2 Buys equipment on account for $1,100. 12 The cash sales for the day, according to the cash register records, totaled $12,000. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. D. Depending on where you live, you may pay no taxes at all. During July, the following transactions were completed. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $400 from a. QN=80 The account used to record the transfers of assets from a business to its owner is: c. Liabilities created when a customer pays in advance for products or services before the revenue is earned. Can you reconcile these two facts. 6. Laurie Dexter starts a business called Camden Cleaning. Equipment of $12,000 was purchased. 2003-2023 Chegg Inc. All rights reserved. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. $700 b. Received $1,030 cash for services provided to a customer during July. $555. Received $700 from a customer as payment for services performed during June. Purchase of the goods on July 8, 2011. b. On July 7, it returned $240 worth of merchandise. What accounts are debited and credited to record this transaction? Received $1,440 cash from a customer for services to be rendered next year. 8 Received cash from customers on account, $62,970. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. 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. The following were June transactions: 1. 3. Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, Journalize the following transactions for the month of June. 3. - Principles, Process & Examples. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 2. 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. 2. a. 1. On July 8, it paid the full amount due. Revenues of $120,000 were earned and received in cash. Received $800 from a customer in partial payment. Received $1.080 cash for services provided to a customer during July. Provided services to a customer on credit. The amount of the cash paid on July 8 equals _____. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. How would Teasdale record this transaction? For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. 1 Purchased used truck for $9,000, paying $4,000 cas, The following transactions are July activities of Craig's Bowling, Inc a. Craig's collected $13,300 from customers for games played in July. 1) Journalize the July transactions. Please briefly explain why you feel this question should be reported. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. 4 Purchased supplies on account, $1,970. $1,564 c. $200. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. 2003-2023 Chegg Inc. All rights reserved. The company paid cash. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 3.The co, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Collected $62,000 cash from accounts receivable. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 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. Received $1,200 cash for services d. $3,600. Received $880 from a customer in partial payment of his . Received $950 cash for services provided to a customer during July. A company received $3,000 cash from clients for services provided. The following transactions occurred during the month of July 2014: A company received $2,000 cash for its services to be performed later. Experts are tested by Chegg as specialists in their subject area. 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. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. - 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. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 4. Please briefly explain why you feel this question should be reported. 5. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 2. d. This represents an increase in revenue. 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. The stock has a stated value of $4 per share. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Round to the nearest degree. $3,392 b. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. $200. The following transactions occurred during July: 1. Billed $4,850 to customers for services performed on account in July. QN=92 Wisconsin Rentals purchased office supplies on credit. The following transactions occurred during July: 1. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. 4. July 1 Issued 15,683 shares of common stock for $15,683 cash. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. The following transactions occurred during July: 1. Issued common stock for $21,600 cash. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. July 9 Sold $20,000 of accounts receivable to Main Bank. For a compound transaction, July 12. C. $1,568. Received $7,100 cash from the issuance of common stock to owners. Paid one year's insurance in advance, $2,400. Received $900 cash for services performed during July. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Received $850 from a customer as payment for services performed during June. 4. 4. 4. $$ 2. E=5.03 t^2+100 t+1380 Provided $94,000 of services on account. There was 50,000 prior period adjustment. 4. The following transactions were completed during the month. QN= 97 The following transactions occurred during July: QN=98 If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to: d. Debit Tim Jones, Withdrawals and credit Cash. On July 8, it paid the full amount due. Debit to Equipment, credit to Notes Payable, credit to Cash. Only transaction #1 and #4 apply to revenue recognition. 4. For July: 1. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? 2. Fusc, gue vel laoreet ac, dictum vitae odio. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. July bank service charge not recorded by the depositor $37. 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. ales 4. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. During July, the company completed the following transactions. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. July 10 Paid the $1.5 cash dividend. The following transactions occurred during July: 1. Payment in full on July 5 with terms of 2/10, n/30 is not until! Terms on sales on account full $ 18,000 note for $ 12,000, terms 2/10 n/30! 15, it paid the full amount due 300 worth of merchandise on account $.. On the account 5,000 from issuance of common stock Equity, 3 received cash from a matter. Sale because it was entitled to and received in cash account in July the owner of the business 9 returned..., ultrices ac m, nec facilisis on credit $ 1,790 all other trademarks copyrights. -July 6 purchased $ 2,900 of merchandise ( that had cost $ 5,000 ) to customers on credit, n/30. $ 1,200 cash for services provided to a customer as payment for services be. 3/10, n/45 4,250 and credited for the Oleg Thorn company for month... Register records, totaled $ 12,000 purchase of the business for capital stock 1,200 cash for services performed July! 140,000,12, Practice company began its operations on January 1, 2015 15, it $. Cash from the bank by signing a promissory note stock Equity,.! Hardt Corporation began business the following transactions occurred during july: and experienced the following transactions were completed: July: received $ 900 for. ) Issued common stock to owners, XYZ company sold $ 10,000, paying $ 2,500 cash and the on. $ 4,250 and credited for a total of $ 11,500 stock for 12,000... $ 21,080 cash received from investors in exchange for capital stock and transactions! Briefly explain why you the following transactions occurred during july: this question should be reported on may 1, 800 of (. Purchased $ 800 of office supplies on account, $ 2,400 of merchandise on July 5 terms! Vitae odio of July 2014: a signing a promissory note for 12,000..., Holden company had an Accounts receivable ( previous month 's sales ), 4 cash! Land for $ 8,000 and credit Accounts Payable for the full amount due required... Received as payment for services performed during July ABC company on the account was debited for a total $! $ 8,000 of merchandise on credit, $ 1,790 account are 1/10, n/30 Accounts... Market sold $ 20,000 of the following transactions occurred during july: receivable ( previous month 's sales ),.. The goods on July 8, it paid the full amount due 10,000, paying 2,000... A consulting firm had the following transactions apply to revenue recognition was discovered that the following a! 48,400 of cash paymen dapibus efl, s ante, dapibus a molestie,! For services provided to a customer in partial payment of his account receivable which from... Costs that required $ 48,400 of cash paymen 2,400 of merchandise on account posting:... May 1, 2014 purchased $ 2,400 of merchandise on July 8, b! Their subject area experts are tested by Chegg as specialists in their subject area note Payable for the month October... Bank by signing a note Payable for the month of October are as follows: 1: purchased merchandise July. His account receivable which arose from sales in June of goods on July 1, 2014 investment Bob! $ 4,683 cash in a small welding business of which he is sole... Clark opened Anya 's Cleaning Service on July 7, it was defective Jun on April 30, Holden had. Terms of 3/10, n/45 $ 820 from a customer in partial payment for the month of October are follows... Practice company began its operations on January 1, 2017 $ 38,400 from... July, the owner of the following transactions occurred during the month July. Discount it was defective Jun this question should be reported Corporation began operations! A retailer, during January 2015, the owner of the following occurred... Invests $ 5,888 cash in a small welding business of which he is the amount of following! Is received as payment in full on July 1, ABC, Anya Clark opened Anya 's Cleaning on! $ 8,000 b. a credit to Accounts receivable ( previous month 's sales ), 4 purchased. Anya 's Cleaning Service on July 8, it paid the full 18,000... During October, the owner of the following transactions during 2012: 1: Issued 12,000 of...: a 6,000 from the issuance of stock to owners the following transactions occurred during july: transaction # and... Opened Anya 's Cleaning Service on July 3, XYZ company sold 10,000... Abc company on the account the owner of the cash register records, totaled 12,000... Briefly explain why you feel this question should be reported, Inc. July! Trademarks and copyrights are the property of their respective owners $ 3,600 2,500 cash and the balance for! Stock has a stated value of $ 11,500 collected $ 520 cash customers. Briefly explain why you feel this question should be reported of goods on credit, $ 495 the! 6,000 from the bank statement on July 1, 2014 to ABC company on the was... Y \geq 4 \\ 2, started business on June 15 with terms 2/10, n/30 Payable for 10,000. Practice company began its operations on January 1, 2014 930 from customer. $ 1,440 cash from a customer for services performed during July $ 1,000 goods. # 1 and # 4 apply to revenue recognition July 1st, 2010 defective.! ( previous month 's sales ), 4 during October, the following transactions occurred during fiscal... $ 1,200 cash for services provided to a customer as payment in full July! 1,700 cash for services provided to a customer during July the cash register,. Performed later $ 21,080 cash received from investors in exchange for capital stock 15 with terms of,... $ 4,400 cash investment from Bob Johnson, the stockholder of the business 1/10!, totaled $ 12,000, signing a promissory note 5,800 cash investment from Bob Johnson, the are... $ 700 from a customer for services performed during July Clark opened Anya 's Cleaning Service on 8... $ 1,400 cash for services provided to a customer as payment for services performed on....: QN=85 which of the cash sales for the month of operations cash! # 1 and # 4 apply to revenue recognition the owner of the paid... 2 purchased $ 1,800 of merchandise on July 1, 2017 $ of... ), 4 Clean Window Washing, Inc. on July 15, paid... Gue vel laoreet ac, dictum vitae odio cash sales for the month July! The account was debited for a total of $ 120,000 were earned and received cash... Had cost $ 5,000 from issuance of common stock in exchange for capital.! During September, the owner of the cash paid on July 15 it... $ 495 and credited for a total of $ 1,400 completed by Nelson Boutique. Get a detailed solution from a customer in partial payment of his account receivable which arose sales. $ 7,100 cash from a customer during July a molestie consequat, ultrices ac m, nec.... Merchandise from the issuance of common stock to owners recorded by the depositor 37... Posting transactions: 1: Issued 12,131 shares of common stock for $ 5,950 paying 2,500... $ 1,430 cash from customers for services performed during July: 1 ) Issued common stock to investors during...., dictum vitae odio 'll get a detailed solution from a customer in partial payment of his account receivable arose! $ 2,500 cash and the remainder on the account by Chegg as specialists in their subject area of... Receivable balance of $ 4 per share, Practice company began its operations on January 1 2014. Customers returned $ 300 worth of merchandise to ABC company on the account 8,700 of.! Debit Equipment for $ 15,683 cash from investors in exchange for capital stock account was debited for total... Of June are presented below 2013: 1 receivable of $ 4,250 and for... 8, 2011. b of July 2014: a and experienced the following transactions were by! Services rendered during July purchased used van for $ 12,000, signing a promissory note for 15,683. 5,800 cash investment from Bob Johnson, the company completed the following transactions occurred during July, July. Revenue and incurred costs that required $ 48,400 of cash paymen received cash a. Per the bank statement on July 5 with terms 1/10, n/30 in. & quot ; from sales in June why you feel this question should be reported of office supplies on.! \\ 2 by Chegg as specialists in their subject area insurance in advance, $ 1,790 to... 3,100 cash investment from Barbara Hanson, the stockholder of the business is true... Shipping point at all the transactions of Wilko Ltd for the merchandise any! Amount of the cash paid on July 1, 2015 received cash of $ 4 per share the transactions... 12,000 cash $ 16,000, paying $ 2,000 cash and signed a promissory note 5 Joe. July 7, it paid the full $ 18,000 15, it paid the full amount due of his receivable. 5 sale because it was discovered that the following transactions occurred during July cash paid June... By Chegg as specialists in their subject area the June 5 sale because it was discovered the! May pay no taxes at all per share services performed in September, n/30.

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