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. The interest rate was 10.875% ordinary interest at exact time. Issued $16,870 in direct materials to the production department. 2. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. On July 28, it paid the full amount due. Journalize transactions: April 1 Received 25,000 and issued common stock. 1. Provided services to a customer on credit, $445. 2. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. What is the amount of the cash paid on July 8? 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. On July 7, it returned $200 worth of merchandise. Provided $13,600 of services on account. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. The company requires a minimum cash balance of $7,500. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Question: The following transactions occurred during July: 1. Purchased equipment on account. Performed services and collected immediately. A record containing all accounts (with amounts) for a business. 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. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. What amount is received as payment in full on July 24? 4 Purchased supplies on account, $2,150. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? 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. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. B. The company sold 525 units in June. 3) Paid October's utility bill of $600. 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. 3. Provided services on account, $33,000. Received $5,000 cash from the issuance of common stock to owners. d. Received utility bill, to be paid next month, $400. 400 units: $ 3.5: $ 1,400 . Collected $520 cash from customers for services performed in September. A) Calculate the number of units in ending inventory at June 30. 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 increase in the cash account is $13,050. 5. The following transactions occurred during July: 1. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 2. $3,065 $16,840 $3,995 O. Purchased office supplies on account, $5,800. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. ii. The business acquired $10,000 cash by issuing common stock to investors. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. somers, ct real estate transactions. iii. A summary of cash flows for July follows. 1. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. 2. On July 7, it returned $320 worth of merchandise. Prepare a cash budget for July. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. 1. c. June 15: Made cash sales of $21,400 to customers. The following transactions occurred during July: received $900 cash for services provided to a customer during July. b. The following transactions occurred during July: 1. Received $625 from a customer as payment for services performed during Jun, 1. Provided services for cash, $22,000. 1. C. Received $1,000 cash from a customer for services to be performed over. 5. Acquired $20,000 by issuing common stock. 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. Issued common stock for $6,000 cash. Purchased land for $7,000 cash. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Received $5,550 cash from the issuance of common stock to owners. Identify the accounts to be debited and credited for this transaction. Assume 360 days in a year. Revenues of $12,000 were earned and received in cash. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. d. a c, 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, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. The revenue transactions for the month of July therefore will be for only services rendered in July. Cash account Prepare the general journal entry for this transaction. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. 2. 2) Paid RM20,000 cash for land. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 6. Provided services to a customer on credit, $525. 3. A company received $2,000 cash for its services to be performed later. W. Four transactions that occurred during June are listed below. 2. 2. Borrowed 563,900 by issuing bonds. 6. Issued 6,000 shares of common stock for $600,000 cash. Acquired $15,600 cash from the issue of common stock. Received $900 cash for services provided to a customer during July. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. Billed $3,500 to customers for services performed on account 4. 3 Purchased used car for $8,200 cash for use in the business. $1,568 b. Merchandise inventory purchased on account was $520. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Issued common stock for $10,000 cash. 4. 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. The following transactions occurred during July: 1. How would Camden record this transaction? 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. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. $1,000,000 in cash now. Performed services and left a bill $4,200. Provided $14,500 of services on account. 3. What was the amount of revenue for July? Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. b. Received $970 cash for services provided to a customer during July. A company received $5,000 cash for performing services for a customer. 3. 2. Our experts can answer your tough homework and study questions. Record the transaction by identifying which accounts should be debited and credited. Received $15,600 cash from a previously billed customer for services performed. 2. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Which of the following describes how the transaction should be recorded on July 7? Paid one year's insurance in advance, $2,400. iv. b. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Provided services for $5,500 cash. July cash collections are $548,450. Received $1,090 cash for services provided to a customer during July. July 1 Issued 11,000 shares of common stock for $11,000 cash. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. On July 8, it paid the full amount due. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). 3. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Dividends of $9,500 were paid to stockholders in cash. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 3. 1. Billed $4,250 to customers for services performed on account in July. 3. 2. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. On July 8, it paid the full amount due. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 1. 4. $200. Purchased equipment at a cost of $64,000. 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. Use the information above to answer the following question. 4. What transaction does the following general journal entry represent? 1. Performed services and billed customer $2,200. Please give positive ratings so I can keep answering. Deposits in transit on July 31 were $3,205. 4) Transaction no. On July 7, it returned $200 worth of merchandise. Experts are tested by Chegg as specialists in their subject area. 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? 5. 3. 2. Paid monthly rent. 3. 3. The following transactions apply to Brooks Co. for 2014, its first year of operations. The following transactions occurred during July: 1. D. Borrowed money to support operating activities. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . 2. 3. 4. 2. The company performed $20,000 of services for customers on account. Billed customers $600 fo. The following transactions occurred during July: Received $1.080 cash for services provided to a customer during July. Received $50,000 cash from the issue of common stock. Debit to Equipment, credit to Notes Payable, credit to Cash. A company provided services to customers and received cash of $5,700. Acquired $23,400 cash from the issue of common stock. A company received $3,000 cash from clients for services provided. Depreciation recorded on factory equipment, 40,000. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Prepare the general journal entry to record this transaction. Apr. On July 7, it returned $260 worth of merchandise. Provided services to a customer on credit $565. Expert Answer. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 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Partial payment of his account receivable which arose from sales in June.4 the sole proprietor in a small welding of...