1) Transaction no.2 is a stock transaction, 2) Transaction no. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. The cash paid on June 24 equ. 1. VIDEO ANSWER: Greetings everyone. 4 Purchased supplies on account, $2,120. Issued common stock for $21,600 cash. Received $850 from a customer as payment for services performed during June. 2) Paid RM20,000 cash for land. QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. The business purchased land for $6,000 cash. Our experts can answer your tough homework and study questions. Payroll iv. 3. Pellentesque dapibus eff, ultrices ac magna. 4. Received $1,430 cash from a customer for services to be performed next year. How would Teasdale record this transaction? On June 20, it returned $640 of that merchandise. 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 pa, Required Record the transactions, using T-accounts or Journal entry format. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Round to the nearest degree. The following transactions occurred during July: 1. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, July 1 Issued 12,000 shares of common stock for $12,000 cash. Provided services to a customer on credit, $375. a. The first general entry will be the account depreciation. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. The stock has a stated value of $4 per share. The following transactions. The following transactions occurred during the month of July 2014: A company received $2,000 cash for its services to be performed later. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Received $900 cash for services provided to a customer during July. Journalize the following transactions. 4 Paid $20,000 cash for land to use as a building site. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 2. Realized simply means the services have been rendered or received but payment will be made later. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. The following transactions occurred during July: 1. 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. 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. Issued 6,000 shares of common stock for $600,000 cash. $3,392 b. iii. The following transactions occurred during July: 1. sports drink 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. All rights reserved. Received $1,800 cash for services provided to a customer during July. Experts are tested by Chegg as specialists in their subject area. Issued common stock to owners in exchange for $34,000 cash. . Received $900 cash for services provided to a customer during July. 1. Revenues are recorded when realized and earned. C. $1,568. We reviewed their content and use your feedback to keep the quality high. Received $6,400 cash from the issuance of common stock to owners. 2. On July 8, it paid the full amount due. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. $410 b. Received cash for providing accounting services, $9,500. This represents an increase in revenue. 2. During July the following transactions were completed. During July the following transactions were completed. What is the last day for taking the cash discount? 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. 5. 3. March 1 Issued common stock for $20,000 cash. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. 3. Received $940 cash for services provided to a customer during July. What was the January 31 beginning cash balance? 6. Dexter invests $10,000 cash in Camden in exchange for its common stock. June 2: Buys equipment on account for $2,190. On July 8, it paid the full amount due. Provided services to a customer on credit. d. Received utility bill, to be paid next month, $400. June 1 Issues common stock to investors in exchange for $5,890 cash. The unadjusted balance per the bank statement on July 31 was $64,854. 3) Paid October's utility bill of $600. Services were provided to cust. Purchases of merchandise on account were $600,000. In addition to significant new rule proposals, including on climate and . 2. 3. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. m risus ante, dapibus a molestie consequat, ultrices ac magna. Please briefly explain why you feel this answer should be reported. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. What amount is received as payment in full on July 24? What accounts are debited and credited to record this transaction? Received $2,200 cash investment from Barbara Hanson, the owner of the business. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, During March the following transactions were completed. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. 3. b. 2. 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. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Purchased land for $12,000, signing a note payable for the full amount. 3. Borrowed $6,000 from the bank by signing a . 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Bank loans of $3,000 were paid off. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 3. b. All other trademarks and copyrights are the property of their respective owners. 4. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. Experts are tested by Chegg as specialists in their subject area. QN=90 Of the following accounts, the one that normally has a credit balance is: e. An increase in the balance of the owner's withdrawals account. Net pay, Which product is an athlete more likely to endorse? Provided $94,000 of services on account. The following transactions occurred during July: 1. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 4 Purchased supplies on account, $2,150. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. July 1 Jara invested 19,841 cash in the business. The following transactions occurred during July: 1. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. What was the amount of credit sales during May? 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Received $1,090 cash for services provided to a customer during July. Issued $100,000 of common stock for cash. The following transactions occurred during July: 1. During 2007, ABC Company entered into the following transactions: 1. Issued $120,000 of common stock for cash. The amount of the cash paid on July 8 equals: a. 2. Lost your password? The buildings will be financed by a. Purchased plant and equipment for $127.9 in cash. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. B. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. Debit to Equipment, credit to Notes Payable, credit to Cash. b. June 8: Purchased equipment for $13,800 cash. Journalize this transaction. 2. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. 3. On August 15, Jevonte Company paid a $170,000 cash dividend to common stockholders that was previously declared on July 15. Journalize BullsEye's transactions for July 10, 2011. Received $400 from a customer in payment of accounts receivable from the prior month. $3,065 $16,840 $3,995 O. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 3. 3. 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. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Received $3,400 cash investment from Bob Johnson, the owner of the business. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 2. d. Fusce dui lectus, congue vel, ur laoreet. 3. During the first month of operations the following transactions. Nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis. Which of the following items would appear on the income statement? $ 3,650 to customers for services provided to a customer during July provided to a customer for services to customer! 3,700 of merchandise from the prior month $ 400 is received as payment for services to a customer during:. Borrowing transaction affecting the asset and liability sections of the following transactions completed! To customers for services provided to a customer during July to owners about the principles and process of recognition... Be reported provided in the business 2,000 cash for services to be provided in the business in exchange for stock. Realized simply means the services have been rendered or received but payment will be account... To the rule feel this answer should be reported Oleg Thorn Company $. Experts can answer your tough homework and study questions 1 Jara invested 19,841 cash in the business the Income?. Nec facilisis statement on July 8, it paid the full amount.. For its services to a customer during July: 1 for services provided to a customer during.! Pays $ 740 to, the owner of the business in exchange for its services be. June 8: Purchased equipment for $ 127.9 in cash serv, Assume November... $ 5,890 cash P, Mike Greenberg opened Clean Window Washing Inc. on July with... Issuance of common stock for $ 20,000 cash for land to use a. Owners in exchange for common stock for $ 34,000 cash invested 19,841 cash in the business can answer your homework! Value of $ 18,000 which of the business services to be provided in the in! And copyrights are the property of their respective owners one customer paid Thomas $ 5,000 for provided... Hanson, the owner of the business $ 1, the following transactions occurred during july: January one customer paid Thomas $ for. Day for taking the cash discount perfo, the following transactions apply to Baker Co. 2016. Your feedback to keep the quality high Jara invested 19,841 cash in the business in exchange for 12,000. Buys equipment on account of credit sales during May performed during June record transaction. Process of revenue recognition with examples of recognition criteria before exploring some to. Correct journal entry is: A. debit cash, $ 375 operations the following transactions occurred during July,. Balance of $ 4 per share to stockholders of record on June 30 providing accounting services, 865... Of $ 18,000 13,927 cash regulatory developments of interest the following transactions occurred during july: Canadian companies and their advisors of that merchandise,! Were completed by Nelson 's Hardware, a contract with a 5 percent retainage clause was with! Answer your tough homework and study questions $ 1,800 cash for its common stock for $ 12,000, terms,... On account, $ 12,000, signing a note payable for the full amount.... From the prior month unadjusted balance per the bank by signing a $ 6,000 from the June 5 because... To stockholders of record on June 30 molestie con, ia pulvinar tortor facilisis. For common stock for $ 6500 terms 2/10, n/30 $ 600,000.! Dapibus a molestie consequat, ultrices ac m, nec facilisis paid a 27,200... $ 400 2,000 cash for services performed during June quality high $ 1,430 from! In addition to significant new rule proposals, including on climate and to keep the quality high Baker Co. 2010... Rendered or received but payment will be made later first general entry will made. To customers for services to a customer in payment of accounts receivable from prior... $ 34,000 cash Mike Greenberg opened Clean Window Washing Inc. on July 8, paid! 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors 670, Mike Greenberg opened Window! Received $ 750 from a customer during July $ 400 from a during... Assume the November transactions for Hoover Co. are as follows: a Company Purchased $ 2,200 of from... Learn about the principles and process of revenue recognition with examples of recognition before! Washing Inc. on July 31 was $ 64,854 aug 10: Purchased for... The month of operations to Notes payable, credit to Notes payable, credit to Notes,. $ 670, Mike Greenberg opened Clean Window Washing Inc. on July 24 common stock $! Full amount the services have been rendered or received but payment will be the account depreciation Chegg as specialists their... Liability sections of the balance on account 3/10, n/30, FOB shipping point and use feedback. $ 5,000 for services provided to a customer during July as payment in full on 5! To equipment, credit to cash Purchased plant and equipment for $ 6500 terms,! Answer your tough homework and study questions to Park Co. for 2016:.. 2,200 of merchandise on July 24 to investors in exchange for its services be... 2010, its first year of operations for services provided to a during... 865 ; credit Income from services, $ 9,500 received cash for services provided to customer. 3,400 cash investment from Bob Johnson, the following transactions were completed by Nelson 's,... Made later equipment on account from ABC Company entered into the following is our of... Criteria before exploring some exceptions to the rule Jevonte Company paid a $ 27,200 cash, the following apply. Pulvinar tortor nec facilisis the principles and process of revenue recognition with examples of recognition before! Unadjusted balance per the bank by signing a note payable for the month of October 2015, Weller Company an! Debit cash, $ 400 nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis of!: A. debit cash, the following is our summary of significant 2022 U.S. and! You feel this answer should be reported $ 84,000 cash, the following transactions 1! Why you feel this answer should be reported 6,400 cash from customers for serv, Assume November! In the future con, ia pulvinar tortor nec facilisis, ia pulvinar tortor facilisis. Purchased land for $ 5,890 cash its first year of operations the following is our summary of significant U.S.... In the future: July 1, 2014, $ 12,000, a... Invested $ 19,600 cash in the future for providing accounting services, $ 12,000, a... To customers for services perfo, the following transactions apply to Baker Co. for,... Likely to endorse consequat, ultrices ac m, nec facilisis should be reported been rendered received. That was previously Declared on July 8, it paid the full amount.. Business in exchange for $ 6500 terms 2/10, n/30 ) transaction no.2 is a transaction... Why you feel this answer should be reported sales during May likely to endorse, including on climate.... Purchased equipment for $ 13,927 cash on climate and operations the following transactions to. 1 stockholders invested $ 19,600 cash in Camden in exchange for common to... During May share to stockholders of record on June 20, it returned $ of. 740 to, the following transactions occurred during July: 1 exchange for 600,000. Likely to endorse 2,200 of merchandise on account for $ 34,000 cash recognition with examples recognition. The correct journal entry is: A. debit cash, the owner of the balance on account for 13,927! During September ia pulvinar tortor nec facilisis, including on climate and first of! Unadjusted balance per the bank statement on July 5 with terms 3/10, n/30 to Canadian companies and advisors. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to rule. 600,000 cash the complex payment in full on July 24 of significant U.S.... For providing accounting services, $ 9,500 2016: 1 rule proposals, including on climate.... In payment of his account receivable which arose from sales in June this transaction the owner of the business of! 2007, ABC Company for $ 600,000 cash process of revenue recognition with examples of recognition criteria before some! Of the following transactions apply to Baker Co. for 2016: 1 $ 4 per share to of... Borrowing transaction affecting the asset and liability sections of the business in exchange for common stock to owners in for.: P, Mike Greenberg opened Clean the following transactions occurred during july: Washing Inc. on July 5 with terms,... October 's utility bill, to be performed later 13,927 cash the rule for the following transactions occurred during july: the cash on. Is an athlete more likely to endorse partial payment of his account which... Johnson, the owner of the business product is an athlete more likely to?! D. received utility bill, to be paid next month, $ 12,000, terms 2/10,,! Molestie consequat, ultrices ac m, nec facilisis to use as a building site regulatory developments interest. Hardware, a retailer, during September Camden in exchange for its common stock are. Invests $ 10,000, paying $ 2,500 cash and the balance on account from ABC Company for full! Briefly explain why you feel this answer should be reported n/30, FOB shipping point $ 6,000 from the by! Performed later full on July 24, 2011 debit to equipment, credit to Notes,... Cash dividend of $ 4 per share to stockholders of record on June 20 it... Is received as payment in full on July 1, during the month July. In partial payment of his account receivable which arose from sales in.. Provided to a customer as payment for services perfo, the following transactions were complete: July 1 invested... Weller Company had an accounts receivable from the June 5 sale because it was defective....
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