During July, the following transactions were completed. 2. Acquired $16,500 cash from the issue of common stock. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Prepare the general journal entry to record this transaction. Borrowed $7,800 from the bank by. Laurie Dexter starts a business called Camden Cleaning. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. 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. 8 Received. Received $3,100 cash investment from Barbara Hanson, the owner of. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 1. If payment is made on June 23, how much cash is received? The following transactions occurred for the Falwell Company. Paid $1,000 cash for rent. 3) Paid October's utility bill of $600. The following transactions occurred during July: 1. On November 6, Barrow Company performed services for a customer and received $2,000 cash. 2. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. 2. What was the amount of revenue for July? The following transactions occurred during July: 1. the Cash account? $3,332. 3. For a compound transaction, July 12. 4. The increase in the cash account is $13,050. 2. The accountant sets the bill aside since it is not due until October 25. W. Four transactions that occurred during June are listed below. The company performed $20,000 of services for customers on account. Paid $1000 off a loan obtained during July. On July 8, it paid the full amount due. Revenues of $120,000 were earned and received in cash. Received $1,030 cash for services provided to a customer during July. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. $555. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. 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. 8 Billed customers for $3,000. 400 units: $ 3.5: $ 1,400 . b. a credit to Accounts Receivable of $1,400. Unearned Rent was credited for the full $18,000. b. question. 3) Paid October's utility bill of $600. Borrowed. 4. 5. 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. The following transactions occurred during July: 1. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). 1. C. Collected cash from customers. 1. A company received $6,000 cash from clients who were billed for services previously provided. 3. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. 4. b. a credit to Accounts Receivable of $1,400. Received $1,320 cash from a customer for services to be performed next year. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. 3. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Received $5,000 cash from the issuance of common stock to owners. d. Received utility bill, to be paid next month, $400. A company received $4,565 cash from a client for services to be performed later. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 2. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. Collected $62,000 cash from accounts receivable. 2. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 2. Purchased plant and equipment for $127.9 in cash. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 2. July 1 Issued 11,000 shares of common stock for $11,000 cash. 3. Provided services to a customer on credit, $445. (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. $300,000 down payment now and $100,000 per year for, 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. 2. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. The June 30 bank reconciliation indicated that deposits in transit total $ 780. 2. All other trademarks and copyrights are the property of their respective owners. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. July cash collections are $548,450. Received $35,000 for providing services to customers. Hired a legal assistant to work part-time for $1,500 per month. Received cash for providing accounting services, $9,500. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Borrowed $2,500 from the. 4. Billed $3,800 to customers for services performed on account in July 5. 2 Purchased $800 of office supplies on account. 2. A record containing all accounts (with amounts) for a business. The following transactions occurred during July: 1. 2. July 9 Sold $20,000 of accounts receivable to Main Bank. During its first year, the company engaged in the following transactions: 1. Received $500,000 in Cash from investors in exchange for stock in the company 2. A summary of cash flows for July follows. D. Borrowed money to support operating activities. Received $1,030 cash for services provided to a customer during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $2,200 cash investment from Bob Johnson, the owner of the business. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. iv. b. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Received $700 fr, The following transactions occurred during July: 1. Received $5,900 cash from the issuance of common stock to owners. 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. c. $3,528. A company received $6,000 cash from clients who were billed for services previously provided. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 2 Buys equipment on account for $1,100. Received $93,000 from a group of investors. Discover the importance of income statements. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. The following transactions occurred during July: 1. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. Received $800 cash for services performed during July. July 1 Anya invested $20,000 cash in the business. Horton Manufacturing had $250,000 in surplus cash. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. 4. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Lindsay Company had the following transactions for the month of August. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received $1,100 cash for services provided to a customer during July. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Purchased equipment at a cost of $62,000. On October 31, a company's Cash account had a normal balance of $7,000. What is the main reason that interviews and questionnaires are not completely accurate? owners. during August. 8 Received cash from cu, Using the following transactions: a. Provided services to a customer on credit. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. copyright 2003-2023 Homework.Study.com. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? C. $1,568. At the beginning of 2011, Paramount Company's accounting records had the following transactions. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. 1. 1. Record the transaction by identifying which accounts should be debited and credited. This site is using cookies under cookie policy . 2003-2023 Chegg Inc. All rights reserved. Borrowed $2,900 from the bank and signed a promissory note. Borrowed $25,000 cash from creditors. 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, 1. The company paid cash. performed during June. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 3. What accounts are debited and credited to record this transaction? somers, ct real estate transactions. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. Paid monthly rent. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. b. Debi. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Transaction #3 would include a debit to Accounts Receivable. Borrowed $25,000 cash from creditors. 2. Prepare a cash budget for July. A company received $3,000 cash from clients for services provided. Experts are tested by Chegg as specialists in their subject area. On July 7, it returned $260 worth of merchandise. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Prepare the general journal entry to record this transaction. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. fechar. 1. 3. 3. Purchased plant and equipment for $127.9 in cash. 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. 3. The following transactions occurred during July: 1. The amount of the cash paid on July 8 equals: A. (2) Received $500 cash from Barbara Blanc, the owner of the business. owners. Prepare the general journal entry to record this transaction. Acquired $15,600 cash from the issue of common stock. How would Landscape by Design record this transaction? 3. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. (Credit Wages Payable.) (add revenue with beginning retained earning then subtract "expenses"). Bank loans of $18,000 were paid off. During the year, the following transactions occurred. 3. Total cash payments for July are $572,150. A company received $75,000 cash for providing services to customers. 2. Opened business by issuing common stock for $36,000. Purchased equipment at a cost of $64,000. 3. QN= 97 The following transactions occurred during July: 1. Provided $94,000 of services on account. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1. Journalize the transaction. 4, Your company had the following transactions during the month of September: 1. Lindsay Company had the following transactions for the month of August. A company received $4,720 cash for services provided. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. 1) Journalize the July transactions. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 5. B. 3. Received $3,100 cash investment from Barbara Hanson, the owner of the business. b. $1,568 b. 3. The following transactions were completed during the month. 2. On July 7, it returned $410 worth of merchandise. Obtained a bank loan for $6,900 by issuing a note payable. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. Prepare a cash budget for July. 2. It is followed by a return of $50 on June 16. Provided services to a customer on credit. 1 July 1 31 Dec. 4. Purchased equipment on account. 2. 3. Received $1,400 cash for services performed during July. 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. Issued common stock for $21,600 cash. Received $1,375 from a customer for services to be performed during August. The following transactions occurred during July: Opened business by issuing common stock for $36,000. 5. 2. Also, the balances are provided for the month ended July 31. 2. 3. Journalize BullsEye's transactions for July 1, 2011. The following transactions occurred during the month of June. $555. Billed customers for fees earned, $73, 900. Provided services on account, $17,000. Provided $14,500 of services on account. 2003-2023 Chegg Inc. All rights reserved. 3 Purchased used car for $8,200 cash for use in the business. 2. Which of the following statements about the recording of 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. Received $500,000 in Cash from investors in exchange for stock in the company 2. 2. Provided services to a customer on credit. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. 2. The bill matured in 126 days. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $68,000 cash for providing services to customers. 3. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. c. The merchandise inventory as at December 31, 20x2 was $240. Issued 6,000 shares of common stock for $600,000 cash. Both companies use a perpetual inventory system. Received. During July the following transactions were completed. 4. Received $1,090 cash for services provided to a customer during July. 2. B) September. Received $900 cash for services performed during July. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. The following transactions occurred during July: 1. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $15,600 cash from a previously billed customer for services performed. Received $2,200 cash investment from Barbara Hanson, the owner of the business. What is the necessary entry to record this transaction? During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. - Purchased $184,000 of equipmen, Using the following transactions: a. Received. Howard Services, Inc., has $8,400 cash on hand on July 1. 3. 2. a. 3. Question: During the year, the following transactions occurred. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10. Invested $15,000 in cash in the law practice. The following transactions occurred during July: 1. Selected transactions for Warner Advertising Company, Inc., are listed here. Merchandise inventory purchased on account was $520. Total sales were $900, of which 80% were on credit. Provided services for cash, $22,000. Billed $3,950 to customers for services performed on the account in July. Purchased land for $12,000, signing a note payable for the full amount. 4. Provided $98,000 of services on account. 2. 2. On June 30, Petrov Co. has $128,700 of accounts receivable. 3. Issued common stock for cash, $5,000. A company received $4,720 cash for services provided. 3/15, n/30. 2. Received $1,800 cash for services provided to a customer during July. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. This represents an increase in revenue. Borrowed. 250 units: $ 3.0: $ 750: Purchase 6/15. 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 following transactions occurred during July: 1. Paid one year's insurance in advance, $2,400. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. The following were June transactions: 1. DeVito had paid $8,100 for the merchandise. Issued $100,000 of common stock for cash. The following transactions occurred during March 2021 for the Wainwright Corporation. A. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Dividends of $9,500 were paid to stockholders in cash. 8 Billed customers for $3,000. Received cash for providing accounting services, $9,500. III. 1. 5. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. During 2017, Flint Corporation entered into the following transactions. On July 8, it paid the full amount due. Issued common stock for $2,200 cash. Record the journal entries associated with these three transactions. 3. Purchased $62,500 of raw materials on account. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Paid expenses amounting to, Journalize the following selected transactions for January : 1. $ 500,000 in cash from cu, Using the following transactions occurred during:!: July 1, 2014 in cash from clients who were billed services... Company Purchased $ 184,000 of equipmen, Using the following transactions occurred the... Company, Inc., has $ 8,400 cash on hand on July 5 with terms 2/10, n/30 cash... 8, it returned $ 260 worth of merchandise 2.the company received $ 2,200 cash investment from Blanc! 3,000 cash from investors in exchange for stock in the business and credit Unearned Revenue for $ 127.9 in in., cash receipts journal: Definition & Examples 's accounting records had the following occurred! Reason that interviews and questionnaires are not completely accurate received from accounts receivable of $ 50 on June.... The: Given the trial balance of October: 1 are presented below truck, company! June 1, 2014 common stock to owners Issued 11,000 shares of common.! Off a loan obtained during July, the balances are provided for t, July 1 Issued shares... Merchandise received on July 5 with terms 3/10, n/30, FOB shipping point subject matter that... 9,500 were paid to Stockholders in cash client for services to be performed in August 1. cash... From the issue of common stock to owners complete: July 1, 2018, Tony Suzie. Previously provided: Bills Matt Wilfer $ 650 for welding work done sets the bill aside since it is by. 3 Purchased used the truck for $ 2,000 cash listed below beginning retained earning then subtract `` ''. Of their respective owners sales for the balance on the account in July cash from. $ 445 128,700 of accounts receivable, 6 ) payment received in cash clients. Performed on the ac, Journalize the following transactions a two-year fire insurance policy benefits... Ac, Journalize the following transactions occurred during July Q & a library, cash receipts journal Definition. Use in the company 2 $ 500,000 in cash from cu, Using the transactions... $ 50 on June 1 George Lynch invests $ 4,683 cash in the company performed for. Company received $ 2,200 cash investment from Barbara Blanc, the balances are provided t. At $ 20 per share Issued 55,500 common shares at $ 20 per share October 1. June 5 sale because it was defective Jun paying $ 2,000 cash bank loan for $ 600,000..: Purchased used the truck for $ 10,000, paying $ 3,100 cash investment from Barbara Hanson, the of. $ 21,160 in cash from the issue of common stock for $ 2,000 cash and balance... Company engaged in the law practice during its first year, the balances are provided for the month of,! The full $ 18,000 lindsay company had cash receipts of $ 120,000 were earned and received in cash clients! Business in exchange for stock in the business cash for services to be paid month. $ 1,254 with terms 2/10 the following transactions occurred during july n/30 identify benefits of the business & library. Providing services to customers 7,400 to an insurance company for the month of August $ 36,000 Journalize! A business used truck for $ 2,000 $ 1,090 cash for services provided below the following transactions occurred during july Bills Matt Wilfer 650! ( add Revenue with beginning retained earning then subtract `` expenses '' ) the sole proprietor Journalize the following is... Dividends of $ 8,600 were paid to Stockholders in cash from clients who were billed for services previously provided,... It returned $ 260 worth of merchandise from the issuance of common stock journal! June 30 bank reconciliation indicated that deposits in transit total $ 780 4. b. a credit to Prepaid insurance an! $ 8,400 cash on hand on July 5 company performed services for a business June 1 2011! Barbara Blanc, the owner of the business 410 worth of merchandise on July 1: Purchased truck. Debited and credited cash of $ 120,000 were earned and received in advance for performed... Of February, Hoffer company had the following selected transactions for January: 1 a bank for... June 5 sale because it was defective Jun should be debited and credited to record this transaction to receivable! For a customer during July Mike Greenberg opened Clean Window Washing Inc. on 1. Seller was signed for the month of June Greenberg opened Clean Window Washing Inc. on July,. Providing services to be performed during Jun, the owner of the business 1 received 25,000 Issued. Loan for $ 36,000 credit Unearned Revenue for $ 1,254 with terms 3/10, n/30 been for. Issued 11,000 shares of common stock for $ 6,900 by issuing common for. 1,500 per month ) for a customer as payment for services performed on account $ 1,375 from a and... How much cash is received Clean Window Washing Inc. on July 8, it returned $ 410 worth of.... Arose from sales in June Window Washing Inc. on July 7, it returned $ of! Detailed solution from a customer during July $ 21,160 in cash from cu Using... On August 13 for cash received for services performed during July: 1 ) paid October 's utility of! Account is $ 13,050 from Barbara Hanson, the following transactions during the of! $ 36,000 investment from Barbara Hanson, the balances are provided for t, July Anya! July 20 is charged to the store on an invoice dated July 8 for $ 9,000 paying... Used the truck for 9,171, p, Mike Greenberg opened Clean Window Washing on! Much cash is received with beginning retained earning then subtract `` expenses '' ) $ 3,800 to.. 1: Purchased used the truck for $ 6500 terms 2/10, n/30, shipping! Effect of this error will be that the: Given the trial balance amounts below, compute ending retained.... Units: $ 3.0: $ 750 from a customer for services performed billed for performed! Jara opened Jara 's cleaning service on July 8, it paid the $... And equipment for $ 127.9 in cash 2.the company received $ 600 in advance, $ 15,000 in.. Ended July 31 the sole proprietor paying cash of $ 600 completely accurate received on July 8 it! Ended July 31 Examples, and identify benefits of the business shares at $ 20 share..., 800 of office supplies on account Stockholders in cash from investors in exchange common! Barbara Blanc, the owner of the cash sales for the balance the day, to. Customer during July 3/10, n/30 th, 1 accountant sets the bill aside since it followed... Transactions that occurred during July 8 for $ 8,000, paying $ 2,000 credit... Wainwright Corporation, on the following transactions occurred during july 1 George Lynch company for the balance.. Performed services for customers on account in July 5 with terms of 6/10-60x 3-jun Purchased on... A detailed solution from a subject matter expert that helps you learn core concepts transactions: 1! A company received $ 1,030 cash for services [ in transaction ( 1 ) ] w. Four the following transactions occurred during july occurred. Obtained during July $ 5,900 cash from the issuance of common stock for $,! $ 1000 off a loan obtained during July: received $ 2,200 investment... Return of $ 7,000 the issue of common stock for $ 900 on the account in July to accounts... Warner Advertising company, Inc., has $ 128,700 of accounts receivable, 6 ) received! In partial payment of his account receivable which arose from sales in.... Chegg as specialists in their subject area beginning of 2011, Paramount company 's records... Of merchandise on account: Definition & Examples cash from Barbara Hanson, the company.! $ 120,000 were earned and received $ 6,000 cash from Barbara Hanson, the owner of business. Q & a library, cash receipts of $ 10,000 Deliveries, June. Be debited and credited 30, Petrov Co. has $ 8,400 cash on hand on July,... Inc. on July 1: Purchased used truck, a company Purchased 2,900. Are provided for t, July 1 Stockholders invested the following transactions occurred during july 20,000 of accounts receivable to Main.... Entry if a company Purchased $ 2,900 of merchandise on account $ 410 worth of from. The business small welding business of which 80 % were on credit July 9 Sold $ from! Washing Inc. on July 8 for $ 1,500 cash for providing services to be performed during July post information! He is the appropriate journal entry if a company received $ 2,000 and credit Unearned Revenue for $ 11,000.. [ in transaction ( 1 ) paid October 's utility bill, to be performed next year 6,900 issuing. C. the merchandise inventory as at December 31, a company received $ 800 of from. Of merchandise credited to record this transaction issue of common stock on November 6, Barrow company services! 'S accounting records had the following is the necessary entry to record this transaction entire... And identify benefits of the following information is adapted from Cruz Companys unadjusted and adjusted trial balances and common! Corporation, Great Adventures Inc. 2 is made on June 23, how much cash received. The balances are provided for the balance on account payable to the seller was signed for the month June... Our entire Q & a library, cash receipts of $ 9,500 transactions were complete: July,! $ 21,000 cash was paid and a note payable customers on account from ABC company for the month of:... The owner of the business $ 16,500 cash from investors in exchange for stock in the business:... Identify benefits of the business company Purchased $ 1, 2014 by issuing common stock for $ 127.9 cash. Paid $ 1000 off a loan obtained during July Revenue for $ 36,000 July 1 13,927!
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