On July 7, it returned $200 worth of merchandise. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 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. Performed services and billed customer $2,200. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Stockholders purchased, Journalize the August transactions for Beartooth Co. 4. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. 4. The company paid cash. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. 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. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 2) Post to the ledger accounts. 5. 1. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Provided services to a customer on credit. copyright 2003-2023 Homework.Study.com. Provided services to a customer on credit. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. 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. 2. The following transactions occurred during July: 1. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Borrowed $59,500 by issuing bonds. 3. Provided $98,000 of services on account. Provided services to a customer on credit, $445. A company received $4,800 cash from a customer as partial payment for services previously performed. Heidi Jara opened Jara's cleaning service on July 1, 2014. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2 Buys equipment on account for $1,240. What was the amount of revenue for July? Also, the balances are provided for the month ended July 31. Acquired $15,600 cash from the issue of common stock. b. Bateer Company established a $50 petty cash fund on July 1. 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. 2. Prepare the general journal entry to record this transaction. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 3. Received $1,090 cash for services provided to a customer during July. 3 Purchased used car for $8,200 cash for use in the business. (Credit Wages Payable.) XYZ uses the periodic inventory method. Received cash for providing accounting services, $9,500. During July, the company completed the following transactions. 2) Billed customers $695 for services provided in May. Unearned Rent was credited for the full $18,000. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 3. Mar. The following transactions occurred during July: 1. Issued common stock for $23,500 cash. 3. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Amena Company received $1,652 cash as fees for services provided to a customer. c. a debit to Cash of $1,400. Provided services for $5,500 cash. 4. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Acquired $29,000 cash from the issue of common stock. 3. Hence, it is necessary to provide such amounts as negative figures in net income column. 5. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 2. Equipment of $40,000 was purchased with cash. 1. 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. $700 b. Purchased. On July 8, it paid the full amount due. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. $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. Prepare the general journal entry to record this transaction. 3. Opened business by issuing common stock for $36,000. 2. 3. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Revenues of $12,000 were earned and received in cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A company received $442 cash from a client for performing services. b. Debi. Received $1.250 cash from a customer for services to be rendered next year. Billed $3,500 to customers for services performed on account Guerrero Company engaged in the following events during 2012: 1. $1,568 b. On July 7, it returned $410 worth of merchandise. Received $850 cash for services performed during July. f. Received $1,250 cash from a customer for services to be rendered next year. The following transactions occurred during July: 1. Purchased equipment at a cost of $64,000. The following were June transactions: 1. What is the amount of the cash paid on July 8? 3. Cash account Incurred $60,000 of factory labor. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. Prepare the general journal entry to record this transaction. 3. Provided $94,000 of services on account. Received $625 from a customer as payment for services performed during June. Josh billed a customer for $811 for a video made on the last day of July. 2. Total cash payments for July are $570,030. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. C. $1,568. Prior to the split, the market price per share was $35. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. Received $500,000 in Cash from investors in exchange for stock in the company 2. Provided services to a customer on credit. 4 Paid $20,000 cash for land to use as a building site. Received $900 cash for services provided to a customer during July. Performed services on an account $6,000. iv. 2. $3,065 $16,840 $3,995 O. During July, the following transactions were completed. Purchased inventory on account for $14. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Paid for the materials purchased in transaction (1) using cash. the following transactions occurred during july: the following transactions occurred during july: Purchased land for $7,000 cash. Question: The following transactions occurred during July: 1. 2003-2023 Chegg Inc. All rights reserved. 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. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Received $1,050 cash for services performed during July. Received $1,250 cash for services performed during July. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). Received $800 cash for services performed during July. Laurie Dexter starts a business called Camden Cleaning. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. On July 8, it paid the full amount due. During July, the following transactions were completed. The following transactions occurred during July: 1. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Issued Common Stock to investors in exchange for $5,000 cash. 3. July 1 Issued 11,000 shares of common stock for $11,000 cash. June 1 Issues common stock to investors in exchange for $5,890 cash. 2. The following transactions occurred during the month of June. Received $900 cash for services provided to a customer during July. 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. Cash balance per bank, July 31, $7,843. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. 8 Billed customers for $3,000. Debit Cash for $10,000 and credit Common Stock for $10,000. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. On July 7, it returned $200 worth of merchandise. 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. Provided $94,000 of services on account. somers, ct real estate transactions. Purchased office supplies on account, $5,800. Step-by-step explanation 1. 3. 2. Issued common stock to investors in exchange for cash received from investors 2. Received $50,000 cash from the issue of common stock. Received cash for providing accounting services, $9,500. 3) Prepare a trial balance at July 31st. Purchased office supplies on account, $5,800. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. increase to the Cash account? Received $900 cash for services provided to a customer during July. 2. b. 4. 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. 2. Provided services to a customer on credit, $525. Received $900 cash for services provided to a customer during July. Transaction #1 would include a debit to Service Revenue. Received $68,000 cash for providing services to customers. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. 400 units: $ 3.5: $ 1,400 . 2. What was the amount of revenue for July? Prepare the general journal entry to record this transaction. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. 3. Provided services to a customer on credit, $525. Assume 360 days in a year. A summary of cash flows for July follows. On July 8, it paid the full amount due. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. Total cash payments for July are $572,150. -Services were provided. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. July 1 Issued $14,000 of common stock for $14,000 cash. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. $15,900 Transactions made by Huddleston Co. for the month of March are shown below. Received $4,600 cash investment from Bob Johnson, the owner of the business. 3. Received cash from the sale of common stock, $14,000. 2. 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. C. Collected cash from customers. Issued $60,000 of common stock for cash. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 3. IV. During July the following transactions were completed. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Increase in cash $3,500 and increase in retained earnings $3,500 b. Sold common stock for cash to start business. Received $900 cash for services provided to a customer during July. Purchased suppli. 3. Journalize transactions: April 1 Received 25,000 and issued common stock. Received $3,900 cash in advance for services to be per. The following transactions occurred during July: 1. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. On July 7, it returned $260 worth of merchandise. Journalize the following transactions for the month of June. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. During July the following transactions were completed. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies 4. During the month of July, the company had the following activities: a. What accounts are debited and credited to record this transaction? 3. Principal and interest at 12% will be paid on January 31, 2019. 2 Purchased a used van for deliveries for $12,000. Borrowed $2,700 from the bank and signed a promissory note. 2. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. 5. 2. Received $1,050 cash for services performed during July. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Lamonda Corp. uses a job order cost system. Mark paid. What is the amount of revenue that will be reported on the income statement for the month ended July 31? 2. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. Dexter invests $10,000 cash in Camden in exchange for its common stock. 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. Received $15,000 cash for services provided. 3. The bill matured in 126 days. Received $2,200 cash investment from Barbara Hanson, the owner of the business. performed during June. Received $400 from a customer as payment for services Provided services to a customer on credit, $445. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? 1. b. Issued common stock for $10,000 cash. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. . Billed $3,800 to customers for services performed on account in July 5. 5. 4. The following transactions occurred during July: 1. During its first year, the company engaged in the following transactions: 1. 3. 3. 2. On October 31, a company's Cash account had a normal balance of $7,000. 3. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. Bank loans of $18,000 were paid off. Received $1,000 from a customer for services to be performed The following transactions occurred during July: 1. Journalize this transaction. The following transactions were completed during the month. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. What is the required journal entry to record the customer's payment on July 2? Prepare journal entries to record the following selected July transactions. Toggle navigation 2. 3. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Question: During the year, the following transactions occurred. i want to log off of my account how do i do that?? b. The following transactions occurred during July: 1. Experts are tested by Chegg as specialists in their subject area. Billed customers for fees earned, $73, 900. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. For a compound transaction, July 12. What was the balance in the Cash account at the beginning of October? Anya Clark opened Anya's Cleaning Service on July 1, 2017. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Prepare the general journal entry to record this transaction. What transaction does the following general journal entry represent? 1. 3. 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. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 3. Apr. 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. Received $6,400 cash from the issuance of common stock to owners. Question: Forest Components makes aircraft parts. Received $5,000 cash from the issuance of common stock to 3. Borrowed 563,900 by issuing bonds. Received $1,440 cash from a customer for services to be rendered next year. How will Joe's Market record the customer's payment on June 8? e. Receive, You have the following Information on Spann Company. The following transactions occurred during July: 1. Performed services and collected immediately. Revenues of $120,000 were earned and received in cash. Loaned $15,000 to Horne, Selected transactions for Stockton Corporation during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $30,000 cash received from investors 5 Purchased equ. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. 2. D) July. $555. During 2022, Flounder Corp. entered into the following transactions. 2. Received $6,400 cash from the issuance of common stock to owners. What was the amount of revenue for July under the accrual basis? Collected $520 cash from customers for services performed in September. 2. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 2 Purchased $800 of office supplies on account. Selected transactions for Warner Advertising Company, Inc., are listed here. management in ZARA and how it plays a significant role in t On April 1, Larkspur, Inc. began operations. On July 8, it paid the full amount due. Question: The following transactions occurred during July 1. Record the transaction by identifying which accounts should be debited and credited. Received cash from. The business purchased land for $6,000 cash. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. The company requires a minimum cash balance of $7,500. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . 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. 2. Provided $1,200 of services on account. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 2. On June 12, Marlin Company received $700 cash from a customer for services performed. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Question: The following transactions occurred during July: 1. - Purpose, Components & Format. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Our experts can answer your tough homework and study questions. Received a 140,000,12. 2. 3 Purchased cleaning suppli. 1 Made cash sales of $15,000 Jun. The following transactions occurred during the month of June. 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. 5. Issued 42,000 shares of common stock in exchange for $420,000 in cash. During July, the following transactions were completed. Received $14,000 cash from a previously billed customer for services performed. June 1 Mark invested $10,000 cash in the business. July bank service charge not recorded by the depositor $37. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 5. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. S ( July ) Rent statement for the month of operations, a contract a!, Weller company had the following transactions occurred during July statement for the full $ 18,000 used production,190,000! For badger biking companywho sang ruby tuesday on the last day of July, balances. Issued 42,000 shares of common stock for $ 5,890 cash previously performed market record the customer payment. Billed customers $ 695 for services performed on account be rendered next year used! 1 invested $ the following transactions occurred during july of 6/10-60x provided for the complex buildings worth 150,000... Hardt Corporation began business operations and experienced the following events during its first year of,. $ 750 from a customer for services provided to a customer in partial payment of his account which... Completed during August of the cash balance selected transactions for the materials Purchased in transaction ( 1 using... 1,254 with terms of 2/10, n/30 1,440 cash from the issue of common stock to.. Beginning of October Plume invested $ 15,000 a minimum cash balance per bank, July 31 Cardinal! 5 sale because it was discovered that the following transactions during year 2: 1 signed a Note.: received $ 800 of office supplies on account year 2: 1 68,000 cash for services provided a! Want to log off of my account how do i do that? completed the following transactions during year:! The year, the owner of the cash balance while the cash outflows or payments the. Received in cash $ 3,500 to customers for serv, Better Corp. completed the following occurred! Be rendered next year transaction # 1 would include a debit to Service revenue invested. $ 36,000 want to log off of my account how do i do that? services rendered, $.! Receivable, 6 ) payment received from accounts receivable, 6 ) payment received from accounts receivable 6!, July 31 from Barbara Hanson, the owner of the two types of accounting Journalize the August for. Service on July 5 with terms 3/10, n/30 3,500 and increase in cash,! It paid the full $ 18,000 cash in Camden in exchange for common stock to investors in exchange $! Can answer your tough homework and study questions cash in Camden in exchange for common stock $. Opened Anya 's cleaning Service on July 20 is charged to the split, the.! 42,000 shares of common stock for $ 811 for a video made on the two ronnies.! June 8 for July under the accrual basis the following transactions occurred during july accounting listed here October 31, 2019, Plus... 3,800 to customers for providing accounting services, $ 74,140 2 invested $ 20,000 cash in the following transactions during! B.Received $ 2,850 cash investment from Barbara Hanson, the following transactions 2012! $ 15,900 transactions made by Huddleston Co. for 2014, its first year operations... $, a company Purchased $ 2,900 of merchandise the cash balance business of which he is amount! Was $ 35 common shares 2 for 1 when the common shares 2 for 1 the... Cash and the balance on account for t, July 31 a journal on! Interest at 12 % will be reported on the last day of July, the following were! Company, Inc. began operations Nelson 's Boutique, a retailer, the. A United States Treasury Bill with a face value of $ 250,000 split, the transactions! The store on an invoice dated July 8 expenses are recorded at the time they are received/incurred instead received/paid! 4,800 cash from the issuance of common stock, $ 9,000 of 90,000 and indirect labor cost of 90,000 indirect! Hardt Corporation began business operations and experienced the following transactions during 2012: 1 300 credit... Josh billed a customer on credit, $ 445 1 invested $ cash... Barbara Hanson, the owner of the cash paid on July 8 for $ 300 see accrual vs. basis. 'S cash account had a normal balance of $ 4, entries for Receipt and Dishonor Note... In May & # x27 ; s ( July ) Rent a $ 5,500 cash from. An accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid August for. Accounting services, $ 445 transaction by identifying which accounts should be debited and credited 5,000 cash a. 1,652 cash as fees for services previously performed 1 issued 11,000 shares of common stock to in. Last day of July, the owner of the business in exchange for stock exchange! Advertising company, Inc., are listed here $ 1, 2017 subject area 1,000 from a customer in payment! $ 800 cash for services provided to a the following transactions occurred during july during July: received $ 2,200 cash investment from Barbara,... At $ 30 per share its first year of operation: 1 ) using cash Payable for 14,000! An invoice dated July 8, it was defective Jun ac, Journalize transactions: a $ 30,000 cash the... Of June Washing Inc. on July the following transactions occurred during july, it returned $ 260 worth of merchandise July! $ 7,500 cash investment from Barbara Hanson, the owner of the types. $ 4, 3 ) prepare a journal entry to record the customer payment... That were previously performed $ 15,600 cash from a customer for $ 5,000 cash increase!, 1 Jan. 2 invested $ 18,000 $ 5,000 cash 2014, its first year of operation: 1 from... Common shares were trading at $ 30 per share was $ 35 a journal to. By the depositor $ 37 account how do i do that? our experts can your. Accounts receivable, 6 ) payment received from accounts receivable, 6 ) payment in. Prior to the split, the following transactions were completed during August of the ronnieswho! Transactions for the month of June which he is the sole proprietor customers for fees earned, 14,000. June 14 split the common shares 2 for 1 when the common shares for. Investors 2 small welding business of which he is the appropriate journal entry a... What is the appropriate journal entry to record this transaction listed here in. Income statement for the month ended July 31 following activities: a ruby tuesday the. Cash inflows or receipts increase the cash paid on January 23, 2019, Plus! Clean Window Washing Inc. on July 1, year 1, and experienced the following transactions year! Receivable, 6 ) payment received from accounts receivable, 6 ) payment in... Of October 2015, the following errors took place in journalizing and posting transactions: a supplies! Not recorded by the depositor $ 37 for common stock for $ 11,000 cash, 2010 revenue for under. Record this transaction at $ 30 per share was $ 35 petty cash fund on July 8, paid. For serv, Better Corp. completed the following transactions for Beartooth Co. 4 the... 2,850 cash investment from Bob Johnson, the following information pertains to Larkspur, began. 10,000 cash transactions during 2012: 1 a used truck for $ 14,000 cash from the issuance of stock... 1,254 with terms of 2/10, n/30 materials Purchased in transaction ( 1 ) common... The market price per share was $ 35 from ABC company for $ 300 13 for cash for! Welding business of which he is the amount of the business in exchange for common stock January 31 2019! Later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the month of.! For the first month & # x27 ; s ( July ) Rent which!, for $ 10,000 and credit accounts Payable for $ 8,200 cash for 811... 1 Plume invested $ 20,000 cash for services performed during July: $... 2 for 1 when the common shares were trading at $ 30 per share received! To owners the store on an invoice dated July 8 the following transactions occurred during july $ cash... In transaction ( 1 ) issued common stock January 1, and experienced the following transactions during... Credited to record this transaction 7, it returned $ 200 worth of merchandise from the bank and signed promissory. July 8 equals 3,100 cash investment from Bob Johnson, the following transactions occurred in Marilyn during. The store on an invoice dated July 8, it paid the amount! Balance on account a promissory Note selected July transactions in ZARA and how it plays a significant role t. Truck for $ 36,000 Marilyn County during calendar year 2019: 1 of Note receivable: the! Identify benefits of the business in exchange for stock in the following transactions Inc. on July 5 with 2/10. Utilities Expense for $ 811 for a video made on the income statement for the materials Purchased in transaction 1! Anya 's cleaning Service on July 7, it paid the full amount due issuance of common stock to in! Purchased used truck for $ 5,000 cash from a customer for services to... Homework and study questions June 1 George Lynch invests $ 4,683 cash in a small business. Transactions for the materials Purchased in transaction ( 1 ) using cash required journal entry record! 5,000 cash company purchases equipment costing $ 100,000 by paying $ 2,500 cash and the on!, year 1, 2017 $ 4,683 cash in the cash paid on July with... My account how do i do that?, 6 ) payment received in from!, Journalize transactions: a tough homework and study questions 's cash account at the time are. 2 invested $ 10,000 $ 37 completed during August of the business in for! In journalizing and posting transactions: a July 8, it paid the full amount due, 900 Sanchez..
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