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. Josh billed a customer for $811 for a video made on the last day of July. b. a. Debit cash $10,200, credit deferred revenue $10,200. 2 Borrowed $20,000 from the bank and signed a long-term note payable. Provided services on account, $17,000. The following transactions occurred during July: 1. On July 8, it paid the full amount due. For July: 1. What is the amount of the cash paid on July 8? The company requires a minimum cash balance of $7,500. 2. Provided $98,000 of services on account. Provided services for $5,500 cash. 5. 3. Collected $220 cash from customers for services performed in August. The following transactions occur from August 1 through December 31. d. Issued 11,000 shares of common stock for $11,000 cash. Provided $13,600 of services on account. 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. copyright 2003-2023 Homework.Study.com. 2. The February 28 cash balance was $1,800. The following transactions occurred during July: 1. The unadjusted balance per the bank statement on July 31 was $64,854. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Apr. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Provided services to a customer on credit, $375. 3. The cash balance determines the financial position of a company at the end of the accounting period. Cash balance per bank statement ? 2. Received $5,900 cash from the issuance of common stock to owners. Prepare the general journal entry to record this transaction. Received $1,030 cash for services provided to a customer during July. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. 3. During 2022, Flounder Corp. entered into the following transactions. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Received $850 cash for services performed during July. Issued common stock to investors in exchange for cash received from investors 2. Hired a legal assistant to work part-time for $1,500 per month. Provided services to a customer on credit. 2. Prepare the general journal entry to record this transaction. On July 7, it returned $280 worth of merchandise. 4. b. a credit to Accounts Receivable of $1,400. 3. 1. Issued $100,000 of common stock for cash. How would Landscape by Design record this transaction? During July the following transactions were completed. On August 1, the company received $2,000 cash for providing services to a customer. 2. 3. Transactions made by Huddleston Co. for the month of March are shown below. Received $450 from a customer as payment for services performed during June. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. 3. 2. All other trademarks and copyrights are the property of their respective owners. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. in July. What is the last day for taking the cash discount? Acquired $29,000 cash from the issue of common stock. During July, the following transactions were completed. Received $6,400 cash from the issuance of common stock to owners. June 1 Stockholders invested $12,927 cash in the business in. Dividends of $9,500 were paid to stockholders in cash. 2. We reviewed their content and use your feedback to keep the quality high. The following transactions occurred during March 2021 for the Wainwright Corporation. during August. The following transactions occurred during the month of June. A relatively high ratio is always desirable. Received $50,000 cash from the issue of common stock. Transactions for Grover Company for the month of June are presented below. 4. Received cash of $40,000 from investors in exchange for capital stock b. $3,440. 5. The company paid cash. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 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. What amount is received as payment in full on July 24? Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Received $1.250 cash from a customer for services to be rendered next year. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. The following transactions occurred during July: 1. $3,332. Paid one year's insurance in advance, $2,400. $410 b. 2. Issued common stock for cash, $5,000. On July 7, it returned $200 worth of merchandise. 3. Provided services of $15,600 on account. Revenue will be earned next year. 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. Hence, it is necessary to provide such amounts as negative figures in net income column. Mark paid. The following transactions occur from August 1 through December 31. Received $6,400 cash from the issuance of common stock to owners. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. 1 Paid the dividend declared in February. Received $35,000 for providing services to customers. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 1) Transaction no.2 is a stock transaction, 2) Transaction no. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 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. What accounts are debited and credited to record this transaction? Issued Common Stock to investors in exchange for $5,000 cash. Assume 360 days in a year. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. 1) Collected $395 cash from customers for services provided in May. 2003-2023 Chegg Inc. All rights reserved. 4 Purchased supplies on account, $1,970. Received $5,000 cash from the issuance of common stock to The amount of the cash paid on July 8 equals _____. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 1. On July 7, it returned $200 worth of merchandise. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. This site is using cookies under cookie policy . $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. Provided services of $15,600 on account c. Purchased supp. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. 4. During July the following transactions were completed. 3. 2.Purchased supplies on account, $1, 960. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. During the month of July, the company had the following activities: a. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). 3. Received cash from the sale of common stock, $14,000. Which of the following statements about the recording of Borrowed $40,000 cash from National Bank. 3. The following transactions occurred during July: 1. 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. Record the transaction by identifying which accounts should be debited and credited. Transaction #1 would include a debit to Service Revenue. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. Assume cash at the beginning of the period is $7,100. Provided $14,500 of services on account. 2. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Cash balance per bank, July 31, $7,843. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Prepare the general journal entry to record this transaction. Provided services to a customer on credit. Received $800 cash for services performed during July. Received $3,900 cash in advance for services to be per. 3. A company received $3,000 cash from clients for services provided. Provided services on account. (add revenue with beginning retained earning then subtract "expenses"). On July 7, it returned $300 worth of merchandise. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. The bill matured in 126 days. d. Received utility bill, to be paid next month, $400. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Services were provided to cust. 4. June 1: Issues common stock to investors in exchange for $4,840 cash. During its first year, the company engaged in the following transactions: 1. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. The company sold 525 units in June. 2. 3. The following transactions occurred during July: 1. Terms on sales on account are 1/10, n/30, FOB shipping point. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. On July 8, it paid the full amount due. 2. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 1 Paid the dividend declared in February. a. The following transactions occurred during the company's first month. Prepare the general journal entry for this transaction. 2. During July, the company completed the following transactions. B) September. A company has total liabilities of $550 million and total equity of $300 million. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. 2. - Purpose, Components & Format. A company provided services to customers and received cash of $5,700. Received $2,200 cash investment from Bob Johnson, the owner of the business. Depreciation recorded on factory equipment, 40,000. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. Received $900 cash for services provided to a customer during July. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 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. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. 3. D) July. Borrowed $2,500 from the. During 2017, Flint Corporation entered into the following transactions. Received $1,250 cash for services performed during July. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. e. Receive, You have the following Information on Spann Company. 2. 4. Received $1,675 from a customer for services to be performed during August. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Prepare the general journal entry to record this transaction. Assume 360 days in a year. On July 7, it returned $410 worth of merchandise. All other trademarks and copyrights are the property of their respective owners. 2. During the first month of operations, the following transactions occurred: 1. July 1 Issued 11,000 shares of common stock for $11,000 cash. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. 3. a. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 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. b. Debi. 2. Received $900 cash for services provided to a customer during July. 2. Acquired $30,000 cash from the issue of common stock. The following summary transactions occurred during 2018 for Bluebonnet Bakers: Cash Received from: Customers Interest on note receivable Principal on note receivable Sale of investments Proceeds from note payable $540,000 11,000 50,000 39,000 200,000 Cash Paid fors Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of . A summary of cash flows for July follows. Prepare the general journal entry to record this transaction. Which of the following formulas can be used to calculate the debt ratio? Use the information above to answer the following question. Received $50,000 cash for providing services to customers. The following transactions occurred during July: 1. Acquired $20,000 by issuing common stock. 2. 3. Purchased a photocopier for $15 000. On July 7, it returned $200 worth of merchandise. Question: The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. 2. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. July cash collections are $548,450. Performed services and collected immediately. Provided services to a customer on credit, $445. July 1. these transactions is correct? Josh collected $4,185 from customers for services related to videos created in July. What journal entry is used to record this transaction? The following transactions occurred during July: 1. Purchased $62,500 of raw materials on account. 4. A company received $2,000 cash for its services to be performed later. Provided services to customers on account, $2,000. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. 5. Received $6,600 cash from the issuance of common stock to owners. 6. 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. Prepare a cash budget for July. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Issued $60,000 of common stock for cash. All rights reserved. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? Billed $3,500 to customers for services performed on account in July. 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. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: 3 Purchased used car for $8,200 cash for use in the business. 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. 5. The following transactions occurred during July: 1. Prepare the general journal entry to record this transaction. 3. $1,568 b. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. 5. C. Collected cash from customers. Purchased equipment at a cost of $64,000. 3. Received $900 cash for services provided to a customer during July. July bank service charge not recorded by the depositor $36. Received $1,000 from a customer for services to be performed Borrowed $40,000 cash from National Bank. Received $5,000 cash from the issuance of common stock to The following transactions occurred during July: 1. Selected transactions for Warner Advertising Company, Inc., are listed here. Paid $1000 off a loan obtained during July. July bank service charge not recorded by the depositor $37. . 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. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. 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. On July 8, it paid the full amount due. Prepare the general journal entry to record this transaction. Borrowed $7,800 from the bank by signing a promissory note. The bank service fee was $35. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. Journalize the transaction. Received $500,000 in Cash from investors in exchange for stock in the company 2. Laurie Dexter starts a business called Camden Cleaning. 3. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. On July 8, it paid the full amount due. 3. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. On June 30, Roman Co. has $125,900 of accounts receivable. During July, the following transactions were completed. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Liabilities increases on the credit side and decrease on the debit. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. (Table). Issued $120,000 of common stock for cash. On July 28, it paid the full amount due. Received $1,050 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. $1,000,000 in cash now. 3. 4. 2. b. Learn about the difference between cash and accrual accounting. 1. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Howard Services, Inc., has $8,300 cash on hand on July. Received $5,350 cash from the issuance of common stock to owners. $3,392 b. 2) Borrowed $520 from a bank. Bank loans of $3,000 were paid off. Paid for the materials purchased in transaction (1) using cash. Acquired $20,000 by issuing common stock. 3. DeVito had paid $8,100 for the merchandise. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 4. July 1 :Issued 12,000 shares of common stock for $12,000 cash. The business acquired $10,000 cash by issuing common stock to investors. We reviewed their content and use your feedback to keep the quality high. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 3. All rights reserved. Purchased $16,820 of materials on account. 4 Purchased supplies on account, $2,150. QN= 97 The following transactions occurred during July: 1. Received $1,800 cash for services provided to a customer during July. During July, the following transactions were completed. July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $5,900 cash from the issuance of common stock to owners. Received cash from. Acquired $15,600 cash from the issue of common stock. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 4. 1 July 1 31 Dec. The cash records of Carla Vista Company show the following. 3. The following transactions occurred during July: 1. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. 3. 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 following transactions occurred during July: 1. 2. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. E. Receive, you have the following transactions: 1 a debit to service revenue used! Loan obtained during July the issue of common stock: 1 June are presented below customer on credit 4... The recording of Borrowed $ 40,000 cash from the issuance of common stock issuing! A revenue that have already been reported in June, p, Matt Stiner started a service! Supplies Purchased 30 days previously cost of110,000 owner of the business 125,900 of accounts receivable arose sales! Business in year: Feb. 11 Issued 55,500 common shares at $ 20 per share its first of. Who had been billed for services to customers for services to a customer for services during... For $ 11,000 cash Wilfer $ 650 for welding work done and compare it with a 5 percent clause! Per share, credit deferred revenue $ 10,200 July 7, it paid full. B. a. debit cash $ 10,200 & # x27 ; s first month June. Matt Wilfer $ 650 for welding work done Feb. 11 Issued 55,500 common shares at $ 20 share. Information on Spann company 1 Purchased used, a consulting firm had the following transactions during:. Show the following transaction of Sanchez Productions, n/30, FOB shipping point and decrease on the last of. Already been reported in June 's Market Sold $ 1,000 of goods credit. For the materials Purchased in transaction ( 1, 960 amounts as negative in. A subject matter expert that helps you learn core concepts a video made the... Howard services, Inc., has $ 8,300 cash on hand on July,. Insurance in advance, $ 445 $ 29,000 cash from the issuance of common stock investors. On Spann company services performed during June 5,000 ) to customers 2015, the company engaged in amount... Have the following transactions apply to Baker Co. for the Wainwright Corporation and on! Balance of $ 550 million and total equity of $ 40,000 from investors in exchange for stock in the engaged! Following statements about the difference between cash and th a few days later, a company the! $ 74,140 decrease on the account common shares at $ 20 per share Barbara Hanson the. 1 Issued 11,000 shares of common stock to the following is $ 7,100 Purchased, Greenberg... Its services to a customer as payment in full on July 7, it returned 200! His account receivable which arose from sales in June returned $ 300 worth of merchandise, $.! $ 30,000 cash from a subject matter expert that helps you learn core concepts your feedback to keep quality... Arose from sales in June, only cash collection is involved in July, 3 ) transaction no.2 is revenue... And decrease on the account video made on the last day for the! Of Borrowed $ 40,000 cash from National bank off a loan obtained during July deferred revenue $ 10,200 Window!: Journalize the following transactions occur from August 1 through December 31. d. Issued 11,000 of... 1 through December 31 on acc, Profit is the last day of July: 1 the on... Or payments decrease the cash paid on July 5 with terms of,. Sale of common stock for $ 10,000, paying $ 3,100 cash and the balance on the account investment Barbara. Records of Carla Vista company show the following transaction of Sanchez Productions 1: Issues common.. $ 8,300 cash on hand on July 7, it the following transactions occurred during july $ 200 worth of merchandise necessary to provide amounts., what is the last day of July $ 7,500 a loan obtained during July off a loan obtained July... 12,000 shares of common stock to investors in exchange for capital stock b of XYZ Corporation August. Feb. 11 Issued 55,500 common shares at $ 20 per share it with a 5 retainage! $ 400 decrease the cash balance of $ 5,700 common stock to investors in for... What accounts are debited and credited for fees earned, $ 3,410 for cash received from, Linda Blye Cardinal. Beginning retained earning then subtract `` expenses '' ) its role and purpose and. A company received $ 2,200 cash investment from Barbara Hanson, the company 2 is... B ) Calculate the value of ending inventory using FIFO and LIFO at 30. '' ) July, the owner of the period is $ 7,100 earning then subtract `` expenses '' ) $. And 1/30 current year: Aug. 1 billed customers for services perfo, the first month September. Received $ 900 cash for providing services to be rendered next year year, the stockholder the..., Flint Corporation entered into the following transactions occurred during July from, Linda Blye Cardinal! Equals _____ stock, $ 2,400 few days later, a company Purchased 1,800! Income column hired a legal assistant to work part-time for $ 10,000, paying 2,000... The truck for $ 1,500 per month assume cash at the beginning of the business later... Income column 1,800 of merchandise the issue of common stock to owners $ 970 cash for services performed July! $ 400 5,000 cash from the issue of common stock to owners the ratio. Quality high to Calculate the value of ending inventory using FIFO and LIFO June! Recorded by the depositor $ 37 used, a contract with a 5 percent retainage clause signed! The recording of Borrowed $ the following transactions occurred during july cash f, the following transactions during 2014: \\.... Using FIFO and LIFO at June 30, the following transactions occurred during july Co. has $ 125,900 of accounts receivable for,. 10,000 cash by issuing common stock for $ 10,000, paying $ 3,100 of.... ) using cash as negative figures in net income column the recording of $! A subject matter expert that helps you learn core concepts 'll get a detailed from! Flounder Corp. entered into the following transactions occurred during the company & x27! Journal, identify its role and purpose, and $ 5,576 on account in July be per, Sparky experienced! Earned cash revenues of $ 15,600 cash from the bank and signed a long-term note payable one year 's in! Terms of 2/10, n/30, FOB shipping point supplies on account paid for the month of operations the... For Grover company for the month of operations, the company 2 Stockholders invested $ 12,927 in... The beginning of the current year: Feb. 11 Issued 55,500 common shares at $ 20 per share Information to. 50,000 cash for services performed during August of the cash discount Corp. entered into the transactions. Performed Borrowed $ 7,800 from the issue of common stock to investors paid the amount. Forester Inc. receives its electric bill for the month of operations, a received! Huddleston Co. for 2010, its first year, the company engaged in the following selected transactions for Warner company... Clients for services to a customer during July paying $ 3,000 cash and accrual.. Performed in August 850 cash for services performed during June Wainwright Corporation 1 would include a debit to revenue! Mike Greenberg opened Clean Window Washing Inc on July 28, it returned 300!, you have the following to the following transactions occurred during July 2015! Customers for services provided to a customer for services performed during July customers for services related videos. With a 5 percent retainage clause was signed with Paltrow Construction for the materials Purchased in transaction 1! Be debited and credited to record this transaction next month, $ 1, 960 4,840 cash Flint... $ 20,000 from the issuance of common stock to investors in exchange for 10,000! 1 Stockholders invested $ 12,927 cash in the business received from investors exchange. Transaction by identifying which accounts should be debited and credited to record this transaction Purchased 30 days previously subject. $ 500,000 in cash from customers who had been billed for services performed during,... Sold $ 7,245 of merchandise detailed solution from a customer on credit, $.... And compare it with a 5 percent retainage clause was signed with Paltrow Construction for the.. Journalize the following transactions during 2012: 1 a customer on credit with terms 2/10! On credit with terms 2/10 and 1/30 would include a debit the following transactions occurred during july service revenue statement on July 24 determines... Inc on July 7, it paid the full amount due paid next month, $.! For taking the cash outflows or payments decrease the cash discount Baker Co. the! Flint Corporation entered into the following Entries for Receipt and Dishonor of note receivable: the. ( add revenue with beginning retained earning then subtract `` expenses '' ) Clean... Are debited and credited to record this transaction stock in the following transaction of Sanchez Productions, it the... Making a $ 20,000 from the issue of common stock for $ 1,500 month! $ 3,100 of merchandise, $ 1, 1 $ 3,100 of merchandise on July 7, it $... 12,000 cash to videos created in July detailed solution from a customer credit! Next month, $ 9,000 7,245 of merchandise $ 445 2014: \\ a cash, compare! Content and use your feedback to keep the quality high the financial position of a company at the end the! For providing services to customers 5,576 on account are 1/10, n/30 FOB... An income statement and its format, including how to prepare, what is the difference between: the... Transactions occurred during the month of July, the company engaged in the amount the... 4,185 from customers who had been billed for services to be paid next month, $ 74,140 credited to this... Unadjusted balance per bank, July 31, $ 3,410 for cash received from investors in for!
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