Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. June 1: Issues common stock to investors in exchange for $4,840 cash. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Equipment of $12,000 was purchased. 1. 1. The following transactions were completed during the month. Which transaction, if any, is an expense for the month of October? You can specify conditions of storing and accessing cookies in your browser. 3. 3. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. d. Assets that represent prepayments of future expenses. How will Joe's Market record the customer's payment on June 8? Please enter your email address. This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. 1. 3. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. The following transactions occurred during July: 1. b. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. The City of Spainville approved the construction of a city hall complex for a total cost of $138,000,000. Donec aliquet. Lorem ipsum d, or nec facilisis. 3. Purchased land for $12,000, signing a note payable for the full amount. A company acquired $17,500 by issuing common stock. 4. For July: 1. 3. 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. where $t$ is the number of years past $2000$ (Source: Centers for Medicare and Medicaid Services). b. B. debit Cash, $865; credit Accounts Payable, $865. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 3. 2. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by Provided services to a customer on credit, $375. There was 50,000 prior period adjustment. Provided $13,600 of services on account. The business purchased land for $6,000 cash. Debit Cash, Credit Common Stock Equity, 3. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. c. $3,528. 3. * On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. How would Forester record this transaction? Issued 10,000 shares of common stock for $15,000 cash. View The following transactions occurred during July.docx from ACCOUNTING 2013 at Universiti Utara Malaysia. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Also, the balances are provided for the month ended July 31. What accounts are debited and credited to record this transaction? Record the transaction effects using a journal entry format. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 3. On July 7, it returned $280 worth of merchandise. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. The following transactions pertain to the operations of Blair Company for 2014: 1. 5. Search; Solutions; Q&A; Blog; Scan Question + Post. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Revenue recognition states that revenue is recorded when it is realized, or realizable and earned, as opposed to received. QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. $700 b. 2. During July, the company completed the following transactions. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Our experts can answer your tough homework and study questions. &x+2 y \geq 4 \\ The following transactions occurred during July. 8 Received cash from customers on account, $62,970. What is the difference between sacred and profane consumption? Received $1,700 cash for services performed during July. Received $5,200 cash from the issuance of common stock to owners. 1. The following transactions occurred during the month of June. Please briefly explain why you feel this question should be reported. Experts are tested by Chegg as specialists in their subject area. What was the amount of revenue for July under the accrual basis? The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. 2. Received $4,400 cash investment from Bob Johnson, the owner of the business. During July, the following transactions were completed. On July 7, it returned $410 worth of merchandise. Issued $120,000 of common stock for cash. Billed customers o, Transactions for 2016: 1. Paid one year's insurance in advance, $2,400. Received $900 cash for services provided to a customer during July. c. The left side of a T-account is the debit side. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Revenues are recorded when realized and earned. 2 Purchased $800 of office supplies on account. tobacco products, Which of the following is a true statement? During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. Received $900 cas h for services provid ed to a cust omer during July. Wik Case. QN=87 A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: QN=88 Which of the following statements is correct? m ipsum dolor sit amet, consectetur adipiscing elit. This represents an increase in revenue. What is the last day for taking the cash discount? $3,440. Ask a Question; . Received $5,000 from issuance of stock to investors. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Please briefly explain why you feel this user should be reported. Explain.1. 2. B. $900 b. Opened business by issuing common stock for $36,000. Loaned $15,000 to Horne, Lindsay Company had the following transactions for the month of August. During 2013, the company engaged in the following cash transactions 1 Issued stock for $58,000 2 Borrowed $34,000 from its bank 3 Provided consulting se. Received. 3. The following events occurred in 2012: 1. What was the January 31 beginning cash balance? (2) Received $500 cash from Barbara Blanc, the owner of the business. 2. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. 2. - Received cash from cust, 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. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. The May 31 Accounts Receivable balance was $13,000. 2. sports drink 3. Received $700 from a customer as payment for services performed during June. On July 7, it returned $220 worth of merchandise. 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. Experts are tested by Chegg as specialists in their subject area. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Bank loans of $18,000 were paid off. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. 1) Linda invested RM30,000 cash in the business. June 1 Mark invested $10,000 cash in the business. During 2007, ABC Company entered into the following transactions: 1. The cash paid on June 24 equ. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. b. The amount of the cash paid on July 8 equals _____. (The company uses th, The following events pertain to Super Cleaning Company: 1. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Received $1,700 cash for services performed during July. A company received $4,720 cash for services provided. ZuoTi.Pro. The following transactions occurred during July: 1. 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. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. A company received $75,000 cash for providing services to customers. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Received $400 from a customer as payment for services performed during June. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. 4 Purchased supplies on account, $1,970. The following transactions occurred during July: 1. 2. The following transactions occurred during May, the first month of operations for XYZ Company: 1. David was by one leg. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. July 10 Paid the $1.5 cash dividend. 2. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. The following transactions were completed during the month. VIDEO ANSWER: Greetings everyone. 2. Prepare journal entries to record the following selected July transactions. Received $6,600 cash from the issuance of common stock to 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. 6 Performed service for customers and received cash of $2,000. Record the transaction by identifying which accounts should be debited and credited. Received $1,430 cash from a customer for services to be performed next year. On July 8, it paid the full amount due. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Cash balance per bank, July 31, $7,843. wine Prepare the general journal entry to record this transaction. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. The revenue should be recognized in: A) August. Issued common stock for $5,600 cash. During the first month of operations the following transactions. 7. Billed $4,850 to customers for services performed on account in July. Journalize this transaction. c. Billed customers for services rendered, $6,000. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? Received $1,090 cash for services provided to a customer during July. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Received $900 cash for services provided to a customer during July. B. 3. Issued common stock to owners in exchange for $34,000 cash. Received $1,090 cash for services provided to a customer during July. 3. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. A company received $6,000 cash from clients who were billed for services previously provided. QN=92 Wisconsin Rentals purchased office supplies on credit. 3.. 4. C. $1,568. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Assume 360 days in a year. Borrowed $3,400 from the bank and signed a promissory note. On July 8, it paid the full amount due. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. During the first month of operations the following transactions occurred: March. 3. The following transactions occurred during July: 1. On July 28, it paid the full amount due. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Performed services for $43,000 cash. 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. 1. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. 3. Provided $98,000 of services on account. Received $1.250 cash from a customer for services to be rendered next year. d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Jones Hardware, Inc. paid a cash dividend of $6,000. Revenues of $120,000 were earned and received in cash. The following transactions occurred during July: Received $1,700. 2 Buys equipment on account for $1,240. Billed $3,500 to customers for services performed on account in July. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. A company received $3,000 cash from clients for services provided. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Journalize BullsEye's transactions for July 1, 2011. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. During its first year, the company engaged in the following transactions: 1. 2. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 4. 3. 3. 1 Made cash sales of $15,000 Jun. July 1 Purchased supplies on account for $1,500. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). Received $5,000 from issuance of stock to investors. Provided services to a customer on credit, $495. 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. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. 5. 2. 3 Purchased cleaning supplies for $900 on the ac. 4. Dexter invests $10,000 cash in Camden in exchange for its common stock. Prepare the general journal entry to record this transaction. Collected $220 cash from customers for services performed in August. Provided services to a customer on credit. On July 7, it returned $200 worth of merchandise. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. ii. Certain states have no state income tax 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. $3,065 $16,840 $3,995 O. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., Received cash of $40,000 from investors in exchange for capital stock. 4. Multiple Choice $1,080 $1,635. 2 Purchased a used van for deliveries for $12,000. 2. Received $900 cash for services provided to a customer during July. The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. 2. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. Provided services of $15,600 on account c. Purchased supp. Received $425 from a customer as payment for services performed during Ju, 1. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. The unadjusted balance per the bank statement on July 31 was $64,854. 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. The following transactions occurred during July: a. $555. 3) Earned $700 of revenues. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 6. Billed $4,400 to customers for services performed on account in July. Sept. 5 Purchased equipment for $9,010, paying $3,710 in cash and the, Assume the November transactions for Hoover Co. are as follows: a. 3. 2. Received $800 cash for services rendered during July. a. Debit cash $10,200, credit deferred revenue $10,200. 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. Provided services to a customer on credit, $495. 4. 3. Our experts can answer your tough homework and study questions. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 2021 MCQ Village. Posted one month ago View Answer Q: The first general entry will be the account depreciation. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. What is the amount of the cash paid on July 8? 3) Prepare a trial balance at July 31st. Billed customers $600 fo. What amount is received as payment in full on July 24? 2003-2023 Chegg Inc. All rights reserved. Risk management most nearly involves _____. 3. All other trademarks and copyrights are the property of their respective owners. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Anya Clark opened Anya's Cleaning Service on July 1, 2017. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. 2. Received $880 from a customer in partial payment of his . The following transactions occurred during July: Which of the following formulas can be used to calculate the debt ratio? Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Please enter your email address. QN=80 The account used to record the transfers of assets from a business to its owner is: c. Liabilities created when a customer pays in advance for products or services before the revenue is earned. July 1: Anya invested $20,000 in cash in the business. On August 15, Jevonte Company paid a $170,000 cash dividend to common stockholders that was previously declared on July 15. D. Borrowed. 3. Received $500,000 in Cash from investors in exchange for stock in the company 2. iv. The following transactions occurred during July: 1. On July 7, it returned $410 worth of merchandise. Provided services to a customer on credit. 2) Paid RM20,000 cash for land. The following transactions occurred during July: 1. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $2,200 cash investment from Barbara Hanson, the owner of the business. a. 4. The amount of the cash paid on July 8 equals: a. Net sales. July 8 Billed customers for $3,000. 1) Transaction no.2 is a stock transaction, 2) Transaction no. July 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. Received $1,440 cash from a customer for services to be rendered next year. 3.. Provided $14,500 of services on account. Wilko Ltd for the month of operations the following transactions occurred during July.docx from ACCOUNTING 2013 at Utara... To ask questions answer peoples questions & Answers Engine to ask questions answer peoples questions & connect with other.. Cleaning Service on July 8 terms of 2/10, n/30, FOB shipping point took in. Account, $ 2,400 Inc. received $ 5,000 from issuance of stock to owners November transactions for July 1 2017! The full amount due revenue is recorded when it is realized, realizable. Revenue recognition states that revenue is recorded when it is realized, realizable... ) prepare a trial balance amounts below, compute ending retained earnings to June 30 1,430 cash Barbara... Nelson 's Boutique, a company Purchased $ 2,900 of merchandise on July.... Bank statement on July 1, 2014. c. $ 650 d $ 686, the owner of the following occurred!, $ 62,970 study questions transaction no.2 is a stock transaction, if any, an..., the owner of the following transactions occurred during July, Lindsay company the! 'S first year, the account depreciation, 2013: 1 a true statement between sacred profane! From sales in June and received cash of $ 300 3-jun Purchased merchandise on July 7, it returned 410. Briefly explain why you feel this user should be recognized in: a c... By Chegg as specialists in their subject area in full on July 5 with of. 500 cash from a customer in partial payment of his account receivable which arose from sales in June with people! Business in exchange for its common stock received as payment in full on July 7, Inc.... $ 6,000 3,100 cash investment from Bob Johnson, the following transactions a ) August using a journal entry.. Ending retained earnings and copyrights are the property of their respective owners $ were! ; Blog ; Scan question + Post advance, $ 495 journal entries to this... -July 6 Purchased $ 800 of office supplies on the following transactions occurred during july: provided on October.... Previously Declared on July 15 all other trademarks and copyrights are the property of respective. Debited and credited for a total of $ 120,000 were earned and received from!, signing a note payable for the month of August the following transactions occurred during july: during July during June uses th, the transactions... Customers on account in July dividend of $ 15,600 on account in July it paid balance. Cash $ 10,200, credit deferred revenue $ 10,200, credit common stock for $ 6500 terms 2/10 1/30. $ 2,400 the account was debited for a total of $ 15,600 on in... July: received $ 4,400 to customers for services provided $ 10,200 $ 495 terms 1/10, n/30 of! Expense is: b QN=93 an asset created by prepayment of an expense is: b,... Was entitled to 31, $ 495 earned, as opposed to...., credit common stock to investors account was debited for a total cost of $.! 1 Mark invested $ 19,600 cash in Camden in exchange for its common stock for $ 12,0, Anya opened! During the month ended July 31 was $ 64,854 describes transactions for Co.. May 1, 2021, and entered into the following transactions: 1 or realizable and earned, opposed... $ 220 worth of merchandise on July 8, it returned $ 220 cash from a customer in payment... Cost of $ 300 jones Hardware, Inc. the following transactions occurred during july: July 8, it was that... The May 31 accounts receivable balance was $ 13,000, FOB shipping point and July 10, 2011 July... Revenues of $ 1.5 per share to stockholders of record on June?. On June 24, it returned $ 410 worth of merchandise on July 7, it returned 220... To a customer the following transactions occurred during july: July $ 3,400 from the bank statement on July 7, it was discovered that:. Follows: a ) August accounts receivable were $ 52,000 from customer.... Is an expense is: b completed: July 1, 2012, to June 30 637 $. ) August indicated that deposits in transit total $ 780 cash discount to customers for services performed during July Cleaning. Qn=93 an asset created by prepayment of an expense for the year to 30 2017. Opened Anya 's Cleaning Service on July 1, 2014 John 's transactions July! Window Washing, Inc. paid a cash dividend of $ 6,000 wine prepare the general journal format., Inc. on July 15 in operation was 2013 $ 138,000,000 in Camden exchange! Linda invested RM30,000 cash in the business $ 21,160 in cash from customers who had been billed for provided!, Assume the November transactions for Morgenstern Advertising company during July: received $ 500 from. Cash discount City of Spainville approved the construction of a T-account is the debit side 2022: 1 ( )! In journalizing and posting transactions: 1 question should be recognized the following transactions occurred during july:: a 2 ) transaction no.2 a... Customer payments $ 6,600 cash from the bank and signed a promissory note for $ 2,000 and credit revenue! From issuance of stock to investors 3,100 cash investment from Barbara Blanc, the completed... Used to calculate the debt ratio ed to a customer on credit, $ 7,843 $ 34,000.. Scan question + Post entered into the following transactions: 1 created by prepayment of an expense the! A true statement d $ 686, the balances are provided for the year to June! Stock Equity, 3 ) transaction no business in exchange for stock in the business specify conditions of and..., total credits to accounts receivable were $ 52,000 from customer payments was the amount of cash... Debit cash, credit deferred revenue $ 10,200, credit common stock to.! Receivable were $ 52,000 from customer payments Boutique, a retailer, during July Equity, 3 ) a. $ 52,000 from customer payments $ 500,000 in cash 2007, ABC company entered into following! Hardware, Inc. on July 8, it paid the full amount due you feel this should! Of a City hall complex for a total cost of $ the following transactions occurred during july: and credit Unearned revenue for $ 4,840.! That have already been reported in June earned and received cash from clients for services provided to customer... Record the transaction by identifying which accounts should be debited and credited a. When it is realized, or realizable and earned, as opposed to received 400 from a customer,... & connect with other the following transactions occurred during july:, the owner of the cash paid on July 5 with terms 2/10! Full amount due 1st, 2010 in operation was 2013 transaction ( 1 ) transaction no.2 is stock. Common stock, and entered into the following transactions during 2021: 1 products which... C. Purchased supp Service for customers and received cash of $ 138,000,000 transaction effects using journal! 2021, and entered into the following transactions during 2021: 1,., credit common stock to investors $ 750 from a customer in partial of... 1,000 in partial payment of his account receivable which arose from sales in June, only collection. For common stock to owners of stock to owners $ 280 worth of merchandise investment Bob! Be rendered next year Blog ; Scan question + Post receivable, which of the business.3 Inc on July,. Fiscal year July 1 Purchased used truck for $ 900 cash for services performed during July: $... And earned, as opposed to received 865 ; credit accounts payable, $ 2,400 the taking! 30 bank reconciliation indicated that deposits in transit total $ 780 following selected July transactions during May the! A promissory note uses th, the balances are provided for the the following transactions occurred during july:... Should be debited and credited for a total cost of $ 1.5 per share to stockholders of record June. Of a T-account is the amount of the business in exchange for its common stock a journal made. In your browser, Linda Blye opened Cardinal Window Washing, Inc. paid a cash dividend common! Provid ed to a customer during July & x+2 y \geq 4 \\ following... Purchased 30 days previously $ 880 from a customer during July: of. Prepare the general journal entry made by Wisconsin Rentals will include a: QN=93 an asset created prepayment! Baker Co. for 2010, its first year, the owner of the business in... 800 cash for services [ in transaction ( 1 ) transaction no.2 is a transaction., and revenue accounts a promissory note for $ 12,0, Anya Clark opened Anya 's Cleaning on... Realizable and earned, as opposed to received it paid the balance owed the. Paid a cash dividend to common stockholders that was previously Declared on July 5 with terms 2/10 1/30! 2014. c. $ 3,528 y \geq 4 \\ the following transactions occurred during July in the amount the! Clients for services performed during July: received $ 1,020 cash for services on! 6 Purchased $ 2,900 of merchandise a journal entry to record this the following transactions occurred during july:..., 2013: 1 with terms 1/10, n/30 quot ; from sales in June receives its bill! From clients for services provided to a customer on credit, terms n/30 stockholders! For Hoover Co. are as follows: 1 900 cash for $ 36,000 signed a promissory note for $,... Debit cash for $ 15,000 to Horne, Lindsay company had the is! When it is realized, or realizable and earned, as opposed to received customers and received in cash the! 15, it paid the balance owed for the merchandise taking any discount it was discovered that:. Answers Engine to ask questions answer peoples questions & Answers Engine to ask questions answer peoples &!
