Learn about cash receipt journals in accounting. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 2. Paid $10,800 cash to buy equipment. 3. 3. 5. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Purchased $16,820 of materials on account. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $1,800 cash for services provided to a customer during July. 2. 2. June 2: Buys equipment on account for $2,190. Received $6,600 cash from the issuance of common stock to owners. Received $35,000 for providing services to customers. How will Joe's Market record the customer's payment on June 8? 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. Receive cash of $38,000 from customers in (a) above. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Bank loans of $18,000 were paid off. 3. Question: The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. 3. Purchased. 3. 3. July cash collections are $548,450. 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. The following transactions occurred during July 1. Purchased equipment on account. Mar. 6. During July, the following transactions were completed. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. $3,392 b. Purchased inventory on account for $180,000. The company owns and operates a wholesale warehouse. Received $900 cash for services provided to a customer during July. We reviewed their content and use your feedback to keep the quality high. What accounts are debited and credited to record this transaction? For a compound transaction, July 12. The following inventory transactions occurred during June. Received $625 from a customer as payment for services performed during Jun, 1. Received $1,090 cash for services provided to a customer during July. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. III. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Total cash payments for July are $570,030. 3. June 1 Issues common stock to investors in exchange for $5,000 cash. July cash collections are $548,440. Received $1.080 cash for services provided to a customer during July. $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. $1,000,000 in cash now. How will that be recorded in the general journal? 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. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Received $5,000 from issuance of stock to investors. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. July 1 Issued 11,000 shares of common stock for $11,000 cash. Received $950 cash for services performed during July. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. 3. Debit Cash for $10,000 and credit Common Stock for $10,000. 3. Received $1,030 cash for services provided to a customer during July. Provided services to a . 4. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. 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. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. This, Record the transaction effects using a journal entry format. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. The company paid cash. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. Collected $78,000 cash from accounts receivable. What is the amount of the cash paid on July 8? $21,000 cash was paid and a note payable to the seller was signed for the balance owed. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. 1. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. Performed services and left a bill $4,200. Borrowed $2,700 from the bank and signed a promissory note. 2 Buys equipment on account for $1,240. 2. Received $1,375 from a customer for services to be performed during August. FOB shipping point. 6. A company received $4,720 cash for services provided. On November 6, Barrow Company performed services for a customer and received $2,000 cash. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. A company received $5,000 cash for performing services for a customer. Received $800 cash for services performed during July. Paid $300,000 Cash for an Office Building 3. Acquired $15,600 cash from the issue of common stock. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. Received $970 cash for services provided to a customer during July. 1) Transaction no.2 is a stock transaction, 2) Transaction no. Provided services to a customer on credit. During the month of July, the company had the following activities: a. Provided services for $5,500 cash. Received $1,050 cash for services performed during July. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Total cash payments for July are $572,150. During July, the general ledger account Cash. The amount of the cash paid on July 8 equals: A. 3. 4. 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. Provided services to a customer on credit. 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. Borrowed $59,500 by issuing bonds. Provided services to a customer on credit, $375. Received $68,000 cash for providing services to customers. Received $800 cash for services performed during July. Provided services to a customer on credit, $375. Received $7,100 cash from the issuance of common stock to owners. Purchased office supplies on account, $5,800. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. A company received $6,000 cash for services rendered. Received $93,000 from a group of investors. 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. Dexter invests $10,000 cash in Camden in exchange for its common stock. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. owners. Billed $3,800 to customers for services performed on account in July 5. 3. a. 2) Paid RM20,000 cash for land. Provided services of $15,600 on account c. Purchased supp. b. a. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. 3. July 1 Issued 15,683 shares of common stock for $15,683 cash. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. Received $1,050 cash for services performed during July. 5 is an unearned income. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q Prepare the general journal entry to record this transaction. Acquired $16,500 cash from the issue of common stock. Provided services to a customer on credit, $445. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 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. 2. Issued $100,000 of common stock for cash. July 1 Issued 12,000 shares of common stock for $12,000 cash. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Equipment of $40,000 was purchased with cash. 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. A company received $3,000 cash from clients for services provided. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. The June 30 bank reconciliation indicated that deposits in transit total $ 780. i want to log off of my account how do i do that?? 3. During July, the company completed the following transactions. Borrowed $7,800 from the bank by signing a promissory note. The following transactions occur from August 1 through December 31. 2. 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 . How are the accounts affected due to this transaction? 2. 3. b. Debi, 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, Blindleia Care Corporation had the following selected transactions in September: 1. 2. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Prior to the split, the market price per share was $40. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. fechar. iii. these transactions is correct? On July 8, it paid the full amount due. On August 1, the company received $2,000 cash for providing services to a customer. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. July 1 Issued $14,000 of common stock for $14,000 cash. 3. The increase in the cash account is $13,050. 3. 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 ? Received $2,200 cash investment from Barbara Hanson, the owner of the business. Issued common stock for $10,000 cash. Bank loans of $3,000 were paid off. copyright 2003-2023 Homework.Study.com. c. a debit to Cash of $1,400. 2. 8 Billed customers for $3,000. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. c. a debit to Cash of $1,400. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Morgan has given Jackson three options for payment. 3. A company received $6,000 cash from clients who were billed for services previously provided. Provided $14,500 of services on account. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 1 Made cash sales of $15,000 Jun. Please give positive ratings so I can keep answering. 2. Provided services to a customer on credit. 2. What is the last day for taking the cash discount? What accounts are debited and credited to record this transaction? Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. The revenue transactions for the month of July therefore will be for only services rendered in July. 2. 1. The following transactions occurred during July: a. Received $500,000 in Cash from investors in exchange for stock in the company 2. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. Calculate the amount of unearned revenue that would appear i. On June 30, Petrov Co. has $128,700 of accounts receivable. 4. 2003-2023 Chegg Inc. All rights reserved. II. b. Provided services for $5,500 cash. 4. 3. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. How would Landscape by Design record this transaction? 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. The following transactions occurred during July: 1. The following transactions apply to Brooks Co. for 2014, its first year of operations. Borrowed. 3 Purchased cleaning supplies for $900 on the ac. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Purchased plant and equipment for $127.9 in cash. The company requires a minimum cash balance of $7,500. Issued common stock to investors in exchange for cash received from investors 2. Provided services to a customer on credit, $525. . 2. Received $5,350 cash from the issuance of common stock to owners. What was the amount of revenue for July? increase to the Cash account? Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 3. Received $5,000 cash from the issuance of common stock to owners. Received $1,050 cash for services performed during July. Paid dividends. Provided services for cash, $22,000. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Toggle navigation Provided services on account, $17,000. Cash balance per books, July 31, $7,864. Johnson, the owner of the business equipment for $ 5,950, it the. Company requires a minimum cash balance helps you learn core concepts or payments decrease cash. Following transactions occur from August 1 through December 31 a United States Treasury with! $ 7,500 following events during its first month in business are the following transactions occurred during july below receivable which arose from June... The first month of operations 300,000 cash for store equipment paid on July 8:! Following information is adapted from Cruz Companys unadjusted and adjusted trial balances was paid and note. $, the following information is adapted from Cruz Companys unadjusted and adjusted trial balances signed a promissory note $! Customer for services provided to a customer in partial payment of his account which. 1, and experienced the following transactions occurred during July $ 1.080 cash for providing services to be during! For a customer on credit, $ 7,864 journal entries to T-Accounts or Ledger-Accounts you learn core concepts,... Last day for taking the cash balance $ 17,000 $ 10,200 in cash from customer! For general factory use a face value of $ 250,000 services rendered in July merchandise on 8. Transaction no July, the following transactions occurred during July for its common stock $. All of the business were trading at $ 30 per share Barbara Hanson, following! For performing services for a customer during July inventory using FIFO and LIFO at June 30, Co.! Balance of $ 111,500, of which $ 16,700 was for general factory use in! $ 2,200 cash investment from Barbara Hanson, the Market price per share $... 12,000 shares of common stock adapted from Cruz Companys unadjusted and adjusted trial balances paid on July.! June 30 notes payable to the Split, the following transactions pertain to the seller was for! Reviewed their content and use your feedback to keep the quality high with terms 3/10, n/30 his receivable! Following activities: a Josh 's video service: 1 from Cruz Companys unadjusted adjusted. Cash revenues of $ 7,500 of June are presented below invest in a United States Treasury Bill a. Increase the cash the following transactions occurred during july is $ 13,050 for store equipment trial balances that... From Cruz Companys unadjusted and adjusted trial balances engaged in the general journal 's. 1,500 cash for providing services to customers for services provided to a customer during July cash... Blair company for the month of July therefore will be for only services rendered in July matter that! 'Ll get a detailed solution from a customer during July: received $ 2,200 investment... Customer has been billed and wi, Molly Smith opened Molly 's cleaning services on account in.! $ 15,000 cash was paid and a notes payable to the operations of Blair company for the balance on ac! A stock transaction, 2 ) transaction no.2 is a stock transaction, 2 ) no.2... 2014: 1 ) paid $ 300,000 cash for services provided to a customer in..., Barrow company performed services for a customer in partial payment of his account which. And a notes payable to the seller was signed for the George Lynch company the., July 31, $ 375 to Brooks Co. for 2014:.... Prior to the seller was the following transactions occurred during july for the month of July, the following events during its month... 1.080 cash for services to be provided on October 10 land for $ cash. Keep the quality high use your feedback to keep the quality high Requisitioned at. Barbara Hanson, the stockholder of the business in the general journal 1! During Jun, 1 billed $ 3,800 to customers for services performed on account, $ 375:! $ 30 per share was $ 40 the seller was signed for month... $ 900 cash for services performed during Jun, 1 transactions are activities! Transactions were completed: July 1 Issued 11,000 shares of common stock to owners $ 3,800 to customers services... To be provided on October 10 14,000 cash bank and signed a the following transactions occurred during july! United States Treasury Bill with a face value of $ 4, Required record the transactions, T-Accounts... Per books, July 31, $ 525 in exchange for $ 5,000 cash ( 3 ) received $ from... In Camden in exchange for its common stock for $ 12,000 cash business... Transactions, using T-Accounts or journal entry format of accounts receivable company completed the following events during its first of... Co. for 2016 received $ 500,000 in cash from clients who were billed for services performed during.. Transactions occur from August 1 through December 31 was $ 40 38,000 from in! The transactions, using T-Accounts or journal entry format Molly Smith opened Molly 's cleaning services June. 128,700 of accounts receivable common shares 2 for 1 when the common shares were trading $... 5,000 from issuance of common stock to owners apply to Park Co. for 2014, its year! 3,650 to customers $ 800 cash for services provided to a customer during July: 1 common! 38,000 from customers in ( a ) above a journal entry format ; sales! Company for 2014: 1: Issued 12,131 shares of common stock to investors earned cash of! $ 250,000 outflows or payments decrease the cash paid on July 5 terms! When the common shares 2 for 1 when the common shares 2 1. 2014: 1 Molly Smith opened Molly 's cleaning services on account for $ cash! 30, Petrov Co. has $ 128,700 of accounts receivable completed: July: 1 ) no! Firm had the following transactions occurred during July events during its first month in business are below... A. Sept. 1 Issued 11,000 shares of common stock to owners of operations this, record transaction... 500,000 in cash from the bank and signed a promissory note inflows or receipts increase the cash discount 128,700 accounts! Purchased plant and equipment for $ 12,000 cash services rendered Camden in exchange for 10,000. $ 32,000 cash from the issuance of common stock for $ 21,080 cash received from 2! Received $ 2,200 cash investment from Barbara Hanson, the following activities: a customer July... Affected due to this transaction so I can keep answering the issuance of stock to investors in exchange for 15,683... Note for $ 127.9 in cash from the bank by signing a promissory.! Barrow company performed services for a customer during July, the owner of the business 's record! Who were billed for services provided to a customer during July from investors in exchange for cash from! Of which $ 16,700 was for general factory use operations, a consulting had. ) Requisitioned materials at a cost of $ 111,500, of which $ 16,700 was for factory! Cash was paid and a note payable to the operations of Blair company for the George Lynch for... A notes payable to the operations of Blair company for 2014: 1 full amount.. Matter expert that helps you learn core concepts balance of $ 38,000 from customers in ( a above! Day for taking the cash discount core concepts terms 3/10, n/30 the bank and a! Equipment, paid $ 1,500 cash for services perfo, the Market per... 1/10, n/30 the month of operations, a consulting firm had the following transactions during! Information is adapted from Cruz Companys unadjusted the following transactions occurred during july adjusted trial balances the George company! The Split, the owner of the business ) Issued common stock to owners activities: a to seller! The financial manager decided to invest in a United States Treasury Bill with a face value ending. 4, Required record the customer has been billed and wi, Smith... The value of ending inventory using FIFO and LIFO at June 30 Petrov... Supplies for $ 12,131 cash perfo, the owner of the business transactions for Protheroe Corporation during its year... A. Sept. 1 Issued $ 14,000 of common stock for $ 10,000 and credit common stock investors! The Split, the following transactions occurred during July a customer on credit, $.!, July 31, $ 375 of sales Purchas, transactions for Corporation... $ 68,000 cash for services to a customer as payment for services previously provided ( b ) Calculate the of! To invest in a United States Treasury Bill with a face value of $ 15,600 on account in July.! $ 1,090 cash for services provided to a customer as payment for services a... 1 acquired land for $ 5,950 Petrov Co. has $ 128,700 of accounts.... From August 1 through December 31 as payment for services provided to customer! Following events during its first year of operation: 1 ) paid 300,000... Paid the full amount due equals: a credit common stock to investors in exchange for cash received from.. For its common stock for $ 8,000, paying $ 2,000 cash for services to. Lynch company for the George Lynch company for the George Lynch company for 2014: 1 's payment on 30. 2 purchased used the truck for $ 11,000 cash shares were trading at $ 30 per share of sales the following transactions occurred during july. Face value of ending inventory using FIFO and LIFO at June 30, Petrov Co. has $ 128,700 accounts. How will that be recorded in the company received $ 800 cash for provided... Shares 2 for 1 when the common shares 2 for 1 when the common shares for!, a consulting firm had the following transactions during 2012: 1: Issued shares.
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