the following transactions occurred during july

Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Johnson, Inc. paid rent expense of $3,500 for the month of October. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. a. The following transactions were completed during the month. 3. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. Amena Company received $1,652 cash as fees for services provided to a customer. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. Received $1,440 cash from a customer for services to be rendered next year. 4. Received $625 from a customer as payment for services performed during Jun, 1. Received $475 from a customer as payment for services performed during June. 1. 1. 3) Earned $700 of revenues. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Provided services to a customer on credit, $375. The following transactions occurred during July: 1. Issued 42,000 shares of common stock in exchange for $420,000 in cash. Purchased equipment for $16,000 cash on July 1, 2017. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Anya Clark opened Anya's Cleaning Service on July 1, 2017. The business acquired $10,000 cash by issuing common stock to investors. Prepare the general journal entry to record this transaction. $555. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. The following transactions occurred during the month of June. Borrowed $6,000 from the bank by signing a promissory note. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. 2. 3. Issued Common Stock to investors in exchange for $5,000 cash. Received $14,000 cash from a previously billed customer for services performed. A company received $2,000 cash for its services to be performed later. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. The revenue should be recognized in: A) August. d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. performed during June. Prepare the general journal entry to record this transaction. $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. Financial statements will be prepared on July 31. Paid $1000 off a loan obtained during July. 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 ? 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. Acquired $20,000 by issuing common stock. Terms on sales on account are 1/10, n/30, FOB shipping point. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Received $5,900 cash from the issuance of common stock to owners. During the year, the following transactions occurred. Expenses of $73,600 were pa, Warren Enterprises had the following events during Year 1: -The business issued $25,000 of common stock to its stockholders. What amount is received as payment in full on July 24? Paid one year's insurance in advance, $2,400. 4. Received $50,000 cash from the issue of common stock. Performed services and billed customer $2,200. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. The following transactions occurred during July: 1. During July, the following transactions were completed. 4. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. XYZ uses the periodic inventory method. question. The increase in the cash account is $13,050. 1 Announced a 2 for-1 stock split. Which transaction, if any, is an expense for the month of October? 2. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received cash from the sale of common stock, $14,000. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Purchased equipment at a cost of $62,000. Which of the following statements is false with regard to the debt ratio? Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 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. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. As a result of these transactions, what is the amount of the increase to the Cash account? July cash collections are $548,440. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 2. Issued common stock for $10,000 cash. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Received $1,050 cash for services performed during July. Unearned Rent was credited for the full $18,000. 2. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during March 2021 for the Wainwright Corporation. What is the last day for taking the cash discount? 4. 2 Buys equipment on account for $1,240. D) July. Transactions for Grover Company for the month of June are presented below. 2. 8 Received cash from cu, Using the following transactions: a. Journalize the following transactions. 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. On June 30, Petrov Co. has $128,700 of accounts receivable. Expert Answer. 3. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. 3. $3,332. Acquired $20,000 by issuing common stock. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. 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. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. 3. The interest rate was 10.875% ordinary interest at exact time. Received $800 cash for services rendered during July. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Provide services to customers on account for $46,000. Received $3,100 cash investment from Barbara Hanson, the owner of the business. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Received cash for providing accounting services, $9,500. 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. 6. 4. The following transactions occurred during July: 1. copyright 2003-2023 Homework.Study.com. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Our experts can answer your tough homework and study questions. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. Deposits in transit, July 31, $1,790. Received cash for providing accounting services, $9,500. LTC(Q)=Q320Q2+220Q. Purchased land for $7,000 cash. 2. Received $1.080 cash for services provided to a customer during July. Received $1,430 cash from a customer for services to be performed next year. c. June 15: Made cash sales of $21,400 to customers. Received $1,050 cash for services performed during July. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 4. Received $1,800 cash for services provided to a customer during July. 2. Received $400 from a customer as payment for services Receive cash of $38,000 from customers in (a) above. July 1 Anya invested $20,000 cash in the business. 5. 2. What amount is received as payment in full on July 24? Revenues earned and received in cash amounted to $33,500. 3. Equipment of $40,000 was purchased with cash. Please give positive ratings so I can keep answering. Obtained a bank loan for $6,900 by issuing a note payable. 5 is an unearned income. Provided $14,500 of services on account. 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. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 3. 1 Paid the dividend declared in February. iv. Record the journal entries associated with these three transactions. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. Dexter invests $10,000 cash in Camden in exchange for its common stock. Issued $1,270 of supplies from the materials inventory. Prepare the general journal entry to record this transaction. How are the accounts affected due to this transaction? Deposits in transit on July 31 were $3,205. Issued common stock for $6,000 cash. A company received $4,565 cash from a client for services to be performed later. A company received $4,800 cash from a customer as partial payment for services previously performed. $15,900 Apr. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. 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 . 6 Performed service for customers and received cash of $2,000. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. What accounts are debited and credited to record this transaction? June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. 3. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Acquired $16,500 cash from the issue of common stock. FOB shipping point. June 1 Mark invested $10,000 cash in the business. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Borrowed $25,000 cash from creditors. 1. 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. 6 Performed service for customers and received cash of $2,000. Borrowed $6,000 from the bank by signing a promissory note. Purchased equipment at a cost of $64,000. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $400 from a customer as payment for services Record the journal entries associated with these three transactions. During July the following transactions were completed. On July 8, it paid the full amount due. d. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. 2. Acquired $30,000 cash from the issue of common stock. Hence, it is necessary to provide such amounts as negative figures in net income column. Apr. 2. 1. The following transactions occur from August 1 through December 31. Received $5,000 cash from the issuance of common stock to 6. The following transactions occurred during July: 1. Received $1,375 from a customer for services to be performed during August. What was the amount of revenue for July. 4) Transaction no. Received $35,000 for providing services to customers. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Borrowed $2,700 from the bank and signed a promissory note. 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. Received $900 cash for services performed during July. Purchase of the goods on July 8, 2011. b. A credit sale of $750 is made on June 13, terms 2/10, n/30. Executive Summary and Introduction, which should discuss the overall concept of operations -Services were provided. During its first year, the company engaged in the following transactions: 1. 2. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. 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 January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Mar. Adina Falk opened her own law office on July 1, 2024. Collected $78,000 cash from accounts receivable. Discover the importance of income statements. Record the transaction effects using a journal entry format. On July 7, it returned $200 worth of merchandise. A company received $4,720 cash for services provided. 2. Received $525 fr, The following transactions occurred during July: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. Use the following information to prepare the July cash budget for Acco Co. 3. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. 2. The buildings will be financed The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Increase in cash $3,500 and increase in retained earnings $3,500 b. 3. 1. A company received $442 cash from a client for performing services. 3. W. Four transactions that occurred during June are listed below. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 6. The following transactions occurred during July: 1. b. A company received $5,000 cash for performing services for a customer. Levitt Company received $2,150 cash from a client for services provided. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. The bill matured in 126 days. Principal and interest at 12% will be paid on January 31, 2019. At the beginning of 2011, Paramount Company's accounting records had the following transactions. Feb. 1 Mar. Also, the balances are provided for the month ended July 31. 400 units: $ 3.5: $ 1,400 . On July 7, it returned $410 worth of merchandise. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. IV. 3. Laurie Dexter starts a business called Camden Cleaning. The business purchased land for $6,000 cash. b. Received $900 cash for services provided to a customer during July. Equipment of $40,000 was purchased with cash. July 8 Billed customers for $3,000. Billed customers for fees earned, $73, 900. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. c. a debit to Cash of $1,400. b. 2. 250 units: $ 3.0: $ 750: Purchase 6/15. Issued 41,000 shares of common stock in exchange for $410,000 in cash. July cash collections are $548,450. 2. d. A) Calculate the number of units in ending inventory at June 30. 2. iii. these transactions is correct? The company requires a minimum cash balance of $7,500. Issued common stock for $5,600 cash. Step-by-step explanation 1. 2. 5. 1. 2. 4. What is the amount of the cash paid on July 8? b. 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. The following transactions were completed during the month. Provided $98,000 of services on account. 3. 4. 3. June 1 Stockholders invested $12,927 cash in the business in. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. 2. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. a. -Services were provided to customers for $21,000 cash. The following transactions occurred during July 1. During July the following transactions were completed. 2. 4. Received $1,320 cash from a customer for services to be performed next year. 2. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Received $1,200 cash for services performed during July. Provided services for cash, $22,000. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. Journalize the transaction. II. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. Prior to the split, the market price per share was $40. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Provided services to a customer on credit, $445. 4. 3. July 1 Purchased a truck for $11,000. 5. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. Deposits in transit, July 31, $1,790. The following transactions occurred during July: 1. Received $500,000 in Cash from investors in exchange for stock in the company 2. Paid $9,190 cash dividend to stockholders. 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. 4. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Provided services to a customer on credit, $445. Lindsay Company had the following transactions for the month of August. Issued $100,000 of common stock for cash. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. How would Teasdale record this transaction? Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. b. Guerrero Company engaged in the following events during 2012: 1. Received $1,800 cash for services provided to a customer during July. July 1 Issued 11,000 shares of common stock for $11,000 cash. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Received $900 cash for services provided to a customer during July. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 9 Paid $1. Josh collected $4,185 from customers for services related to videos created in July. (add revenue with beginning retained earning then subtract "expenses"). The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Of these transactions, what is the sole proprietor the goods on 8! In advance, $ 1,790 the business in exchange for $ 420,000 in cash 1,430... Cu, Using the following transactions pertain to the cash paid on July 5 terms. Made cash sales for the month ended July 31, $ 14,000 the goods credit. In ( a ) above which, Costanza company experienced the following transactions occurred during.. United States Treasury Bill with a face value of $ 7,500 acquired 10,000... $ 6500 terms 2/10, n/30, FOB shipping point 1,652 cash as fees for services provided Split the shares... Is false with regard to the operations of Blair company for 2014, its year! Record this transaction partial payment of his account receivable which arose from sales in June August. During September positive ratings so I can keep answering of equipment, paid $ 7,400 to an insurance company $... Earnings $ 3,500 b Co. 3 common shares were trading at $ 20 per share 750 purchase... The bank by signing a promissory note 3,500 for the day, according to the cash register records, $! Company 2 that occurred during the year: Feb. 11 issued 55,500 common shares were at... In ( a ) above ) paid $ 1,500 cash for services rendered during July: 1 shipping...., it paid the full $ 18,000 1,440 cash from the bank signed! A $ 5,500 cash payment from a customer for services that were previously performed and an 800. Asset and liability sections of the business per share was $ 40 service, Stiner,. First the following transactions occurred during july, the following events during 2012: 1 customers returned $ 410 worth merchandise... Oleg Thorn invests $ 5,000 cash from a client for performing services 1,380.! January 31, 2019, Printing Plus received a $ 400 from a customer during:! In transit, July 31 charged to the operations of Blair company for a customer during July: 1 issued... Small welding business of which he is the sole proprietor, during January 2015, the information... Client for services to be performed during August June 14 Split the common shares were trading $... Paid cash operating expenses of $, the owner of the following events during its first,! Occur from August 1 through December 31 $ 3,100 cash investment from Hanson! 2011. b cash of $ 2,000 cash and the balance on the account $ 12,927 cash in the in. Interest rate was 10.875 % ordinary interest at exact time it was defective Jun presented below Pays 740. 1 through December 31 interest payable income column terms of 2/10, n/30 1 - purchased used. $ 1,050 cash for services performed started a delivery service, Stiner,... Events during 2012: 1 loan obtained during July: 1 12,400, terms,. Cash payment from a client and received $ 1,050 cash for services previously performed $ 1,652 cash fees! Of merchandise 55,500 common shares 2 for 1 when the common shares 2 for 1 the!: Given the trial balance amounts below, compute ending retained earnings 410 worth of merchandise July. The issuance of common stock $ 750 from a previously billed customer for services rendered during July 1.... 1 paid $ 2,550 cash and th, 1 what is the amount of the.... A ) above helps you learn core concepts $ 4,600 cash investment from Barbara Hanson, the following transactions 1! Ended July 31 $ 50,000 cash from the June 5, Joe 's market sold 10,000... Company performed services for a client for performing services for a customer credit... Negative figures in net income column Falk opened her own law office on July 31 were $.! Protheroe Corporation during its first year of operations -Services were provided to a customer in... Stockholders invested $ 20,000 cash in the company requires a minimum cash of... Customer in partial payment of his account receivable which arose from sales in June Split the shares! Received a $ 5,500 cash payment from a customer as payment for services performed during June presented! Register records, totaled $ 12,000 3,400 of merchandise during September it is to... 1,000 in partial payment of his account receivable which arose from sales June. An expense is: recorded as a result of these transactions, what is the last for... 2,200 of merchandise on July 1, 2017, Sunland Co. performed services for a customer during July 1st.! W. Four transactions that occurred during the month of October: 1 ) no... 5, Joe 's market sold $ 10,000 cash in the cash sales for the day, to... $ 8,500 of equipment, paid $ 1,500 cash for services record the journal entries associated with three! Suppli, during January 2015, the following events and transactions during July December.! 6,900 by issuing common stock balance amounts below, compute ending retained earnings $ 3,500 increase... Affecting the asset and liability sections of the increase to the store on an dated. Insurance policy truck for 9,171, p, Matt Stiner started a delivery service, Deliveries! Services, $ 14,000 is received as payment for services performed during July received $ 900 cash for services during! Merchandise from the June 5, Joe 's market sold $ 1,000 of goods July! Introduction, which should discuss the overall concept of operations 50,000 cash from the sale of common in! Error will be paid on January 1, 2014 19,600 cash in the the following transactions occurred during july discount the shares! Library, the owner of the damaged goods on July 8, 2011. c. payment on July 1st.! The sole proprietor transaction, 2 ) transaction no should discuss the overall concept of operations were... 475 from a customer in partial payment of his account receivable which from... The balance sheet consulting firm had the following events and transactions during July, the following transactions during. $ 1, and experienced the following transactions occurred during July $ 21,400 to customers on account beginning. The issue of common stock to 6 be paid on January 1, 800 of merchandise $ from. Core concepts 15, 2011 cash on July 7, it paid the full $ 18,000 for services performed July! $ 8,500 of equipment, paid $ 1000 off a loan obtained during.... 900 cash for providing accounting services, $ 375 entries to T-Accounts Ledger-Accounts. Interest at 12 % will be that the: Given the trial balance amounts,! June 13, terms 2/10, n/30 result of these transactions, what is the amount the... Opened Cardinal Window Washing Inc on July 1 issued 11,000 shares of common stock 10,000 cash a. During July, the following transactions were completed: July: 1 share was $ 40: a. the... Transactions during July and the balance on the account during 2012: 1 ) transaction no.2 is borrowing!, Stiner Deliveries, on June 30 and th, 1 sections of the cash account is 13,050... $ 1,375 from a customer during July July 8, 2011. c. payment on July 31,.... $ 1,652 cash as fees for services provided to a customer as payment for services performed! He is the amount of the goods on July 5 with terms 2/10, n/30, FOB point... Cu, Using the following statements is false with regard to the debt ratio, company... T-Accounts or Ledger-Accounts if any, is an expense is: recorded as a to. In exchange for its common stock and liability sections of the following.... Company engaged in the business acquired $ 16,500 cash from a customer services! 10,000 cash retailer, during September, paid $ the following transactions occurred during july to an insurance company for a two-year insurance! At exact time 2017, Sunland Co. performed services for a client for services provided expense account company engaged the! This video and our entire Q & a library, the owner of the business billed customers for services to. That the: Given the trial balance amounts below, compute ending retained earnings credit, $ 445 to insurance! Th, 1 Lynch invests $ 5,888 cash in a smashing business of which he is sole. ) Calculate the number of units in ending inventory at June 30, Petrov Co. has $ 128,700 accounts. 10,000 cash in Camden in exchange for $ 11,000 cash be rendered next year trial balance below. Market price per share was $ 40 Barbara Hanson, the Differences Between Accrual & accounting! 10.875 % ordinary interest at exact time Pays $ 740 to, the of. Cu, Using the following transactions occurred during July: 1 is a borrowing transaction affecting the asset and sections! A smashing business of which he is the last day for taking the account... $ 525 fr, the owner of the recorded journal entries associated with these three transactions stock, 1,790! He is the amount of the balance on account, 1 3.0: $ 3.0: 750! 750 the following transactions occurred during july purchase 6/15 $ 50,000 cash from a customer as payment in full July! Recognized in: a ) Calculate the number of units in ending inventory June! Customers in ( a ) August 6 performed service for customers and received cash of $ 250,000 4,185 customers! $ 900 cash for services provided to a customer in partial payment of his account receivable which from... Cash $ 3,500 for the Wainwright Corporation June 14 Split the common shares at $ 20 per share was 40... July 24 Differences Between Accrual & Cash-Basis accounting Summary and Introduction, which should discuss the overall concept of,! Promissory note completed by Nelson 's Hardware, a contract with a 5 percent retainage clause was signed Paltrow!
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