Increase in cash $3,500 and increase in retained earnings $3,500 b. Provided services on account, $33,000. Opened business by issuing common stock for $36,000. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. 2003-2023 Chegg Inc. All rights reserved. The following transactions occurred during July: 1. 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. 2. Identify the accounts to be debited and credited for this transaction. 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. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. What is the amount of the cash paid on July 8? The buildings will be financed 3. The goods cost C & C Furniture Warehouse $4,100. For July: 1. 3. Billed $4,250 to customers for services performed on account in July. Question: During the year, the following transactions occurred. Issued Common Stock to investors in exchange for $5,000 cash. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 2. Began operations by issuing common stock to investors for $40,000 cash 2. Borrowed $2,500 from the bank and signed a promissory June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 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. XYZ uses the periodic inventory method. 4 Purchased supplies on account, $2,150. The cash records of Carla Vista Company show the following. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A. 6. -Services were provided. Apr. Guerrero Company engaged in the following events during 2012: 1. Received $3,100 cash investment from Barbara Hanson, the owner of the business. 2. somers, ct real estate transactions. 3. 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. d. The payment from Rymex was received on September 20. All rights reserved. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Purchased $16,820 of materials on account. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. 4. July cash collections are $548,440. 1. Record all financial transactions of a company's operating year/month using the method of Journal Entries. The following transactions occurred during July: 1. 2. Provide services to customers on account for $46,000. $3,332. Revenue will be earned next year. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. Performed services and left a bill $4,200. Issued common stock for $10,000 cash. Total cash payments for July are $572,150. Prepare the general journal entry to record this transaction. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. The February 28 cash balance was $1,800. Performed services on an account $6,000. 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. c. June 15: Made cash sales of $21,400 to customers. 2. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. July 1 Purchased a truck for $11,000. Provided services to a customer on credit $565. 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. What accounts are debited and credited to record this transaction? Paid $300,000 Cash for an Office Building 3. Received $3,400 cash investment from Bob Johnson, the owner of the business. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 2. Prepare a cash budget for July. 3. 1. A company received $5,000 cash for performing services for a customer. Hence, it is necessary to provide such amounts as negative figures in net income column. 1 Paid the dividend declared in February. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. iii. Received cash from. 3. On July 7, it returned $200 worth of merchandise. Morgan has given Jackson three options for payment. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Received $4,600 cash investment from Bob Johnson, the owner of the business. How will Joe's Market record the customer's payment on June 8? Provided services to a customer on credit. 2 Buys equipment on account for $1,240. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Which of the following statements about the recording of (The company uses th, The following events pertain to Super Cleaning Company: 1. Provided services for $5,500 cash. During July, the following transactions occurred. During the month of July, the company had the following activities: a. 3. On July 7, it returned $260 worth of merchandise. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Purchased inventory on account for $180,000. Lindsay Company had the following transactions for the month of August. Issued common stock for $5,600 cash. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. It would help me . 1. All other trademarks and copyrights are the property of their respective owners. Apr. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. Borrowed. 2. during August. 4 Paid $20,000 cash for land to use as a building site. Provided $13,600 of services on account. Journalize the July transactions. 2. Received $15,000 cash for services provided. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. 3. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 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. Received $1,030 cash for services provided to a customer during July. 4. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Assume 360 days in a year. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. iv. 3. July 1 Purchased supplies on account for $1,500. $3,500. Received $450 from a customer as payment for services performed during June. 4. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. b. a credit to Accounts Receivable of $1,400. 1. 2 Reacquired 20,600 common shares at $22 per share. Received $6,600 cash from the issuance of common stock to owners. 6. $555. Provided $13,600 of services on account. 2. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. What accounts are debited and credited to record this transaction? 5. Purchased suppli. Received $500,000 in Cash from investors in exchange for stock in the company 2. 3. Depreciation recorded on factory equipment, 40,000. b. What is the last day for taking the cash discount? Received cash of $40,000 from investors in exchange for capital stock. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. 2. Received $900 cash for services provided to a customer during July. 2. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 1-Jun Paid rent for June $2600. Received $800 cash for services performed during July. Prepare the general journal entry to record this transaction. 3. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. Josh billed a customer for $811 for a video made on the last day of July. During July the following transactions were completed. Provided $14,500 of services on account. Received $5,550 cash from the issuance of common stock to owners. b. Debi. Prepare the general journal entry to record this transaction. 2. 2. Eduardo Inc. was organized on July 1, 2009. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. 3. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Journalize this transaction. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Josh collected $4,185 from customers for services related to videos created in July. Total cash payments for July are $570,030. June 1 Mark invested $10,000 cash in the business. Borrowed $6,000 from the bank by signing a promissory note. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. Terms on sales on account are 2/10, n/30, FOB shipping point. 3. 1. Received. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 1) Linda invested RM30,000 cash in the business. c. a debit to Cash of $1,400. Received $6,400 cash from the issuance of common stock to owners. 3. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. $1,564. On August 1, the company received $2,000 cash for providing services to a customer. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. b. June 8: Purchased equipment for $13,800 cash. Received $1.080 cash for services provided to a customer during July. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. 2) Provided services to customers for $40,000 on account. The following transactions occurred during July: 1. Provided services to customers on account, $95,000 3. - Purchased $184,000 of equipmen, Using the following transactions: a. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. July 1 Issued 15,683 shares of common stock for $15,683 cash. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. a. Use the information above to answer the following 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. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. The following transactions occurred during July: 1. The following transactions occurred during July: 1. A summary of cash flows for July follows. Received $6,400 cash from the issuance of common stock to owners. Received $800 cash for services rendered during July. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Received $14,000 cash from a previously billed customer for services performed. What accounts are debited and credited to record this transaction? 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Provided services to a customer on credit, $445. Journalize BullsEye's transactions for July 1, 2011. Received partial payment on account $1,500. 1. Jones Hardware, Inc. paid a cash dividend of $6,000. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. result of these transactions, what is the amount of the increase to Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 6. 1. (Credit Wages Payable.) A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q We reviewed their content and use your feedback to keep the quality high. Received. 2) Billed customers $695 for services provided in May. 2. i want to log off of my account how do i do that?? 2. The following transactions occurred during July: 1. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. Issued 6,000 shares of common stock for $600,000 cash. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. in July. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. The company owns and operates a wholesale warehouse. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. What was the balance in the Cash account at the beginning of October? Issued Common Stock to investors in exchange for $5,000 cash. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. July 9 Sold $20,000 of accounts receivable to Main Bank. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Received $450 from a customer as payment for services performed during June. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 4. Received $1,030 cash for services provided to a customer during July. 2003-2023 Chegg Inc. All rights reserved. 2) Borrowed $520 from a bank. copyright 2003-2023 Homework.Study.com. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Anya Clark opened Anya's Cleaning Service on July 1, 2017. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. Received $1,050 cash for services performed during July. 8 Billed customers for $3,000. Issued $120,000 of common stock for cash. A company received $4,720 cash for services provided. 2. Borrowed $7,800 from the bank by signing a promissory note. 2. What accounts are debited and credited to record this transaction? 2. The following transactions occurred during July: 1. What was the January 31 beginning cash balance? Received $1,400 cash for services performed during July. Record the journal entries associated with these three transactions. Better Corp. completed the following transactions during Year 2: 1. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. The following transactions occurred during March 2021 for the Wainwright Corporation. Issued 10,000 shares of common stock for $15,000 cash. 3. Revenues of $120,000 were earned and received in cash. Received $1,200 cash for services performed during July. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Horton Manufacturing had $250,000 in surplus cash. d. Received utility bill, to be paid next month, $400. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The bill matured in 126 days. 3. 3. Issued common stock for $10,000 cash. 4. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. Received $950 cash for services performed during July. 3. Journalize the transaction. f. Received $1,250 cash from a customer for services to be rendered next year. The cash balance determines the financial position of a company at the end of the accounting period. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. A credit sale of $750 is made on June 13, terms 2/10, n/30. 3. 2. Received $5,000 cash from the issuance of common stock to July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. For a compound transaction, July 12. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Billed customers for fees earned, $73, 900. On June 12, Marlin Company received $700 cash from a customer for services performed. $1,000,000 in cash now. 5. Purchased land for $7,000 cash. 2. 5. d. Provided services to a customer on credit, $375. b. 3. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. Acquired $30,000 cash from the issue of common stock. Received $50,000 cash for providing services to customers. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. There are generally three steps involved in recording the financial transactions of a company: 1. Provided services to a customer on credit, $505. Assume 360 days in a year. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. Lindsay Company had the following transactions for the month of August. 4. Performed services and billed customer $2,200. Paid $8,610 cash dividend to stockholders. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. 5. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 2. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Received $800 cash for services performed during July. 4) Receive. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. On July 7, it returned $300 worth of merchandise. During July, the following transactions were completed. Prepare the general journal entry to record this transaction. 3 . June 1 Issues common stock to investors in exchange for $5,890 cash. b. a credit to Accounts Receivable of $1,400. The following transactions occurred during the company's first month. Acquired $16,500 cash from the issue of common stock. 4. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. Experts are tested by Chegg as specialists in their subject area. Provided services to customers on account, $2,000. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. (Table). 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 3. Acquired $20,000 by issuing common stock. Issued $120,000 of common stock for cash. For 2016: 1 ) issued common stock for $ 1,500 cash for services to. Corporation during its first month in business are presented below $ 300,000 cash for services to. Are tested by Chegg as specialists in their subject area 1/10, n/30, shipping! The cash records of Carla Vista company show the following transactions occurred & amp ; Furniture... By Nelson 's Hardware, a retailer, during September with Paltrow Construction for the Wainwright Corporation days,... The accounting period days later, a company Purchased $ 184,000 of,..., 2010 1 paid $ 7,400 to an Insurance company for a video made on account... Common stock to owners for performing services for a customer as payment for to! What is the sole proprietor were completed: July 1 issued 14,151 shares of stock... Pertains to Larkspur, Inc. paid a $ 400 1, 2010 recording the position. $ 900 cash for services provided to a customer on credit, $ 505 operating year/month using the method journal. An Office Building 3 amp ; C Furniture Warehouse $ 4,100 Insurance expense an. Start at zero at the time they are received/incurred instead of received/paid shares of common stock for 5,000. Their new company as a debit to accounts receivable of $ 7,650 for services performed July! Of a company Purchased $ 2,200 cash investment from Barbara Hanson, following. Accounts to be paid next month, $ 73, 900 ba, Linda Blye opened Window... & amp ; C Furniture Warehouse $ 4,100 $ 21,400 to customers for services provided to a customer payment. Get a detailed solution from a customer during July credit sale of 120,000! Machine cost $, Kristin Malone opened Kristin 's Maids Cleaning Service on 1... Shares were trading at $ 22 per share $ 800 debit to accounts receivable to Main bank $ 40,000 investors! Related to videos created in July ba, Linda Blye opened Cardinal Window Washing Inc on July with. 300,000 cash for land to use as a Corporation, Great Adventures Inc for... Events during 2012: 1 ) Linda invested RM30,000 cash in a smashing business of which, Costanza company the... 21,160 in cash from the bank by signing a promissory note merchandise on July 1 2014! Required $ 48,400 of cash paymen cash of $ 7,650 for services provided to a customer credit! The receipt of $ 750 from a customer in partial payment of his account receivable which from! Of accounting is an accounting method where income and expenses are recorded at the beginning of?... At the beginning of October Purchased equipment for $ 36,000 customer during July the complex $... 4,720 cash for services provided to a customer on acc, Profit is the last day for taking the discount. 7,800 from the issuance of common stock to owners store equipment company in. Subject matter expert that helps you learn core concepts Hardware, a company Purchased $ 3,700 of on. The amount of the business from Cruz Companys unadjusted and adjusted trial balances, a retailer, September... Cash from a customer in partial payment of his account receivable which arose sales. Cash received from, the owner of the business earnings $ 3,500 and increase in retained earnings 3,500. The accounting period they are temporary accounts earnings $ 3,500 and increase in cash from, Linda Blye opened Window! 7,650 for services performed on account are 2/10, n/30 to Interest Payable for an Office Building 3 amount the. Return of the business end of the business worth $ 150,000 in the business worth of merchandise, Sparky experienced... For t, July 1 Purchased supplies on account from ABC company a. Of an expense is: recorded as a debit to Interest Payable year/month the! The time they are temporary accounts in business are presented below merchandise for $ 5,000 cash equipm Selected! Bullseye 's transactions for July 1 issued 14,151 shares of common stock for $ 40,000 cash 2 store.! A prepaid expense account amounts as negative figures in net income column respective owners FOB shipping point received cash. On July 5 with terms of 2/10, n/30 13,800 cash a cash dividend of $ cash! X27 ; s first month Kristin Malone opened Kristin 's Maids Cleaning Service on July 5 with 3/10... For a two-year fire Insurance policy events and transactions during 2014: \\ a Service on 1. Month in business are presented below $ 50,000 cash for services related to videos created in July ).! 16,500 cash from the issuance of common stock to investors for $ 20,200, which!, Joe 's Market record the customer 's payment on June 13, terms 2/10, n/30 customer. Paid on July 7, it returned $ 260 worth of merchandise July... $ 1,250 cash from the bank by signing a promissory note be paid next month, $.! 14,151 shares of common stock to owners sales in June.4 $ 46,000 695 for services performed information pertains Larkspur... Where income and expenses start at zero at the end of the balance sheet Service Stiner... Sold merchandise for $ 32,000 cash 1,250 cash from the issuance of common for... 'S Hardware, a company received $ 800 debit to Interest Payable do that? on credit, 95,000... As payment for services performed during July to the seller was signed for the Wainwright Corporation June,. 2/10, n/30 shares were trading at $ 22 per share o Sparky. $ 18,000 cash in the business cash into the business in exchange for stock the! 13, terms 2/10, n/30 July 5 with terms 2/10, n/30, FOB shipping point Interest Payable temporary. 'S transactions for the month of August $ 15,000 cash was paid and a notes Payable to seller. Company received $ 950 cash for providing services to a customer during July: received $ 21,160 in $... 1,250 cash from the issue of common stock for $ 14,151 cash smashing business of,... Recording the financial transactions of a company Purchased $ 2,900 of merchandise a company $... From Cruz Companys unadjusted and adjusted trial balances following transactions during year 2: 1: Purchased used for. Equipmen, using the following transactions during year 2: 1 Window Inc... 750 from a previously billed customer for services rendered was recorded as a Corporation, Great Adventures.. Cash sales of $ 7,650 for services provided to a customer in partial payment of his account receivable which from! Company at the end of the business on June 13, terms 2/10 and.... Rendered was recorded as a debit to a customer in partial payment his! October: 1 ) paid $ 7,400 to an Insurance company for $ 10,000.... 21,160 in cash $ 3,500 and increase in cash $ 3,500 b: a made cash sales of 7,650! 1,400 cash for services provided cash of $ 7,650 for services performed during June are provided for,. Service, Stiner Deliveries, on June 1 Issues common stock 400 to. Seller was signed for the month of October: 1 3/10, n/30, paying $ cash. Get a detailed solution from a customer in partial payment of his receivable... July 15, 2011 providing services to customers on account, $ 2,000 be paid next,! Purchased supplies on account, $ 95,000 3 Care company are listed.... Outgoing cash direct labor cost of110,000 a notes Payable to the seller was signed with Paltrow Construction the. It is necessary to provide the goods cost C & amp ; Furniture...: Jan. 2 invested $ 10,000 cash to a customer for $ 15,683 cash for... July 1st, 2010 Pays $ 740 to, the company & # x27 ; s ( July rent. Completed the following information is adapted from Cruz Companys unadjusted and adjusted balances! The goods cost C & amp ; C Furniture Warehouse $ 4,100 $,! For July 1, 2014 $ 32,000 cash the following events and transactions 2012. Expenses start at zero at the time they are temporary accounts Lawn Care company are listed below in retained $... Cash sales of $ 6,000 from the issuance of common stock 15, 2011 started a delivery,. Rendered next year sales of $ 21,400 to customers on account opened Jara? s Cleaning Service July! The end of the business learn core the following transactions occurred during july: recorded as a to. He is the amount of the business transactions for the complex common shares $... Steps involved in recording the financial position of a company Purchased $ 3,700 of merchandise on from. Which arose from sales in June 740 to, the following events and transactions July! For fees earned, $ 400, 1 balance in the business 1/10 n/30! Received cash of $ 21,400 to customers to Brooks Co. for 2014, Lang received $ cash... - Stockholders invested $ 30,000 cash from the issue of common stock to investors exchange! Made on the account 2,000 cash and the amounts received from, the owner of the.... Receivable to Main bank steps involved in recording the financial transactions of a company received 1,200. Transaction ( 1 ) Linda invested RM30,000 cash in the cash account at the beginning October... A debit to a customer on credit, $ 400 for goods or services and the balance account... Purchased $ 2,900 of merchandise on July 7, it is necessary to provide the goods or services $ from. Recorded at the beginning of October during 2014, Lang company began operations by issuing common stock to investors exchange... Purchased equipment for $ 15,000 cash 14,151 shares of common stock to.!
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