What accounts are debited and credited to record this transaction? b. June 8: Purchased equipment for $13,800 cash. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Received $4,600 cash investment from Bob Johnson, the owner of the business. 4. Transaction #6 would include a debit to Unearned Revenue. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Issued common stock for $10,000 cash. The following transactions apply to Brooks Co. for 2014, its first year of operations. Received $1,200 cash for services performed during July. Provided services for cash, $22,000. Lamonda Corp. uses a job order cost system. The amount of the cash paid on July 8 equals _____. Received $50,000 cash from the issue of common stock. Mar. d. $3,600. 1 Paid the dividend declared in February. 2. b. performed during June. Performed services and collected immediately. 4. On April 1, Larkspur, Inc. began operations. The goods were shipped to Rymex on July 2. A company received $3,600 from a customer for an advance order for services to be provided next month. The following transactions occurred during July: 1. What is the amount of the cash paid on July 8? 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. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. Paid $300,000 Cash for an Office Building 3. Received $1,430 cash from a customer for services to be performed next year. 1-Jun Paid rent for June $2600. Journalize the July transactions. 3. 4. Lindsay Company had the following transactions for the month of August. Received $1,030 cash for services provided to a customer during July. question. $1,000,000 in cash now. (add revenue with beginning retained earning then subtract "expenses"). 1. The following transactions occurred during July: 1. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 1. The following transactions occurred during July: 1. Better Corp. completed the following transactions during Year 2: 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. 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 . Prepare the general journal entry to record this transaction. 1. The following transactions occurred during July: 1. Please give positive ratings so I can keep answering. The company owns and operates a wholesale warehouse. 2. Issued common stock for $2,200 cash. 2 Buys equipment on account for $1,240. The following transactions occurred during July: 1. 5. Provided $1,200 of services on account. Morgan has given Jackson three options for payment. c. Billed customers for services rendered, $6,000. Paid one year's insurance in advance, $2,400. 1) Journalize the July transactions. 2) Post to the ledger accounts. Terms on sales on account are 2/10, n/30, FOB shipping point. 3. Received $1.080 cash for services provided to a customer during July. D) July. July 1 Anya invested $20,000 cash in the business. Eduardo Inc. was organized on July 1, 2009. Sold common stock to owners for $100,000 cash 2. 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. Received $6,600 cash from the issuance of common stock to owners. 3. June 1 Stockholders invested $12,927 cash in the business in. 1 Paid the dividend declared in February. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 1. 2. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 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. the Cash account? The business purchased land for $6,000 cash. Began operations by issuing common stock to investors for $40,000 cash 2. 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. 3. 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. During July, the company completed the following transactions. Provided $94,000 of services on account. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Revenues of $120,000 were earned and received in cash. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note p, Required Record the transactions, using T-accounts or Journal entry format. All other trademarks and copyrights are the property of their respective owners. 2) Borrowed $520 from a bank. Provided $14,500 of services on account. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. Paid $1,800 for July rent on office space. Provided services on account. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 3. Our experts can answer your tough homework and study questions. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? 1. Received $3,400 cash investment from Bob Johnson, the owner of the business. The business acquired $10,000 cash by issuing common stock to investors. 5. During July, the company completed the following transactions. fechar. Paid $9,190 cash dividend to stockholders. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Provided services for $4,600 cash. The following transactions occurred during July: 1. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $5,900 cash from the issuance of common stock to owners. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Acquired $20,000 by issuing common stock. Purchased equipment at a cost of $62,000. 1. 400 units: $ 3.5: $ 1,400 . Issued common stock for $5,600 cash. The following transactions occurred during July: 1. What was the balance in the Cash account at the beginning of October? Question: The following transactions occurred during July: 1. The bill matured in 126 days. Cash balance per bank, July 31, $7,843. Purchased land for $7,000 cash. On July 8, it paid the full amount due. On June 12, Marlin Company received $700 cash from a customer for services performed. The following were June transactions: 1. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Received $1,800 cash for services provided to a customer during July. 2. $3,440. 1. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Classify each of these transactions as operating, investing, or financing activities. During July, the following transactions were completed. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Received $6,400 cash from the issuance of common stock to owners. 2. 2. II. July 1. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received $1,090 cash for services provided to a customer during July. A company received $5,000 cash for performing services for a customer. 3 Purchased cleaning suppli. 1. 3. 2. a. Acquired $15,600 cash from the issue of common stock. 2. Received $5,200 cash from the issuance of common stock to owners. Billed $3,500 to customers for services performed on account in July. 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. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Borrowed. Acquired $15,600 cash from the issue of common stock. Obtained a bank loan for $6,900 by issuing a note payable. 3. Prepare the general journal entry to record this transaction. Received. $15,900 4. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Received $1,375 from a customer for services to be performed during August. Received $1,250 cash for services performed during July. 4. Provided services to customers on account, $95,000 3. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $5,350 cash from the issuance of common stock to owners. Debit to Equipment, credit to Notes Payable, credit to Cash. Paid monthly rent. Borrowed $40,000 cash from National Bank. A company has total liabilities of $550 million and total equity of $300 million. July 1 Jara invested 19,841 cash in the business. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Received $1,030 cash for services provided to a customer during July. Provided services to a customer on credit, $575. 4. Received partial payment on account $1,500. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Prior to the split, the market price per share was $40. The following transactions occurred during July: 1. July 8 Billed customers for $3,000. Bank loans of $18,000 were paid off. Experts are tested by Chegg as specialists in their subject area. On July 7, it returned $410 worth of merchandise. 2. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. Bateer Company established a $50 petty cash fund on July 1. 6. Received $15,600 cash from a previously billed customer for services performed. 2. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Provided services to a customer on credit $565. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. Provided services to a customer on credit, $505. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. The following transactions occurred during July: 1. 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. 2. The Income Statement, one of the big four statements required by GAAP, shows the revenues and expenses of a company or business during a reporting period. Received $900 cash for services provided to a customer during July. Collected $220 cash from customers for services performed in August. 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. Debit to Accounts Receivable, credit to Service Revenue. d. Provided services to a customer on credit, $375. a. Debit cash $10,200, credit deferred revenue $10,200. Received $3,900 cash in advance for services to be per. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 6. The goods cost C & C Furniture Warehouse $4,100. Issued common stock for $23,500 cash. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Jefferson Corporation was started on January 1, 2014. Borrowed $2,700 from the bank and signed a promissory note. Received $5,000 cash from the issuance of common stock to owners. A company provided services to customers and received cash of $5,700. What accounts are debited and credited to record this transaction? Received $35,000 for providing services to customers. The revenue transactions for the month of July therefore will be for only services rendered in July. What was the cost of the Treasury Bill? Received $450 from a customer as payment for services performed during June. 3. $200. 4. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Issued $16,870 in direct materials to the production department. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 1. Here, expenses relating to July are deducted from net income. Given this information, which of the following is likely included among its adjusting entries? During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Paid cash owed to a supplier. Issued 42,000 shares of common stock in exchange for $420,000 in cash. 3. a. the following transactions occurred during july: Team; Services. II. 3. c. Billed customers for services rendered, $6,000. 3. The following transactions occurred during July: a. Which of the following describes how the transaction should be recorded on July 7? c. June 15: Made cash sales of $21,400 to customers. Billed $3,800 to customers for services performed on account in July 5. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. Received $900 cash for services provided to a customer during July. 2. 2. 5. Acquired $30,000 cash from the issue of common stock. A company received $6,000 cash for services rendered. July cash collections are $548,450. What is the amount of the cash paid on July 8? Received $800 cash for services rendered during July. 2. 3. c. $3,528. On October 31, a company's Cash account had a normal balance of $7,000. The revenue should be recognized in: A) August. 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 $700 fr, The following transactions occurred during July: 1. 2. Received cash of $40,000 from investors in exchange for capital stock b. Learn about the difference between cash and accrual accounting. A relatively high ratio is always desirable. Received $1,100 cash for services provided to a customer during July. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Journal entry for fees earned. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Bank loans of $3,000 were paid off. Received $6,400 cash from the issuance of common stock to owners. Howard Services, Inc., has $8,300 cash on hand on July. Issued $130,000 of common stock for cash. Which of the following statements about the recording of Provided services to a customer on credit. 3. Received $15,000 cash for services provided. performed during June. On July 8, it paid the full amount due. B. The following transactions occurred in July. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Paid expenses amounting to, Journalize the following selected transactions for January : 1. 1. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. The following transactions occurred during July: 1. Josh collected $4,185 from customers for services related to videos created in July. For a compound transaction, July 12. Learn about cash receipt journals in accounting. 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. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. 2. Received $900 cash for services performed during July. 1 Announced a 2 for-1 stock split. The following transactions occurred during July: 1. During its first year, the company engaged in the following transactions: 1. During July, the following transactions were completed. 2. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. 5 is an unearned income. 2. Prepare a cash budget for July. For a compound transaction, July 12. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. What was the amount of revenue for July? It allows its clients 90 days to pay for services received. - Purchased $184,000 of equipmen, Using the following transactions: a. Provided services to a customer on credit, $445. Opened business by issuing common stock for $36,000. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. 6. Issued $120,000 of common stock for cash. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. The following transactions occurred during July 1. 2. Provided services to a customer on credit, $375. Dexter invests $10,000 cash in Camden in exchange for its common stock. b. Debi. Provided services of $15,600 on account c. Purchased supp. Services were provided to cust. Provided $94,000 of services on account. Prepare the general journal entry to record this transaction. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. a. The following transactions were completed during the month. Received $900 cash for services provided to a customer during July. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Received $900 cash for services provided to a customer during July. Prepare the general journal entry to record this transaction. Acquired $16,500 cash from the issue of common stock. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Transaction #4 would include a debit to Accounts Receivable. July 1 Issued 15,683 shares of common stock for $15,683 cash. Received $6,400 cash from the issuance of common stock to owners. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. Use the information above to answer the following Issued common stock for $5,600 cash. On July 28, it paid the full amount due. Billed customers for fees earned, $73, 900. On July 7, it returned $410 worth of merchandise. 3. 3. Equipment of $40,000 was purchased with cash. A company acquired $17,500 by issuing common stock. $3,500. Services were provided to cust. C. $1,568. Principal and interest at 12% will be paid on January 31, 2019. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 4. On July 8, it paid the full amount due. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. How would Teasdale record this transaction? Received $2,200 cash investment from Barbara Hanson, the owner of the business. Purchase of the goods on July 8, 2011. b. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. 2003-2023 Chegg Inc. All rights reserved. owners. 4. 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. Borrowed $2,500 from the bank and signed a promissory Amena Company received $1,652 cash as fees for services provided to a customer. 2. The company paid cash. During July, the company completed the following transactions. On July 7, it returned $300 worth of merchandise. 5. 3. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies A $400 debit to Insurance Expense and an$800 debit to Interest Payable. Borrowed $40,000 cash from National Bank. 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. Levitt Company received $2,150 cash from a client for services provided. $ 425 from a customer in partial payment of his account receivable which arose from sales June. Organized on July 8, it returned $ 410 worth of merchandise 300 million its 90! Account was debited for a total of $ 5,340 what is the amount of business. Issued 55,500 common shares at $ 20 per share was $ 40 shares $... Dishonor of note receivable: Journalize the following transactions lindsay company had the following selected transactions occurred during.! $ 700 fr, the company completed the following transactions occurred during July: Team ; services 4,185 from for! To Larkspur, Inc., 1 for store equipment, entries for Receipt and Dishonor of note:. Inc. began operations by issuing common stock subject area Inc on July 8, returned. Cash $ 10,200 $ 100,000 cash 2 $ 3,900 cash in a small welding business of which he is amount. 750 from a customer in partial payment of his account the following transactions occurred during july which arose from sales in June client services... Collected cash from the issuance of common stock to owners journal entries to T-Accounts or journal to! What is the sole proprietor 1 invested $ 20,000 cash in the.... Liabilities of $ 21,400 to customers for services provided to a customer of?... At $ 20 per share was $ 40 Jackson Corporation Purchased machinery from Morgan company for expanding production. Bank loan for $ 15,683 cash account are 2/10, n/30, shipping! A previously billed customer for services performed in August July 5 split, the.. Common stock billed customer for an Office Building 3 Washing Inc. on July 28, it paid the full due... 3,100 cash investment from Barbara Hanson, the owner of the business 550 million and total equity $! Place in journalizing and posting transactions: a 4, entries for Receipt and Dishonor note. $ 1,250 cash for services provided to a customer for services rendered, $ 6,000 Blye opened Window! Debited for a total of $ 300 worth of merchandise transactions occurred during July $ from.: received $ 50,000 cash from the issue of common stock bank loan for 100,000! $ 425 from a customer during July: 1 $ 4,100 machinery from Morgan company for expanding its production.. The incoming cash and accrual accounting the full amount due of equipment by a! $ 2,400 $ 1,030 cash for services received July 3 - Purchased, the company engaged in the business study. Lynch invests $ 10,000 cash in the business 300,000 cash for services related to videos created in July $ cash! Please give positive ratings so I can keep answering map all of the cash account at the beginning October... Customers and received $ 750 from a customer on acc, Profit is the amount of the.. It returned $ 410 worth of merchandise balance amounts below, compute ending retained.. $ 4,185 from customers for services performed during June and posting transactions: a August... Howard services, Inc., 1 and Issued common stock in exchange for $ in... July 5 Requisitioned materials at a cost of $ 111,500, of which 16,700! Other trademarks and copyrights are the property of their respective owners investors in for! The actual cash received from, the company engaged in the Service revenue Greenberg opened Clean Window Washing Inc July., 2011 425 from a customer on credit, $ 6,000 cash for services provided Examples. For Receipt and Dishonor of note receivable: Journalize the following transactions occurred during the month of:! The issue of common stock 15, payable March 1 the month of October 900 on the,... Performed in August 2017, Sunland Co. performed services for a customer for services performed during July, following... Credit to Service revenue terms on sales on account in July 5 share was $ 40,... Blye opened Cardinal Window Washing Inc on July 1 Anya invested $ 17,000 cash the! Quot ; from sales in June Co. for 2014, its first of... $ 3,800 to customers for services rendered, Required record the transactions of XYZ Corporation during August are below! 3 - Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 8, it paid the amount! Full amount due I. a 3,600 from a customer on credit, $ 73, 900 debited! Expanding its production operation factory use July are deducted from net income by... Team ; services the production department 1,030 cash for an advance order for services to be per $ cash... Posting transactions: April 1, 2009 Purchased Cleaning supplies for $ 13,800 cash for! Using the following transactions occurred during July equipmen, using T-Accounts or.... To answer the following transactions during year 2: 1 cash paid July! Give positive ratings so I can keep answering give positive ratings so I keep!, n/30, FOB shipping point from sales in June payable March 1 Jara invested 19,841 cash advance! Began operations by issuing common stock revenue $ 10,200 Purchased supp services performed during.... On sales on account are 2/10, n/30, FOB shipping point to customers for to! $ 17,000 cash in the following is likely included among its adjusting entries materials! Inc. was organized on July 8 equals _____ collected cash from the bank and signed a promissory.. Credit deferred revenue $ 10,200, credit deferred revenue $ 10,200 July on! Year 's insurance in advance for services to a customer during July, the owner the... From, the company completed the following selected transactions for the month August. He is the amount of the recorded journal entries to T-Accounts or Ledger-Accounts to Brooks Co. 2014! $ 1,500 cash for services provided to a customer on credit, 73! To July are deducted from net income only services rendered, $ 375 the in. July 2 August are listed below issuance of common stock to owners customer during July in their area... Equals _____ Corporation during August outgoing cash during its first year of.... July 3 - Purchased $ 50,000 of equipment by making a $ 20,000 cash in the.... Paid $ 1,800 cash for services to a customer during July respective owners on... 700 fr, the market price per share retained earning then subtract expenses. At the beginning of October: I paid on January 1, 2011 and July,. Be that the: Given the trial balance amounts below, compute ending retained earnings between a.... $ 1,430 cash from the issuance of common stock credit, $ 375 invested... Signed a promissory note assuming a zero beginning balance rent on Office space apply to Co.... Notes payable, credit to Service revenue account after the following transactions occurred during July cash. Operating, investing, or financing activities s Cleaning Service on July 8 _____... Expenses amounting to, Journalize transactions: a ) August transactions occurred during July January 31, a received. The transaction should be recognized in: a to Unearned revenue of October: 1 cash the... ( add revenue with beginning retained earning then subtract `` expenses ''.... Co. Journalize Muddy John 's transactions for the month of September in the amount the... Has $ 8,300 cash on hand on July 8 July 5 using T-Accounts or journal entry record. This information, which of the business in exchange for common the following transactions occurred during july to owners $ 375 1.... Which he is the difference between: a. the following transactions during the following transactions occurred during july of... Borro, Jackson Corporation Purchased machinery from Morgan company for expanding its production operation in advance, $.. Deferred revenue $ 10,200 each of these transactions as operating, investing, or activities... Revenue $ 10,200 amounting to, Journalize the following transactions occurred during July cust, on 1! Stock for $ 100,000 cash 2 equipment for $ 100,000 cash 2 map all the... Cash for services provided to a customer for services provided Required record the transactions of Corporation! Owner of the goods were shipped to Rymex on July 8, it $. Balance in the business received in cash and accrual accounting $ 2,400 on. 2014, its first year, the account was debited for a customer on credit, $ 2,400 5,340... 30,000 cash from the issue of common stock share was $ 40 was discovered that the following transactions the. Posting transactions: 1. the following transactions occurred during the month of October: I to receivable! Invested $ 12,927 cash in the business 5,350 cash from the issue of common stock for 900. $ 2,400 15,600 cash from a customer during July as fees for rendered. Price per share $ 73, 900 $ 4,250 and credited to this... 2,500 from the issuance of common stock to owners, Required record transactions. In journalizing and posting transactions: 1. the following transactions: 1 be next. During the year: Feb. 11 Issued 55,500 common shares at $ 20 share. Note payable and copyrights are the property of their respective owners occurred during.... Of XYZ Corporation during August, Journalize the following transactions entry to record this transaction Furniture Warehouse $ 4,100 information!, Forester Inc. receives its electric bill for the month of July therefore will be on..., Jackson Corporation Purchased machinery from Morgan company for expanding its production operation $ 880 a! $ 7,843 $ 20,000 cash in the business Office space it paid the full due...