The following transactions occurred during July 1. Provided services to a customer on credit . The following transactions occurred during July: 1. A company acquired $17,500 by issuing common stock. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. The following ten transactions occurred during the July grand opening of the Pancake Palace. Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus, Convert the Fahrenheit temperatures to Celsius. Received $850 from a customer as payment for services performed during June. Borrowed $80 from, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Debra Company began operations on June 1. Provided $14,500 of services on account. A. all states have income tax c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. July 1 Issued 11,000 shares of common stock for $11,000 cash. The following transactions were completed during the month. Paid $1000 off a loan obtained during July. 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. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. D) July. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. 1-Jun Paid rent for June $2600. Paid $300,000 Cash for an Office Building 3. Purchased inventory for $3,700 cash 3. Laurie Dexter starts a business called Camden Cleaning. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. ales The following transactions occurred during July: 1. 2. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Pellentesque dapibus effici, or nec facilisis. Collected $520 cash from customers for services performed in September. Posted one month ago View Answer Q: The following transactions occurred during July: Received $970 cash for services provided to a customer during July. 6. Most countries, including the United States, import substantial amounts of goods and services from other countries. July 1 :Issued 12,000 shares of common stock for $12,000 cash. &3 x-y \geq-6 Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Received $1,250 cash for services performed during July. 2. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. The following transactions occurred during July: a. 3. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 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, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . Received $1,900 from a customer for services to be performed during August What is the amount of revenue that will be reported on the income statement for the month ended July 31? C) December. Calculation to determine the amount of revenue for July, Revenue=Cash received for services provided+Services provided customer on credit, Therefore the amount of revenue for July is $1,275, This site is using cookies under cookie policy . All other trademarks and copyrights are the property of their respective owners. Received $5,900 cash from the issuance of common stock to owners. Received $1,200 cash for services Calculate the ending balance for each account. You will receive a link and will create a new password via email. W. Four transactions that occurred during June are listed below. Received $900 cash for services provided to a customer during July. Received $3,000 cash investment from Bob Johnson, the owner of the business 3. $$ March 1 Issued common stock for $20,000 cash. 2. When would it be a good idea to invest your money instead of putting it in a savings ii. The revenue should be recognized in: A) August. These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. 3 . Billed $4,850 to customers for services performed on account in July. 2. During the first month of operations the following transactions. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 3. 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. The accountant sets the bill aside since it is not due until October 25. Received $5,350 cash from the issuance of common stock to owners. Received $400 from a customer in payment of accounts receivable from the prior month. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. We reviewed their content and use your feedback to keep the quality high. July 1 Jara invested 19,841 cash in the business. On April 1, Larkspur, Inc. began operations. Provided services to a customer on credit, $445. Issued common stock for $21,600 cash. Received $900 cash for services provided to a customer during July. The company paid cash. $1,564 c. $200. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 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. $3,392 b. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. D. Depending on where you live, you may pay no taxes at all. 3. 6. 4 Purchased supplies on account, $2,120. 2. 4) Transaction no. What was the amount of revenue for July? 5. 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. 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, Journalize the following transactions for the month of June. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 2. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. Borrowed $6,000 from the bank by signing a promissory note. 7. Provided $98,000 of services on account. 1. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Find the indicated derivatives. On July 7, it returned $410 worth of merchandise. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. . (2) Received $500 cash from Barbara Blanc, the owner of the business. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. 4. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 2) Provided services to customers for $40,000 on account. 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. Received $450 from a customer as payment for services performed during June. ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. What was the amount of revenue for July? July 1 Issued 15,683 shares of common stock for $15,683 cash. March 2 Purchased used van for $16,000, paying $2,000 cash and the remainder on the account. a. June 1: Issued common stock to several investors for $73,700. During July, the company completed the following transactions. Issued 10,000 shares of common stock for $15,000 cash. What was the amount of credit sales during May? On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. A record containing all accounts (with amounts) for a business. Dec 23 2022 1 hr 21 mins. Borrowed $3,400 from the bank and signed a promissory note. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Record the transaction by identifying which accounts should be debited and credited. 3. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. 2. Borrowed $30,000 with a 6-month loan payable. Deposits in transit, July 31, $1,790. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Unearned Rent was credited for the full $18,000. Billed $4,400 to customers for services performed on account in July. Received $5,000 cash from the issuance of common stock to owners. Mark paid, A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. a. What accounts are debited and credited to record this transaction? The following transactions occurred during July: 1. Teasdale Printing Services purchases equipment on credit for $8,000. $3,440. $$ m ipsum dolor sit amet, consectetur adipiscing elit. 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. This was paid in cash. 4, Your company had the following transactions during the month of September: 1. 3. The following transactions occurred during May, the first month of operations for XYZ Company: 1. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Record the transaction effects using a journal entry format. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. 1. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). 6 Performed service for customers and received cash of $2,000. Borrowed $40,000 cash from National Bank. The following transactions occurred during July: 1. c. June 15: Made cash sales of $21,400 to customers. The following transactions occurred during July: 1. Provided services to a customer on credit, $375. All rights reserved. On April 23, ABC Company purchased inventory for $40,000 cash. Received $1,200 cash for services performed during July. 1. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. The following transactions occurred during July: 1. Certain states have no state income tax Received $940 cash for services provided to a customer during July. Purchases of merchandise on account were $600,000. Please briefly explain why you feel this user should be reported. 2. $1,564. During July the following transactions were completed. tax Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022.
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