Received $1,250 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 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. Howard Services, Inc., has $8,400 cash on hand on July 1. Received $1,100 cash for services provided to a customer during July. 3. Received $850 cash for services performed during July. Purchased land for $12,000, signing a note payable for the full amount. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. If payment is made on June 23, how much cash is received? 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. Issued common stock to owners in exchange for $34,000 cash. A company received $3,000 cash from clients for services provided. 3. 3. 2. Billed $3,500 to customers for services performed on account in July. Equipment of $40,000 was purchased with cash. Billed $4,250 to customers for services performed on account in July. Issued common stock to investors in exchange for cash received from investors 2. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. The following transactions occurred during July: 1. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Prepare the general journal entry to record this transaction. $555. c. June 15: Made cash sales of $21,400 to customers. - Purchased $184,000 of equipmen, Using the following transactions: a. This represents an increase in revenue. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. On July 8, it paid the full amount due. 2. 4. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Provided services to customers on account, $2,000. Executive Summary and Introduction, which should discuss the overall concept of operations Paid $300,000 Cash for an Office Building 3. Paid $1000 off a loan obtained during July. 3. The following transactions occurred during July: 1. iii. Purchased a photocopier for $15 000. somers, ct real estate transactions. June 1: Issues common stock to investors in exchange for $4,840 cash. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. Prepare the general journal entry to record this transaction. 2) Paid RM20,000 cash for land. Total cash payments for July are $572,150. result of these transactions, what is the amount of the increase to 4. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. d. July cash collections are $548,440. 5. B. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 2. in July. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. 1. $1,564. Revenues of $120,000 were earned and received in cash. What is the amount of the cash paid on July 8? 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. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Provided $98,000 of services on account. Purchased suppli. - Purpose, Components & Format. 2. Paid one year's insurance in advance, $2,400. Received $3,400 cash investment from Bob Johnson, the owner of the business. The February 28 cash balance was $1,800. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. 3. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. What is the main reason that interviews and questionnaires are not completely accurate? Acquired $16,500 cash from the issue of common stock. 2. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. The correct company paid freight costs of $330. Step-by-step explanation 1. The following transactions occurred during July: 1. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Received $4,600 cash investment from Bob Johnson, the owner of the business. Purchased. Issued common stock for $5,600 cash. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Question: The following transactions occurred during July: 1. Apr. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. The accountant sets the bill aside since it is not due until October 25. A company received $75,000 cash for providing services to customers. C. $1,568. 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. 2003-2023 Chegg Inc. All rights reserved. Provided services to a customer on credit. During the month of July, the company had the following activities: a. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Provided services for $5,500 cash. 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. Received $475 from a customer as payment for services performed during June. As a On July 7, it returned $300 worth of merchandise. During July, the company completed the following transactions. Provided services to a customer on credit, $525. Received cash from the sale of common stock, $14,000. Borrowed 563,900 by issuing bonds. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. On June 12, Marlin Company received $700 cash from a customer for services performed. Borrowed $2,700 from the bank and signed a promissory note. How will Joe's Market record the customer's payment on June 8? 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. $3,440. The interest rate was 10.875% ordinary interest at exact time. The following transactions were completed during the month. Question: Forest Components makes aircraft parts. Expenses of $32,800 were paid. iii. Received cash for providing accounting services, $9,500. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $68,000 cash for providing services to customers. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. 2. The following transactions occurred during July 1. Received $1.080 cash for services provided to a customer during July. Loaned $15,000 to Horne, Selected transactions for Stockton Corporation during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $30,000 cash received from investors 5 Purchased equ. B. Received $1,375 from a customer for services to be performed during August. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Received a 140,000,12, Practice Company began its operations on January 1, 2015. 3. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Bank loans of $3,000 were paid off. - Purchased supplies on account, $1,800. What was the amount of revenue for July. 3. 2. July 1 Issued $14,000 of common stock for $14,000 cash. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 3. 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, Transactions for 2016: 1. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Provided $13,600 of services on account. Received cash of $40,000 from investors in exchange for capital stock. 3. What is the amount of revenue that will be reported on the income statement for the month ended July 31? All other trademarks and copyrights are the property of their respective owners. Also prepare any footnotes to the July 31 financial statements that result from these transactions. The following transactions occurred for the Falwell Company. IV. Issued $120,000 of common stock for cash. A. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 3. Purchased inventory on account for $180,000. 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. 4. b. The following transactions apply to Brooks Co. for 2014, its first year of operations. 5. 5 is an unearned income. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. The company paid cash. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. 3. Received $450 from a customer as payment for services performed during June. a. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Use the information above to answer the following question. Billed customers for services performed. The following transactions occurred in July. 2. Received $400 from a customer as payment for services a. Performed services and billed customer $2,200. III. It would help me . $3,392 b. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Issued common stock for $5,600 cash. 3. The following transactions occurred during July: 1. 3. Issued $1,270 of supplies from the materials inventory. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Our experts can answer your tough homework and study questions. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. The company paid cash. C) December. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 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. Paid $300,000 Cash for an Office Building 3. 2. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3. Paid expenses amounting to, 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. 8 Billed customers for $3,000. 3 . 2. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. Received $900 cash for services provided to a customer during July. 3. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 2. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Prepare the general journal entry to record this transaction. 8 Received. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. 5. Received $6,400 cash from the issuance of common stock to owners. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 1 Announced a 2 for-1 stock split. 2. 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. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. Received $1,200 cash for services performed during July. Invested $15,000 in cash in the law practice. What accounts are debited and credited to record this transaction? Loaned $15,000 to Horne. The following transactions were completed during the month. On July 7, it returned $200 worth of merchandise. 2. IV. The following transactions occurred during July: 1. 2. A company received $5,000 cash for performing services for a customer. Received $1,200 cash for services performed during July. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 3) Bought RM500 of office supplies on credit. 4 Paid $20,000 cash for land to use as a building site. 4. 3. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Prepare the general journal entry for this transaction. 2. 3. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. Hired a legal assistant to work part-time for $1,500 per month. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 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. 2. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. The company performed $20,000 of services for customers on account. Received $1.080 cash for services provided to a customer during July. 3. Prior to the split, the market price per share was $35. Billed customers $600 fo. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. 4. Received $5,200 cash from the issuance of common stock to owners. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 2. Transaction #4 would include a debit to Accounts Receivable. Received cash for providing accounting services, $9,500. 400 units: $ 3.5: $ 1,400 . d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 2. 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. 2003-2023 Chegg Inc. All rights reserved. 3. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Total cash payments for July are $570,030. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Provided services of $15,600 on account c. Purchased supp. 3. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 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. . The following transactions occurred during July: 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. -Services were provided to customers for $21,000 cash. On July 7, it returned $240 worth of merchandise. The business acquired $10,000 cash by issuing common stock to investors. What was the January 31 beginning cash balance? The following transactions occurred during July: 1. Received $400 from a customer as payment for services LTC(Q)=Q320Q2+220Q. Received $900 cash for services provided to a customer during July. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $2,200 cash investment from Barbara Hanson, the owner of the business. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. The following transactions were completed during the month. What is the necessary entry to record this transaction? 3. 2. On July 7, it returned $410 worth of merchandise. We reviewed their content and use your feedback to keep the quality high. On June 30, Petrov Co. has $128,700 of accounts receivable. 2. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. July bank service charge not recorded by the depositor $37. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. Prepare journal entries to record the following selected July transactions. Provided services to a customer on credit. $555. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. 2 Reacquired 20,600 common shares at $22 per share. For July: 1. Journalize this transaction. 250 units: $ 3.0: $ 750: Purchase 6/15. Received $6,400 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. Acquired $30,000 cash from the issue of common stock. 3. Received $6,600 cash from the issuance of common stock to owners. Eduardo Inc. was organized on July 1, 2009. Received $5,900 cash from the issuance of common stock to owners. What was the balance in the Cash account at the beginning of October? 4. Consider transactions t1 and t2 where t1 happened first in the serial order. 2. 2. July 17 Purchased supplies costing $4,700 on account. Equipment of $40,000 was purchased with cash. The following transactions occurred during July 1. What was the amount of revenue for July under the accrual basis? 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. 2. Billed $3,500 to customers for services performed on account UNITS: COST: VALUE: Beginning inventory. What accounts are debited and credited to record this transaction? 6. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. II. 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, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. The following transactions occurred during July: 1. 1. Borrowed $7,900 from the bank by signing a promissory note. Provided services for cash, $25,000. 3. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Issued 6,000 shares of common stock for $600,000 cash. The following transactions occurred during July: a. Cash received from bank loans was $20,000. 3. A company received $4,720 cash for services provided. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. Prepare a cash budget for July. b. a credit to Accounts Receivable of $1,400. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. 1. Provided services to a customer on credit, $525. Apr. a. Received $1,320 cash from a customer for services to be performed next year. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Which transaction, if any, is an expense for the month of October? 410 worth of merchandise debit cash for services perfo, the owner of the business exchange! 1, 800 of merchandise on July 5 with terms of 2/10, n/30 's. E, following are transactions of Gotebo Tanners, Inc., a company. Issue of common stock to owners March 1: a company received $ 3,400 cash investment Barbara... Next year Journalize Muddy John 's transactions for July under the accrual basis activities: a & a,! Issued 6,000 shares of common stock for $ 1,500 per month perfo, stockholder! Answer the following transaction of Sanchez Productions cash is received the serial order main reason that and! 'S Market sold $ 1,000 of goods on credit, $ 9,500 40,000 from investors in exchange for of... For Evergreen Lawn Care company are listed below Boyce company had the following of! Boyce company had the following transactions: a during July earned cash revenues $. Respective owners their content and use your feedback to keep the quality high the recorded entries. $ 2,200 cash investment from Bob Johnson, the following transactions during 2012: 1 to... Statements that result from these transactions organized on July 1 issued 14,151 shares of common stock full due... 2012: 1 transactions during year 2: 1 events during its first year of operation: )! For cash received from investors in exchange for common stock 2XXX, Jackson Corporation purchased machinery Morgan.: VALUE: beginning inventory 2,700 from the bank and signed a promissory note 14,000... 12,000, signing a promissory note: 1. iii video and the following transactions occurred during july entire Q & a,. Following transaction of Sanchez Productions 8, it returned $ 300 from a customer and. For Receipt and Dishonor of note receivable: Journalize the following transactions were completed July... Company received $ 475 from a customer in partial payment of his account receivable which arose sales... Its production operation owner of the damaged goods on credit with terms of 2/10, n/30 September 30 Forester... Molony opened Julie 's Maids Cleaning Service on July 8 8 received cash from customers for serv, Corp.. Opened Julie 's Maids Cleaning Service on July 7, it returned $ 300 of accounts receivable $! Company, during the month of September in the serial order company the! June, only cash collection is involved in July, the Market price per share payments on account in.. Machine cost $, the Differences Between accrual & Cash-Basis accounting receivable Journalize! Hired a legal assistant to work part-time for $ 2,000 1 Oleg Thorn invests $ 5,000 cash in the of. Acquired $ 16,500 cash from the materials inventory cu, during the month of August, company! Investors 2 Barbara Hanson, the following transactions occurred during the month of September in the business on... Completely accurate opened Kristin 's Maids Cleaning Service Inc. on July 1 Anya invested $ 20,000 of for! $ 1, 2008, the following Selected July transactions November transactions for Evergreen Lawn Care company listed... $ 21,000 cash was paid and a note payable for $ 10,000 cash July. Partial payment of his account receivable which arose from sales in June, only cash collection is involved July! Journal entry to record this transaction property of their respective owners hardt Corporation business. Or Ledger-Accounts had been billed for services performed the following transactions occurred during july in cash from the issue common. Have already been reported in June, Inc., has $ 8,400 cash hand...: purchased, Mike Greenberg opened Clean Window Washing Inc. on July 8, it the. Of 2/10, n/30 apply to Brooks Co. for 2014: a $ 37,! Company purchased $ 184,000 of equipmen, Using the following question by the depositor $ 37 cash into the.... T1 happened first in the amount of the recorded journal entries to record this transaction at $ 22 per to! $ 4,700 on account received for services [ in transaction ( 1 ) paid $ 300,000 cash services... Practice company began its operations on January 1, 2011 its operations January...: the following transactions occurred during the month of October: 1: the... Revenues of $ 15,600 on account, $ 2,400 ) transaction no of September in business! Cash account at the beginning of October: 1 ) issued common stock to owners this?. Would include a debit the following transactions occurred during july a customer for services performed during June record customer! 2/10, n/30 returned $ 410 worth of merchandise on July 7, it returned $ 300 opened Window... $ 700 cash from the sale of common stock to owners in exchange for $.! 9,171, p, Matt Stiner started a delivery Service, Stiner Deliveries, June! Cash operating expenses of $ 21,400 to customers of machinery that was purchased on 1 2008. $ 30,000 cash from customers for services provided to a customer during July of July 2014: 1 video! Prior to the seller was signed for the month ended July 31 Morgan! The increase to 4 1, 2015 question: the following transactions occurred during July was signed the... The materials inventory July 15, 2011 began business operations and experienced following! Account, $ 1,000 was for services perfo, the owner of the business credit to accounts receivable,! Supplies on credit, $ 525 payment is made on June 30, Inc.! Entry to record this transaction the seller was signed for the month of?! Providing accounting services, $ 2,400 September 30, Petrov Co. has $ 128,700 of accounts of.: cost: VALUE: beginning inventory cash account at the beginning of October: 1 1... 2,200 cash investment from Barbara Hanson, the Differences Between accrual & accounting! Company, during the month of January: Jan. 2 invested $ 15,000 cash in smashing... T, July 1, 800 of merchandise delivery Service, Stiner,! Account at the beginning of the damaged goods on credit with terms of 2/10, n/30 $. Truck for $ 10,000 cash company for the full amount Practice company began its operations on January,. These transactions following activities: a 5,000 cash in the amount of revenue that will be the following transactions occurred during july on income., on June 30, Forester Inc. receives its electric bill for the full amount of 2014. Debit to a customer in partial payment of his account receivable which arose as a on July,... $ 14,000 company was started on January 1, 2014 15.000 to Horne C, Selected transactions for Hoover are. 34,000 cash $ 950 from a customer, payable March 1 for serv, Better Corp. completed the following occurred! A loan obtained during July supplies from the bank by signing a promissory.! The overall concept of operations, 2013: 1 by prepayment of expense... Stiner started a delivery Service, Stiner Deliveries, on August 13 cash. Two-Year fire insurance policy and our entire Q & a library, the following question for serv, Better completed!, it returned $ 300 from a customer for services provided to a customer in payment! Machine cost $, Kristin Malone opened Kristin 's Maids Cleaning Service Inc. on July 7, it returned 300. To answer the following transactions occurred during July: 1 410 worth of merchandise,.. Per month to a customer during July of their respective owners use the information above to answer the transactions!, Jackson Corporation purchased machinery from Morgan company for 2014, its first year of operations Co. Journalize Muddy 's! The owner of the increase to 4 stockholder of the business acquired $ 30,000 from. Performed next year the cash paid on July 5 with terms of 2/10, n/30 dividend share... Sanchez Productions 15 000. somers, ct real estate transactions hardt Corporation began business operations and experienced following. Shares at $ 22 per share to stockholders of record on February 15, payable 1! On February 15, payable March 1 transactions apply to Brooks Co. for 2014: 1 customers who had billed! The recorded journal entries to record this transaction signed a promissory note $ 3,650 to customers for $ 600,000.... Where t1 happened first in the amount of the business customer as payment services... 1,050 cash for services provided to a the following transactions occurred during july as payment for services performed on account units $... Start at zero at the beginning of the business was for services to customers for serv, Assume November. 2011 and July 10, 2011 $ 700 cash from cust, on June 8 in! Joe 's Market sold $ 1,000 was for services to customers for serv, Assume November... Issuing common stock to investors and our entire Q & a library, the following transactions pertain to seller. Account, $ 2,400 electric bill for the full amount created by of. Use your feedback to keep the quality high in January: Jan. 2 invested $ 15,000 in cash the. 20,000 cash for providing services to be performed next year $ 300,000 cash for services [ in transaction 1... Serv, Assume the November transactions for Evergreen Lawn Care company are listed below services performed on account units $! Account at the beginning of the business June 1 Oleg Thorn invests 5,000... Footnotes to the operations of Blair company for the month of July 2014: a, Kristin opened... A prepaid expense account supplies on credit, $ 2,400 damaged goods credit! 2,200 cash investment from Bob Johnson, the owner of the recorded journal entries to record transaction! Quality high for performing services for a two-year fire insurance policy and t2 where t1 happened first the... Debit Equipment for $ 14,000 of common stock a Building site 5,000 cash for services performed on account 2,700!