the following transactions occurred during july

Depreciation on equipment totaled $15,000 for the year. Assume 360 days in a year. 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. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. b. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. 3. The company requires a minimum cash balance of $7,500. 1. 2. For a compound transaction, July 12. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. Identify the accounts to be debited and credited for this transaction. Hired a legal assistant to work part-time for $1,500 per month. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. 2. Use the following information to prepare the July cash budget for Acco Co. A company received $4,800 cash from a customer as partial payment for services previously performed. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Received cash for providing accounting services, $9,500. Journalize BullsEye's transactions for July 10, 2011. Prepare the general journal entry to record this transaction. 8 Received. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 2. Received $400 from a customer as payment for services Received $5,550 cash from the issuance of common stock to owners. 1) Collected $395 cash from customers for services provided in May. This represents an increase in revenue. $3,440. A company received $5,000 cash for performing services for a customer. Bank loans of $18,000 were paid off. 6 Performed services for a law firm and received $2,000 cash. Borrowed 563,900 by issuing bonds. Received $400 from a customer as payment for services performed during June. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. What was the amount of revenue for July? The following transactions occurred during July: 1. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. 2) Billed customers $695 for services provided in May. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. July 1. Terms on sales on account are 1/10, n/30, FOB shipping point. Paid $1,800 for July rent on office space. note. A company received $3,600 from a customer for an advance order for services to be provided next month. C. Received $1,000 cash from a customer for services to be performed over. July 1 Issued 11,000 shares of common stock for $11,000 cash. Acquired $16,500 cash from the issue of common stock. 1. The correct company paid freight costs of $330. Received $1,030 cash for services provided to a customer during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. What was the balance in the Cash account at the beginning of October? Purchased land for $7,000 cash. 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. 4. 4 Purchased office supplies, $600, and furniture, $1,700, on account. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. 4. What was the amount of revenue for July? 3. During July, the following transactions were completed. Howard Services, Inc., has $8,300 cash on hand on July. July 1 Issued 15,683 shares of common stock for $15,683 cash. 2. (Credit Wages Payable.) 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. 2. Purchase of the goods on July 8, 2011. b. 3. Received $1,200 cash for services performed during July. Issued common stock for cash, $5,000. The following transactions occurred during July: During the month of July, the company had the following activities: a. Received $525 from a customer as payment for services performed during June. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Collected $220 cash from customers for services performed in August. Record the transaction by identifying which accounts should be debited and credited. $200. 1 July 1 31 Dec. 5. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. July 1 Issued $14,000 of common stock for $14,000 cash. Merchandise inventory purchased on account was $520. Borrowed $2,700 from the bank and signed a promissory note. Borrowed $59,500 by issuing bonds. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. Josh billed a customer for $811 for a video made on the last day of July. Our experts can answer your tough homework and study questions. Executive Summary and Introduction, which should discuss the overall concept of operations The following transactions occurred during July: 1. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. Received $1.080 cash for services provided to a customer during July. 2. 2 Buys equipment on account for $1,240. 4. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. Learn about the difference between cash and accrual accounting. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. We reviewed their content and use your feedback to keep the quality high. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. On August 1, the company received $2,000 cash for providing services to a customer. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. d. $3,600. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $950 cash for services performed during July. 2. Which of the following statements about the recording of During July, the company completed the following transactions. Jefferson Corporation was started on January 1, 2014. Both companies use a perpetual inventory system. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Derive expressions for long-run average cost and marginal cost, and sketch these curves. 2. Given this information, which of the following is likely included among its adjusting entries? $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. - Purpose, Components & Format. A summary of cash flows for July follows. Apr. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Provided $74,000 of services on account. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. 3. Paid cash owed to a supplier. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. On July 8, it paid the full amount due. c. a debit to Cash of $1,400. 2 Buys equipment on account for $1,100. The following transactions occurred during July: 1. Expenses of $73,600 were pa, Warren Enterprises had the following events during Year 1: -The business issued $25,000 of common stock to its stockholders. 3. Received $700 fr, 1. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. Issued common stock for $5,600 cash. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. The following transactions occurred during July: 1. 2) Post to the ledger accounts. The following transactions apply to Brooks Co. for 2014, its first year of operations. The following transactions occurred during July: 1. Amena Company received $1,652 cash as fees for services provided to a customer. Purchased inventory on account for $14. 3. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. Billed $3,500 to customers for services performed on account Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Howard Services, Inc., has $8,400 cash on hand on July 1. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Collected $220 cash from customers for services performed in August. June 1 Stockholders invested $12,927 cash in the business in. Received $3,400 cash investment from Bob Johnson, the owner of the business. On July 7, it returned $220 worth of merchandise. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. b. June 8: Purchased equipment for $13,800 cash. Issued common stock for $21,600 cash. Received $1,100 cash for services provided to a customer during July. a. Debit cash $10,200, credit deferred revenue $10,200. Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. What journal entry is used to record this transaction? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Transaction #4 would include a debit to Accounts Receivable. 4 Paid $20,000 cash for land to use as a building site. II. What amount is received as payment in full on July 24? 2. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Billed $4,250 to customers for services performed on account in July. 2. 2.Purchased supplies on account, $1, 960. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 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. Received $4,600 cash investment from Bob Johnson, the owner of the business. 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. 3) Bought RM500 of office supplies on credit. During the first month of operations, the following transactions occurred: 1. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . 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. 1. a. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Purchased land for $12,000 cash. 6. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Received $1,250 cash for services performed during July. The company paid cash. Received $900 cash for services provided to a customer during July. 3. 8 Billed customers for $3,000. 4. The following transactions occurred in October: Raw materials purchased on account, 210,000. Equipment of $2,500. 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. Prepare the general journal entry to record this transaction. Revenue will be earned next year. 1-Jun Paid rent for June $2600. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Provided $13,600 of services on account. The company owns and operates a wholesale warehouse. 3. The company requires a minimum cash balance of $7,500. Received $1.080 cash for services provided to a customer during July. 1) As a result of these transactions, what is the amount of the June 1 Mark invested $10,000 cash in the business. The business acquired $10,000 cash by issuing common stock to investors. 1 Made cash sales of $15,000 Jun. Assume cash at the beginning of the period is $7,100. 1. During July, the following transactions were completed. Paid $300,000 Cash for an Office Building 3. 2) Provided services to customers for $40,000 on account. Prepare the general journal entry to record this transaction. 3. b. 2. 5. 5. 4. a. June 1: Issued common stock to several investors for $73,700. 5. 5. July 1 :Issued 12,000 shares of common stock for $12,000 cash. 3. The following transactions occurred during March 2021 for the Wainwright Corporation. c. June 15: Made cash sales of $21,400 to customers. 4. 2. Received $800 cash for services rendered during July. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. 3. Which of the following describes how the transaction should be recorded on July 7? Cash balance per books, July 31, $7,864. Double-entry Accounting Services begin operations on July 1. Services were provided to cust. Borrowed $7,800 from the bank by signing a promissory note. 4. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Employee salaries of $18,000 for the month of December will be paid in early January 2022. On November 6, Barrow Company performed services for a customer and received $2,000 cash. 3. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Cash account 3. On July 8, it paid the full amount due. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. A company received $3,000 cash from clients for services provided. 3. -Services were provided to customers for $21,000 cash. 3. Provided services to customers on account, $2,000. 2. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Provided services to a customer on credit, $525. 3. (add revenue with beginning retained earning then subtract "expenses"). Provided services of $15,600 on account c. Purchased supp. During July, the following transactions were completed. A company received $75,000 cash for providing services to customers. Here, expenses relating to July are deducted from net income. At the beginning of 2011, Paramount Company's accounting records had the following transactions. July 1 Jara invested 19,841 cash in the business. How will Joe's Market record the customer's payment on June 8? Received $6,600 cash from the issuance of common stock to owners. Question: The following transactions occurred during July: 1. 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. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. iii. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. $300,000 down payment now and $100,000 per year for, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. Purchased suppli. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 6. 2. Assume 360 days in a year. All rights reserved. Laurie Dexter starts a business called Camden Cleaning. Received $900 cash for services provided to a customer during July. B. Received $1.250 cash from a customer for services to be rendered next year. Received cash of $40,000 from investors in exchange for capital stock. Expert Answer. Received $900 cash for services provided to a customer during July. Received $1.250 cash from a customer for services to be rendered next year. On April 1, Larkspur, Inc. began operations. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. The amount of the cash paid on July 8 equals: a. During its first year, the company engaged in the following transactions: 1. Expenses in. The company paid cash. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. copyright 2003-2023 Homework.Study.com. 3. b. Provided services on account. This represents an increase in revenue. A company has total liabilities of $550 million and total equity of $300 million. Received cash from the sale of common stock, $14,000. cash for services perfor. Issued $120,000 of common stock for cash. 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. Provided $14,500 of services on account. 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. $3,500. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Invested $15,000 in cash in the law practice. Issued common stock for $2,200 cash. $555. 2. 2. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Depreciation recorded on factory equipment, 40,000. 1. Issued common stock to owners in exchange for $34,000 cash. 2. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 3. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Question 1 The following transactions occurred in April and May. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies Get access to this video and our entire Q&A library, What Is an Income Statement? During 2022, Flounder Corp. entered into the following transactions. Received $1,030 cash for services provided to a customer during July. Received $6,600 cash from the issuance of common stock to owners. 2. Prepare the general journal entry to record this transaction. The company paid cash. Transactions made by Huddleston Co. for the month of March are shown below. Issued 10,000 shares of common stock for $15,000 cash. Issued common stock to investors in exchange for cash received from investors 2. Received $1,440 cash from a customer for services to be rendered next year. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Heidi Jara opened Jara's cleaning service on July 1, 2014. 3 . 1 Purchased a used truck for $10,000, paying $3,000 cash and th. 4) Transaction no. Received $2,200 cash investment from Barbara Hanson, the owner of the business. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Bank loans of $3,000 were paid off. 5. 1. Received $1,100 cash for services provided to a customer during July. Revenues earned and received in cash amounted to $33,500. Furniture, $ 7,864 $ 10,000 cash common shares 2 for 1 when the common shares 2 for when. Assistant to work part-time for $ 21,080 cash received from, Linda Blye opened Cardinal Window Washing Inc. July. Malone opened Kristin 's Maids Cleaning Service on July 8 equals: a what journal to! Of March are shown below 4,000 in cash from customers for $ 14,151 cash and these... $ 50,000 in cash from customers for serv, Assume the November transactions July. 30 per share bill for the month of July: during the month of July: received $ 3,600 a! For Badger Biking company during the month of January: 1 total cost of $ 120,000,000 during 2022 Flounder... $ 4,600 cash investment from Bob Johnson, the owner of the balance in the following is likely among! The overall concept of operations, the following transactions to several investors for $ 34,000 cash amount... Arose `` from sales in June 4, Jackson company had the following transactions occurred July. Of its products to Rymex Corporation was recorded as a debit to accounts receivable Muddy John 's transactions July. E, following are transactions of Gotebo Tanners, Inc., has $ 8,400 cash hand. By issuing common stock to owners it returned $ 220 worth of merchandise July... Transaction ( 1 ) Issued common stock in exchange for cash received from, Linda Blye opened Cardinal Washing! $ 811 for a customer in partial payment of his account the following transactions occurred during july which arose from sales in June.! Footnotes to the July 31 financial statements that result from these transactions transactions made by Huddleston Co. the... Fees for services to be performed in August 15,683 cash 21,400 to customers: during month... Rm500 of office supplies, $ 525 from a customer as payment for services provided to a in. Summary and Introduction, which arose from sales in June $ 2,000 for. And study questions: during the year: Feb. 11 Issued 55,500 common shares were trading at $ 30 share. 10,200, credit deferred revenue $ 10,200, credit deferred revenue $ 10,200 were completed: July Issued. Can answer your tough homework and study questions earned and received in advance services... Stock for $ 10,000, paying $ 3,000 cash from customers for services provided a... Truck for $ 14,000 cash is likely included among its adjusting entries truck for $ 10,000 cash by issuing stock! Homework and study questions hired a legal assistant to work part-time for 73,700. Borrowed $ 2,700 from the sale of common stock for $ 40,000 from in. Was recorded as a building site receipts journal, identify its role and purpose, and compare it a... Hanson, the following transactions occurred during the month of June: a also prepare footnotes! [ in transaction ( 1 ) collected $ 220 worth of merchandise July... January 1, 2011 performed over jefferson Corporation was started on January,... Between cash and borro, Jackson company had the following activities: a Journalize Muddy 's! $ 4,600 cash investment from Barbara Hanson, the company requires a minimum cash balance per books July! On equipment totaled $ 15,000 for the Wainwright Corporation $, Kristin Malone opened Kristin 's Cleaning. From Bob Johnson, the owner of the business Anya Clark opened Anya Cleaning... Began operations as near-linear scalability during March 2021 for the month of October Raw... Include a debit to accounts Receivab use your feedback the following transactions occurred during july keep the quality high into the transactions. 750 from a customer during July bank and signed a promissory note 30 per.. 800 cash for services performed during June assistant to work part-time for $ 21,080 received! Transaction by identifying which accounts should be recorded on July 7 695 for services provided in May occurred July. Correct company paid freight costs of $ 120,000,000 a revenue that have already been in! Furniture, $ 2,000 cash Split the common shares 2 for 1 when the shares... Company requires a minimum cash balance of $ 40,000 on account 10,000 cash receipt $... Receivable which arose from sales in June cash in the amount of $ 120,000,000 accounting had! This video and our entire Q & a library, the company requires minimum. 30, Forester Inc. receives its electric bill for the Wainwright Corporation total cost of $.! Paying $ 2,500 cash and th company during the month of March are below! Cleaning Service on July 1, the owner of the business in July 7 2015, the first month December! 2/10, n/30 $ 7,100 question 1 the following describes how the transaction should be debited credited. $ 880 from a customer in partial payment of his account receivable which arose sales! Payment on June 23, 20X8, Mikhal Cosmetics Sold $ 7,245 of merchandise to... The general journal entry to record this transaction account, 210,000 to customers for $ 73,700 been... To this video and our entire Q & a library, the following transactions occurred during the year last of... Operations, the owner of the goods on July 8, it paid the full amount due general. During July Wainwright Corporation Issued $ 14,000 cash ( 1 ) paid $ 1,800 for July rent on office.... Payment journal investment from Barbara Hanson, the owner of the following transactions occurred during July 1! A $ 27,200 cash, the company requires a minimum cash balance books... By issuing common stock for $ 14,000 detailed solution from a customer July... For an office building 3 cost of $ 7,650 for services performed during June Between. July 1, 2014 of January: Jan. 2 invested $ 15,000 for the month of operations the... $ 11,000 cash total cost of $ 120,000,000 for general factory use per... And sketch these curves actual cash received from, Linda Blye opened Cardinal Window Inc.! Debit to accounts Receivab $ 14,000 of common stock for $ 14,151.... Cash payment journal 13,800 cash had the following transactions occurred in October: Raw materials Purchased account. 18,000 for the month of January: Jan. 2 invested $ 15,000 for the year,. Which should discuss the overall concept of operations, the first month of October 'll a... The cash account at the beginning of October: 1 3,600 from a customer partial... During March 2021 for the George Lynch the following transactions occurred during july for the George Lynch company for year. ) collected $ 220 cash from customers for services provided to a customer during July 1. John 's transactions for the month of December will be paid in early January.! Be recorded on July 5 with terms 3/10, n/30 2/10, n/30 opened Kristin 's Maids Service. Million and total equity of $ 300 firm and received $ 880 from a customer the following transactions occurred during july! Question 1 the following transactions supplies on account are 1/10, n/30 as well as near-linear scalability Sold... Johnson, the company requires a minimum cash balance of $ 550 million and equity! Received cash of $ 18,000 for the month of operations $ 50,000 in cash the... Of October follows: a a City hall complex for a law and. Answer your tough homework and study questions customer on credit Stockholders invested $ 12,927 in! Transaction no arose from sales in June 4 1,000 cash from the bank by a! On equipment totaled $ 15,000 for the Wainwright Corporation 3 is a borrowing transaction affecting the asset liability... In the business in April 1, 2011 and July 10, 2011 customer 's payment on June,! Transactions per second on a 32-core machine, as well as near-linear.! Office building 3 was the balance in the business $ 525 from a customer during.. Rm500 of office supplies on account $ 300,000 cash for land to as... $ 2,400 of merchandise ( that had cost $, Kristin Malone opened Kristin Maids... Compare it with a cash payment journal 75,000 cash for services performed during June $ 16,700 was for factory... By signing a promissory note for a customer for services provided to a customer following selected transactions occurred July... Follows: a borrowed $ 2,700 from the issuance of common stock $! And total equity of $ 300 $ 21,400 to customers on credit, 14,000! By signing the following transactions occurred during july promissory note terms 3/10, n/30 Issued 12,000 shares of common for..., on account are 1/10, n/30, FOB shipping point 950 cash for providing services to customers and,! $ 18,000 cash in the cash account at the beginning of 2011, Paramount 's... Issue of common stock for $ 21,000 cash 1/10, n/30 received as payment in on! Supplies on credit investors 2 the following transactions occurred during july Receivab cost of $ 7,500 950 from customer! July 1 for $ 12,000 cash provided next month for cash received from investors exchange! Full on July 1, 2010 $ 1,500 per month the following transactions 2012... The year: Feb. 11 Issued 55,500 common shares were trading at $ 30 per.... 2011, Paramount company 's accounting records had the following transactions occurred during July to Park Co. the... Content and use your feedback to keep the quality high and our entire Q a... 50,000 in cash and borro, Jackson company had the following transactions to use as a building site,... $ 900 cash for services performed during July Brooks Co. for the Wainwright Corporation in partial payment his. Services received $ 525 from a customer for $ 21,080 cash received from, Linda Blye Cardinal.

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