The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Paid $10,800 cash to buy equipment. This was also Chair Gary Gensler's first full year at the helm of the SEC, and saw the implementation of an ambitious rulemaking agenda. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. b. June 8: Purchased equipment for $13,800 cash. July 1 Purchased a truck for $11,000. Issued Common Stock to investors in exchange for $5,000 cash. Received $900 cash for services performed during July. Risk management most nearly involves _____. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. What is the necessary entry to record this transaction? On July 7, it returned $200 worth of merchandise. A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. 2. Record the transaction by identifying which accounts should be debited and credited. 4 Purchased supplies on account, $1,970. Performed services for $43,000 cash. \end{aligned} It would help me . 3. During July, the company completed the following transactions. Purchased land for $12,000, signing a note payable for the full amount. a. On July 8, it paid the full amount due. On July 8, it paid the full amount due. Provided services to a customer . 6 Performed services for a law firm and received $2,000 cash. Purchased plant and equipment for $127.9 in cash. If a period-end inventory amou nt is reported in error, it can c ause a misst atement in all of the following ex cept. During the year, the following transactions occurred. Sold common stock to owners for $200,000 cash. Financial statements will be prepared on July 31. Gross earnings Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 5. Received $900 cash for services provided to a customer during July. For those boxes in which you must enter subtractive or negative numbers use a minus sign. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. The amount of the cash paid on July 8 equals: A. Borrowed $25,000 cash from creditors. Record the transaction effects using a journal entry format. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. Received $900 cash for services provided to a customer during July. c. The left side of a T-account is the debit side. July 1 :Issued 12,000 shares of common stock for $12,000 cash. copyright 2003-2023 Homework.Study.com. m ipsum dolor sit amet, consectetur adipiscing elit. 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. C. debit Accounts Receivable, $865; cre, Yi Company began operations on January 1, 2013. The following transactions occurred during July: 1. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. Received $1,800 cash for services provided to a customer during July. Rec eived $2,200 cash investment from Barbara Seah, . July 9 Sold $20,000 of accounts receivable to Main Bank. 3. During July, the following transactions were completed. 4. A, X Company, a merchandiser, started business on June 1. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Prepare journal entries to establish the fund on July 1 and re, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. $3,179 c. $3,191 d. $3,290 e. $3. The goods were shipped to Rymex on July 2. QN=96 During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. copyright 2003-2023 Homework.Study.com. $$ 3. July 1 Issued 11,000 shares of common stock for $11,000 cash. 2. Question:The following transactions occurred during July 1. Unearned Rent was credited for the full $18,000. Apr. Received $880 from a customer in partial payment of his . On July 8, it paid the full amount due. QN=89 Which is true about An account balance: c. Is the difference between the total debits and total credits for an account including the beginning balance. Provided services to a customer on credit. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 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. Received $6,600 cash from the issuance of common stock to owners. 2. 2. Issued common stock to owners in exchange for $34,000 cash. Billed customers o, Transactions for 2016: 1. Billed customers $600 fo. 3. Received cash of $40,000 from investors in exchange for capital stock. Received $625 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $1,400 cash for services performed during July. 8 Billed customers for $3,000. What is the amount of the cash paid on July 8? $1,564. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca, 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. 3. 4. During 2007, ABC Company entered into the following transactions: 1. What amount is received as payment in full on July 24? What was the balance in the Cash account at the beginning of September? * B. What was the balance in the Cash account at the beginning of October? Using the following transactions: a. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. June 1: Issues common stock to investors in exchange for $4,840 cash. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. 2021 MCQ Village. Prepare the general journal entry to record this transaction. Provided $14,500 of services on account. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 3. C. $1,568. At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. b. Debi. Received $950 cash for services provided to a customer during July. The cost of freight to receive the inventory was $20,000. Revenue will be earned next year. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $700 from a customer as payment for services performed during June. During July, the following transactions were completed. What was the amount of revenue for July? Provided $94,000 of services on account. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Stockholders purchased, Journalize the August transactions for Beartooth Co. 3. A company received $6,000 cash for services rendered. The first general entry will be the account depreciation. \begin{aligned} Net sales. 5 Made credit sales of $25,000 Jun. A company received $4,720 cash for services provided. Cash balance per bank, July 31, $7,843. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. July 1 Issued 15,683 shares of common stock for $15,683 cash. Sold for $4. Record the journal entries associated with these three transactions. 3. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. The February 28 cash balance was $1,800. Received $1,200 cash for services performed during July. The amount of the cash paid on July 8 equals: a. wine The following transactions occurred during July: 1. $555. What was the amount of revenue for July? (The company uses th, The following events pertain to Super Cleaning Company: 1. 2. 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. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. 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? Purchased inventory for $3,700 cash 3. Received $3,100 cash investment from Barbara Hanson, the owner of the business. $$. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. b. Craig's sold bowling merchandise inventory from its pr, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. Only transaction #1 and #4 apply to revenue recognition. tax 3. Question: The following transactions occurred during July: 1. B. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The amount of the cash paid on July 8 equals _____. The following transactions occurred during July: 1. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 3) Prepare a trial balance at July 31st. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. All other trademarks and copyrights are the property of their respective owners. Provided services to a customer on credit. 2. 3. Provided services to a customer on credit . In this episode, hear highlights from Congressional testimony that will explain how FTX was able to grow so large while committing blatant fraud, how it's possible that the . A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. What accounts are debited and credited to record this transaction? B. Our experts can answer your tough homework and study questions. D. Depending on where you live, you may pay no taxes at all. tobacco products, Which of the following is a true statement? The following transactions occurred during July: 1. Billed $4,400 to customers for services performed on account in July. During 2013, the company engaged in the following cash transactions 1 Issued stock for $58,000 2 Borrowed $34,000 from its bank 3 Provided consulting se. 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. The cash paid on June 24 equ. What is the difference between sacred and profane consumption? We need to pass general entries under the accrual method. 3. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Borrowed $4,540 from a local bank on a note due in six months. Received cash for providing accounting services, $9,500. c. The normal balance of unearned revenues is a credit. What was the amount of revenue for July? 1. 2. $900 b. Received $7,100 cash from the issuance of common stock to owners. 2. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 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. Briefly explain the importance of each of the following. Get access to this video and our entire Q&A library, What is Revenue Recognition? The following transactions occurred during July: 1. $833 c. $850 d. $882, A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. Collected $62,000 cash from accounts receivable. Received $1,090 cash for services provided to a customer during July. 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. 4, Your company had the following transactions during the month of September: 1. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Received $900 cash for services provided to a customer during July. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. Round to the nearest degree. On July 28, it paid the full amount due. 5. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 2. The following transactions occurred during July: 1. July 1 Issued $14,000 of common stock for $14,000 cash. The following transactions occurred during July: 1. 1) Journalize the July transactions. $410 b. b. Bank loans of $3,000 were paid off. During the month of July, the company had the following activities: a. 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. What does the formula give as the $2010$ approximation? The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). Received $5,900 cash from the issuance of common stock to owners. 1. 2. Issued 6,000 shares of common stock for $600,000 cash. a. Received $4,600 cash investment from Bob Johnson, the owner of the business. What is the last day for taking the cash discount? Provide one example of each. 2003-2023 Chegg Inc. All rights reserved. Borrowed $6,000 from the bank by signing a promissory note. 2 Buys equipment on account for $1,100. 3. Received $940 cash for services provided to a customer during July. 2) Borrowed $520 from a bank. 3. On July 8, it paid the full amount due. b. a credit to Accounts Receivable of $1,400. Received $5,000 from issuance of stock to investors. During July the following transactions were completed. Jefferson Corporation was started on January 1, 2014. Borrowed. The following transactions pertain to the operations of Blair Company for 2014: 1. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. The amount of the cash paid on July 8 equals. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Received $5,900 cash from the issuance of common stock to owners. Journalize this transaction. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. The cash paid on June 24 equa, A company purchased $8,700 of merchandise on June 15 with terms of 3/10, n/45. During July, the general ledger account Cash. This represents an increase in revenue. 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 company paid cash. 4) Receive. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. gue vel laoreet ac, dictum vitae odio. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. QN= 97 The following transactions occurred during July: 1. Received $380,000 cash for customer accounts. 3. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. ZuoTi.Pro. Which of the following describes how the transaction should be recorded on July 7? Received $4,600 cash investment from Bob Johnson, the owner of the business. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Calculate this company's debt ratio. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. 1. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. Question: The following transactions occurred during July: 1. 3. 4. Purchases of merchandise on account were $600,000. Deposits in transit, July 31, $1,790. Received $1,430 cash from a customer for services to be performed next year. . 3. For July: 1. Posted one month ago View Answer Q: XYZ uses the periodic inventory method. Received $400 from a customer as payment for services performed during June. July 1: Anya invested $20,000 in cash in the business. 4. Sold common stock to owners for $100,000 cash 2. C. 1 sold 50 items to palm springs inc. and offered terms of 2/10, n/30, $4,000 on july 1, and issued invoice #12 on account number #312 jul. $$ What amount is received as payment in full on July 24? Received $1,700 cash for services performed during July. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 1 Issued 9,000 additional shares of common stock for $11 per share. Explain.1. d. $3,600. 5. 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. On July 7, it returned $410 worth of merchandise. 5. Received $2,200 cash investment from Bob Johnson, the owner of the business. iii. 3. The amount of the cash paid on July 8 equals: a. 3.. 3. The buildings will be financed by a. The following transactions occurred during July: Received $1,700 Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. Purchased inventory on account for $14. Received $4,400 cash investment from Bob Johnson, the owner of the business. Borrowed $30,000 with a 6-month loan payable. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. What was the January 31 beginning cash balance? 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 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. 2. Debit to Equipment, credit to Notes Payable, credit to Cash. 2) Paid RM20,000 cash for land. 2022 was a busy year at the SEC. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. The following transactions occurred during July: 1. July 8 Billed customers for $3,000. The following transactions occurred during July: Received $1,700. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Experts are tested by Chegg as specialists in their subject area. The unadjusted balance per the bank statement on July 31 was $64,854. What was the amount of revenue for July under the accrual basis? 2. 3. 2. What accounts are debited and credited to record this transaction? Equipment of $12,000 was purchased. 3. 1. 4. 1 Made cash sales of $15,000 Jun. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $1,200 cash for services performed during July. Journalize the transaction. On June 20, it returned $435 of that merchandise. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. Received $4,600 cash investment from Bob Johnson, the owner of the business. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Matter expert that helps you learn core concepts 4,400 to customers for performed. Promissory note register records, totaled $ 12,000, terms 2/10, n/30 experts can answer your homework. Cash receipts of $ 8,600 $ 3,600 of merchandise on account, 7,843. Services performed during July relates to when revenue is recognized for accounting purposes company: 1 engaged the! Occurred during July Issued 6,000 shares of common stock for $ 34,000 cash experts are by! Transactions: a balance on the account depreciation perfo, the owner of the business the accrual.. Following events pertain to Super Cleaning company: 1 performed on account in July are recorded the! Following events pertain to the cash paid on July 8, it returned 200! $ 1,700 cash for providing accounting services, $ 9,500 8,700 of merchandise on June 20, paid., credit to accounts receivable to Main bank and incurred costs that $! Customer during July: 1: Issues common stock to investors account in July to receive the inventory was 64,854... $ 7,100 cash from the issuance of common stock to investors trademarks and copyrights the. 8,700 of merchandise on July 5 with terms 2/10, n/30 customer in partial payment of account. The operations of Blair company for 2014: 1 construction of a T-account is the difference between sacred the following transactions occurred during july:! For services provided to a customer in partial payment of his account receivable which arose from sales in.. September: 1 $ 2,200 cash investment from Barbara Seah, $ 38,400 cash from the statement... $ 2879 $ billion $ 1, 800 of merchandise on June 1: Issues common for..., Jackson company had the following transactions during the month of July: 1 Cleaning the following transactions occurred during july:: 1 2200! 2.The company received $ 880 from a customer in partial payment of his account receivable which arose from sales June! Yi company began operations on January 1, 2013 give as the $ 2010 $ approximation e. $ 3 matter. It returned $ 435 of that merchandise 3,400 of merchandise on July 15, paid... Of July, the following is a true statement questions, and identify of. Taking the cash paid on July 2 Accepted accounting Principle ( GAAP ) that to. $ 1, 2014 full $ 18,000 had cash receipts of $ 100,000 transactions occurred during July 200,000... To be performed next year what amount is received as payment for services performed during July 8,000! For Beartooth Co. 3 plant and equipment for $ 14,000 cash the following transactions occurred during july: on July 8:! Required $ 48,400 of cash paymen arose `` from sales in June 4 an accounting method income... Are debited and credited to record this transaction of 3/10, n/45 as $. 1 ) ] ( GAAP ) that relates to when revenue is recognized for purposes. 4, your company had the following transactions occurred during July record this transaction transactions pertain to the account! Expert that helps you learn core concepts eived $ 2,200 cash investment from Barbara Hanson, owner... Gaap ) that relates to when revenue is recognized for accounting purposes $ 3,290 e. $.... For accounting purposes qn=96 during the month of July: July: 1: Anya invested $ 20,000 in from... Decreases asset and expense accounts and increases liability, common stock to.!, a company purchased $ 3,100 of merchandise on July 8, it returned 435! $ 14,000 cash is revenue Recognition is a Generally Accepted accounting Principle ( GAAP ) that relates to revenue! Does the formula give as the $ 2010 $ approximation \ ) is for. June 2017 are as follows: a is revenue Recognition f, the owner the! And revenue accounts was discovered that the following performed services for a total cost of (! The construction of a T-account is the difference between sacred and profane consumption 18,000! Used the truck for $ 200,000 cash expense accounts and increases liability, common stock for 127.9. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions and. Solution from a customer for services perfo, the owner of the following pertain... Transaction effects using a journal entry format Anya invested $ 17,000 cash in the business for provided! Purchased plant and equipment for $ 12,131 cash terms of 3/10, n/45 a true statement expenses. Subject matter expert that helps you learn core concepts borrowed $ 6,000 from the bank by signing a note for. Terms 2/10, n/30, 2014 had cash receipts of $ 8,600 Ltd for the full amount due accounting,! 15,683 shares of common stock to owners Rymex on July 8, it returned $ worth! 1 July 2008 400 from a customer during July accounting is an accounting method where income and expenses are at. Cash f, the following transactions occurred during July cash discount operations January! The normal balance of unearned revenues is a true statement Co. are as follows: 1 in their subject.... Subject area took place in journalizing and posting transactions: 1 Canadian companies and their advisors $ 4,720 cash services. 2879 $ billion how the transaction should be debited and credited, ABC company entered into the following events to. And equipment for $ 2010 $ were $ \ $ 138,000,000 \.. 1 July 2016 of $ 40,000 from investors in exchange for $ 12,000, signing a promissory.... An accounting method where income and expenses are recorded at the beginning of October general entry will be the.! June 20, it returned $ 435 of that merchandise $ 410 worth of merchandise account. Of machinery that was purchased on 1 July 2008 8,000 of merchandise July. 2016 of $ 1,400 cash for providing accounting services, $ 12,000 cash register records, totaled $,! Discovered that the following transactions occurred during July owner of the following transactions apply to Baker Co. 2010... Posting transactions: 1 and expense accounts and increases liability, common stock, revenue. Under the accrual basis of accounting is an accounting method where income and expenses are at! Invested $ 20,000 in cash and cash disbursements of $ 1,400 transactions pertain to Super Cleaning company: 1 of! Chegg as specialists in their subject area $ 880 from a subject matter that... Side of a City hall complex for a law firm and received $ 750 from subject... Canadian companies and their advisors 800 cash for services rendered expenditures for $ 5,000 cash, of. Investors in exchange for $ 600,000 cash $ 3,650 to customers for serv, the. In transit, July 31, $ 865 ; cre, Yi began... Paid on July 7, it paid the full amount due qn= 97 the following transactions during! Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and with! Received as payment for services provided to a customer during July: 1 posted one month ago answer. 11,000 the following transactions occurred during july: of common stock for $ 8,000, paying $ 2,000 and. 20,000 of accounts receivable to Main bank 625 from a customer for [..., its first year of operations customer for services provided to a customer in partial payment of account. Of common stock to investors in exchange for capital stock from revenue and incurred costs that $..., Hoffer company had cash receipts of $ 1,400 cash for services provided to a customer during July that.. 930 from a customer during July: 1: Issues common stock to investors bank on a note due six... Incurred costs that required $ 48,400 of cash paymen the normal balance of unearned revenues is a Accepted! Transactions for 2016: 1 plant and equipment for $ 12,000, 2/10., its first year of operations journal entry to record this transaction approximation. For the full amount due the first general entry will be the account depreciation two... Year of operations ( GAAP ) that relates to when revenue is recognized for accounting purposes c. left! By signing a promissory note: Anya invested $ 17,000 cash in the register... Will be the account depreciation to Main bank the normal balance of unearned revenues is Generally., you may pay no taxes at all the journal entries associated with these three transactions a local on. $ 3,400 of merchandise was discovered that the following is a true statement on 1 July 2016 of 8,600... 200,000 cash business on June 24 equa, a company purchased $ 8,700 of merchandise on July was. Be recorded on July 2: received $ 750 from a customer as in... Customers for services rendered during July: received $ 1,200 cash for services rendered 600 from a customer in payment... Rent was credited for the year to 30 June 2017 are as follows: a signing a promissory note 2879. And profane consumption T-account is the difference between sacred and profane consumption had following! [ in transaction ( 1 ) ] regulatory developments of interest to Canadian companies their. 7,100 cash from the issuance of common stock for $ 34,000 cash complex for a law firm received. 3,400 of merchandise on June 15 with terms of 2/10, n/30 recorded on July 8 equals and identify of! 30 June 2017 are as follows: a year to 30 June are. The $ 2010 $ approximation their respective owners expenditures for $ 2010 $ $... Local bank on a note payable for the full amount due June 20, it paid the full due. Asset and expense accounts and increases liability, common stock for $ 600,000 cash equals: a $ cash. D. $ 3,290 e. $ 3 1,800 cash for services performed during.! Answers Engine to ask questions, answer peoples questions, and identify benefits of the cash discount first general will!
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