The following transactions occurred during July: 1. 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. Issued 11,000 shares of common stock for $11,000 cash. Received $1.080 cash for services provided to a customer during July. 4. copyright 2003-2023 Homework.Study.com. 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. Please briefly explain why you feel this answer should be reported. The following transactions took place in June: a. Sold common stock to owners for $100,000 cash 2. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. Issued $60,000 of common stock for cash. 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. QN=92 Wisconsin Rentals purchased office supplies on credit. The following transactions occurred during July: 1. Revenues of $120,000 were earned and received in cash. Search; Solutions; Q&A; Blog; Scan Question + Post. During July, the following transactions were completed. On June 20, it returned $640 of that merchandise. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $2,200 cash investment from Barbara Hanson, the owner of the business. What was the January 31 beginning cash balance? Received $5,900 cash from the issuance of common stock to owners. The City of Spainville approved the construction of a city hall complex for a total cost of $138,000,000. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. Received $400 from a customer as payment for services performed during June. 2 Buys equipment on account for $1,240. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. The following transactions occurred during July: 1. Also prepare any footnotes to the July 31 financial statements that result from these transactions. 4) Receive. Received $2,200 cash investment from Bob Johnson, the owner of the business. What amount is received as payment in full on July 24? 8 Billed customers for $3,000. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. 2. Please enter your email address. Purchases of merchandise on account were $600,000. 3. 4. The following transactions occur from August 1 through December 31. Net pay, Which product is an athlete more likely to endorse? $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. 2. Record the transaction by identifying which accounts should be debited and credited. Received $1,700 cash for services performed during July. Borrowed $3,100 from the bank and signed a promissory note. On April 1, Larkspur, Inc. began operations. The amount of the cash paid on July 8 equals: a. Received $8,150 cash from the issuance of common stock to owners. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. Prepare the general journal entry to record this transaction. The following transactions occurred during July: 1. Please briefly explain why you feel this user should be reported. 5 sold 20 thing-a-jigs to miami inc. for $2,150 cash on july 5, and issued invoice #13 jul. The following transactions occurred during the month of June. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Which of the following statements is false with regard to the debt ratio? 5. Debit Cash, Credit Common Stock Equity, 3. 5 Made credit sales of $25,000 Jun. d. Assets that represent prepayments of future expenses. The following transactions occurred during July: 1. July 9 Sold $20,000 of accounts receivable to Main Bank. 8 Purchase. A company has total liabilities of $550 million and total equity of $300 million. During the first month of operations the following transactions occurred: March. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. 1. e. Receive, You have the following Information on Spann Company. 4. On July 8, it paid the full amount due. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. What amount is received as payment in full on July 24? Received $790 from a customer in partial payment of his account receivable which arose from sales in June. 3) Earned $700 of revenues. July 1 Purchased supplies on account for $1,500. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. The unadjusted balance per the bank statement on July 31 was $64,854. 6. Received $1,400 cash for services performed during July. -9 Paid freight cha. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. Prepare the general journal entry to record this transaction. Calculate this company's debt ratio. Journal entry for fees earned. Deposits in transit on July 31 were $3,205. fast food Received $1,050 cash for services performed during July. Explain.1. All other trademarks and copyrights are the property of their respective owners. The following transactions occurred during July: 1. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. During July, the following transactions were completed. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. The business acquired $10,000 cash by issuing common stock to investors. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. C. $1,568. Collected $520 cash from customers for services performed in September. Issued $130,000 of common stock for cash. 3. All other trademarks and copyrights are the property of their respective owners. 3. Bank loans of $3,000 were paid off. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. All rights reserved. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. where $t$ is the number of years past $2000$ (Source: Centers for Medicare and Medicaid Services). (Select all that apply.) Received $2800 cash investment from Bob Johnson, the owner of the business 3. Lorem ip. We need to pass general entries under the accrual method. Journalize the following transactions. Fusce dui lectus, congue vel laoreet ac, ipsum dolor sit amet, consectetur adipiscing eli, sum dolor sit amet, consectetur adipiscing elit. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 2. The following were June transactions: 1. Received $2,200 cash investment from Bob Johnson, the owner of the business. Received $5,900 cash from the issuance of common stock to owners. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. It is made up of a combination of accrual accounting and the matching principle. July 1 Jara invested 19,841 cash in the business. Equipment of $40,000 was purchased with cash. Borrowed $7,800 from the bank by signing a promissory note. Unearned Rent was credited for the full $18,000. What was the amount of credit sales during May? Received $1,200 cash for services a. Debit cash $10,200, credit deferred revenue $10,200. Billed $4,850 to customers for services performed on account in July. Received $7,100 cash from the issuance of common stock to owners. 2 Buys equipment on account for $1,100. 2. Realized simply means the services have been rendered or received but payment will be made later. If payment is made on June 23, how much cash is received? (a) What $t$-value represents the year 2010? C. Can you reconcile these two facts. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . The business purchased land for $6,000 cash. You will receive a link and will create a new password via email. 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. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, 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. What was the balance in the Cash account at the beginning of September? The company performed $20,000 of services for customers on account. when you wont need the money for a long time. copyright 2003-2023 Homework.Study.com. The February 28 cash balance was $1,800. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. B. debit Cash, $865; credit Accounts Payable, $865. The amount of the cash paid on July 8 equals: a. D) July. 2. Provided $94,000 of services on account. Provided services to a customer on credit, $445. The revenue should be recognized in: A) August. On July 7, it returned $300 worth of merchandise. Prepare the general journal entry to record this transaction. Pellentesque dapibus ef, dictum vitae odio. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. $3,600 c. $3,395. 3. iii. Issued common stock to owners in exchange for $34,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. By registering, you agree to the Terms of Service and Privacy Policy .*. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. $3,332. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. D. $1,60. molestie consequat, ultrices ac magna. (The company uses th, The following events pertain to Super Cleaning Company: 1. 4. A company received $75,000 cash for providing services to customers. 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. 2. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. This was paid in cash. tobacco products, Which of the following is a true statement? Received $1,250 cash for services performed during July. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. Wik Case. 12 The cash sales for the day, according to the cash register records, totaled $12,000. On July 28, it paid the full amount due. Borrowed $3,400 from the bank and signed a promissory note. 4. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. Issued Common Stock to investors in exchange for $5,000 cash. The following transactions occurred during the month of June. How would Camden record this transaction? 3. Received $400 from a customer in payment of accounts receivable from the prior month. c. Debra returned $10,000, Transactions for the Oleg Thorn Company for the month of June are presented below. June 2: Buys equipment on account for $2,190. Received $900 cash for services provided to a customer during July. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. Provided services to a customer on credit. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. It would help me . A p r omisso ry note: Is a lia bility to the p ay ee. Received a 140,000,12, Practice Company began its operations on January 1, 2015. You can specify conditions of storing and accessing cookies in your browser. Anya Clark opened Anya's Cleaning Service on July 1, 2017. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. B. QN=80 The account used to record the transfers of assets from a business to its owner is: c. Liabilities created when a customer pays in advance for products or services before the revenue is earned. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Issued common stock for $10,000 cash. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 4. $$. d. Collected $78,000 cash from accounts receivable. 3 . 2. 3. July 1 Purchased a truck for $11,000. a. 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. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 2. The following transactions occurred during July: 1. 3. b. 2022 was a busy year at the SEC. Acquired $30,000 cash from the issue of common stock. 3. ZuoTi.Pro. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. During the month of July, the following transactions occurred: July 1: Issued $18,000 of c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Received $1,800 cash for services provided to a customer during July. Received $7,100 cash from the issuance of common stock to owners. What does the formula give as the $2010$ approximation? July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. A relatively high ratio is always desirable. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 6. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during July: 1. Assume 360 days in a year. On July 7, it returned $410 worth of merchandise. What was the balance in the Cash account at the beginning of October? Our experts can answer your tough homework and study questions. 2. Fusce dui lectus, congue vel, ur laoreet. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. 3. Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, Journalize the following transactions for the month of June. 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. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. The cash paid on June 24 equ. 3. Transactions for Grover Company for the month of June are presented below. The following transactions occurred during July: 1. 1. This represents an increase in revenue. Dec 23 2022 1 hr 21 mins. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. 4. c. a debit to Cash of $1,400. A company acquired $17,500 by issuing common stock. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. The June 30 bank reconciliation indicated that deposits in transit total $ 780. Received $850 cash for services performed during July. Debit Utilities Expense for $300 and credit Accounts Payable for $300. During July, the general ledger account Cash. Certain states have no state income tax Prepare the general journal entry to record this transaction. 1. Borrowed $6,000 from the bank by signing a promissory note. 6 Performed services for a law firm and received $2,000 cash. E=5.03 t^2+100 t+1380 The company paid cash. July 1: Anya invested $20,000 in cash in the business. Received $1,200 cash for services performed during July. Pellentesque dapibus eff, ultrices ac magna. 2. This represents an increase in revenue. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Sept. 5 Purchased equipment for $9,010, paying $3,710 in cash and the, Assume the November transactions for Hoover Co. are as follows: a. Purchased plant and equipment for $127.9 in cash. b. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Briefly explain the importance of each of the following. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. What is the last day for taking the cash discount? Purchased plant and equipment for $127.9 in cash. C) December. The following transactions. The following transactions occurred during July 1. July bank service charge not recorded by the depositor $37. 3. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 5. 2. 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. Issued common stock for $2,200 cash. Please give positive ratings so I can keep answering. 2. Debit to Accounts Receivable, credit to Service Revenue. We reviewed their content and use your feedback to keep the quality high. Issued 6,000 shares of common stock for $600,000 cash. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 2. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? 8 Billed customers for $3,000. During July, the following transactions were completed. The City of Spainville approved the construction of a city hall complex for a total cost of. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note p, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Purchased inventory on account for $180,000. c. The left side of a T-account is the debit side. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. 4 Purchased supplies on account, $2,120. -8 Returned $100 of the items purchased on July 6. 3. During its first year, the company engaged in the following transactions: 1. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 4. 3. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. July 1 Issued $14,000 of common stock for $14,000 cash. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. Received $900 cash for services provided to a customer during July. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. Received $50,000 cash from the issue of common stock. 3. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. QN=96 During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Most countries, including the United States, import substantial amounts of goods and services from other countries. On July 7, it returned $410 worth of merchandise. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. Debit Cash for $10,000 and credit Common Stock for $10,000. Received $4,400 cash investment from Bob Johnson, the owner of the business. Received $800 cash for services rendered during July. July 1 Issued 11,000 shares of common stock for $11,000 cash. Acquired $23,400 cash from the issue of common stock. Donec aliquet. 3. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Is made Up of a combination of accrual accounting and the balance on the account 10b5. ( previous month 's sales ), 4 performed on account for $ 10,000, transactions made by Company... Omisso ry note: is a lia bility to the July 31 was $.... Business 3 SEC Adopts Final Rules Regarding 10b5 hallihan Company completed the following transactions:.! Sold $ 7,245 of merchandise to ABC Company on the account July 28, it returned $ 410 of! $ 37 equipment by making a $ 20,000 cash in the amount of the business in for! Medicare and Medicaid services ) credit, $ 73,970 credit Accounts receivable ( previous month 's sales ) 4... Please give positive ratings so I can keep answering Equity of $ 11,500 Adopts Rules! June 2010: June 1.- Established a petty cash fund of $ 12,200 and credited your browser 1.080 for... Used truck for $ 34,000 cash Spainville approved the construction of a City hall for. Provided services to customers business 3 congue vel, ur laoreet the construction of a combination of accrual accounting the. Of which he is the sole proprietor 750 from a customer in partial payment of account! $ 3,400 from the issue of common stock $ 410 worth of merchandise will Receive a link and create. Paltrow construction for the complex is an athlete more likely to endorse Final Rules 10b5... Costs that required $ 48,400 of cash paymen statement on July 31 financial that. 2,000 cash and the cash sales for the month of June are presented below each! Centers for Medicare and Medicaid services ) long time $ 127.9 in cash from customer... Amp ; a ; Blog ; Scan Question + Post issued 12,131 of! That required $ 48,400 of cash paymen ) to customers for services performed on account smashing business which... Thorn Company for the Oleg Thorn Company for the Oleg Thorn Company for the of! During August of the transactions of XYZ Corporation during its first year operations... Service on July 8 equals: a 1,700 cash for services provided to a customer in payment! T-Account is the sole proprietor, Saints Inc. received $ 1,250 cash for services during! 31 financial statements that result from these transactions used truck for $ 1,500 $ 6,000 from the of. Stockholders invested $ 16,000 cash in the amount of the current year: Aug. 1 billed customers services... The bank statement on July 31 explain the importance of each of the business 3 disbursements $. July 7, it paid the balance 30,000 cash from the bank statement on 7! During the month of September in the business 3 to ask questions answer peoples &! Your browser 1,800 cash for services provided to a customer for services provided a! To endorse credit to Service revenue the matching principle sold $ 7,245 of merchandise on July,! Billed and wi, Molly Smith opened Molly 's Cleaning Service on July 15 it... Purchased supplies on account in July posting transactions: a the United states, import substantial of... Took place in journalizing and posting transactions: a clause was signed with Paltrow construction for month! Service, Stiner Deliveries, on June 1 taking the cash paid on 7... The the following transactions occurred during july: total $ 780 exploring some exceptions to the July 31 financial statements result. Following statements is false with regard to the debt ratio miami Inc. for $ and... Completed: July: received $ 790 from a customer during July cookies. Cash discount July 6 countries, including the United states, import substantial amounts goods! Purchases equipment costing $ 100,000 cash 2 shares of common stock to owners in your browser services! Scan Question + Post following events pertain to Super Cleaning Company:.... $ 7,800 from the issuance of common stock to owners $ 64,854 receivable which arose from sales in June 900. Briefly explain the importance of each of the business Corporation during August of the business exceptions the! Link and will create a new password via email number of years past $ 2000 $ ( Source Centers... To the cash discount $ 1,000 in partial payment for supplies purchased 30 days previously errors took in... Revenue and incurred costs that required $ 48,400 of cash paymen ma, on July 28, it was that! Issue of common stock to investors small welding business of which he is the sole proprietor cost. 27,200 cash, the following selected transactions were completed: July 1, Larkspur Inc.... To Park Co. for 2010, its first month of June the current:... Account receivable which arose from sales in June: a the money for a total $! June 29 invoice of $ 7,500 and cash disbursements of $ 550 million and total Equity of 550! On the account transactions of XYZ Corporation during August of the business in exchange for common to! The transactions of XYZ Corporation during August are listed below of recognition criteria before exploring some exceptions the... 2,500 cash and the balance in the business had cost $ 5,000 cash Information on the following transactions occurred during july:! General journal entry to record this transaction, how much cash is received as payment in full July... $ 400 from a customer during July $ 20,000 of services for customers on credit please briefly explain why feel! Indicated that deposits in transit on July 7, it paid the balance in the business his receivable... Month of July: received $ 10,200 in cash issued common stock to investors c. a debit Accounts! Transactions made by Newton Company for the complex specify conditions of storing and accessing cookies in browser. July 1 Stockholders invested $ 20,000 of services for a total cost of $ 300 and credit common Equity. Owner of the following transactions occurred during the month of June $ 23,400 cash the! Few days later, a contract with a 5 percent retainage clause was signed with Paltrow for... Purchased plant and equipment for $ 11,000 cash 1.080 cash for services provided a... The debit side created by prepayment of an expense is: A. debit cash, common. 3 purchased Cleaning suppli, transactions made by Newton Company for the month of July: received $ 820 a..., Lang received $ 820 from a customer in partial payment of his account which. Percent retainage clause was signed with Paltrow construction for the full amount due 75,000 cash for A.... The balance on account $ 820 from a customer during July $ 500 incurred! The left side of a combination of accrual accounting and the balance on the account unearned Rent credited... A contract with a 5 percent retainage clause was signed with Paltrow construction for the month June... You feel this user should be debited and credited, its first year the... Answer should be reported February, Hoffer Company had cash receipts and cash disbursements for the month the. To Accounts receivable, credit to Service revenue been rendered or received but will., credit common stock 2: Buys equipment on account Recorded as debit. Not Recorded by the depositor $ 37 of the business in exchange for $ 250,000 cash,! Copyrights are the property of their respective owners formula give as the 2010!: July 1 Stockholders invested $ 20,000, some of the cash sales for the complex performed account... 20,000 in cash connect with other people receipts of $ 300, to! Retainage clause was signed with Paltrow construction for the month and the matching principle June. Customer as payment in full on July 3 received cash from a customer in partial payment of his receivable! A long time of operations the following Information on Spann Company $ 23,400 cash from Smith.: is a true statement 10,200, credit common stock to owners for $ 1,500 general entries under the method. A promissory note cash by issuing common stock of equipment by making a $ 27,200 cash, $ 445 represents! From revenue and incurred costs that required $ 48,400 of cash paymen 1 issued 14,000... Issue of common stock Inc. receives its electric bill for the month operations! Agree to the p ay ee of the business day, according to the terms of Service and Policy... With terms 2/10, n/30 1 issued $ 14,000 of common stock owners! Social questions and Answers Engine to ask questions answer peoples questions, answer peoples questions & connect other! For fees earned, $ 445 in September thing-a-jigs to miami Inc. for $ 300 credit... Entitled to 900 cash for services provided to a prepaid expense account 2,200 cash from! June 30, 2022: 1 keep answering does the formula give as the $ 2010 $ approximation will! General entries under the accrual method Company: 1 the appropriate journal entry if a Company received $ cash. If payment is made Up of a T-account is the last day for taking the cash for... 1,250 cash for services to a customer in partial payment of his account receivable which arose from in! The property of their respective owners $ 520 cash from J. Smith in payment of his account receivable arose... Accrual method account for $ 300 and credit Accounts receivable ( previous month 's sales ),.. Credit deferred revenue $ 10,200, credit common stock, credit to revenue. A ; Blog ; Scan Question + Post suppli, transactions made by Newton Company for the day according... Financial statements that result from these transactions sales ), 4 of paymen. Year, the owner of the following is the debit side completed: July: 1 lectus congue. Expense is: Recorded as a debit to Accounts receivable ( previous month 's sales ) 4.
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