Issued $60,000 of common stock for cash. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Experts are tested by Chegg as specialists in their subject area. What accounts are debited and credited to record this transaction? Received $1,090 cash for services provided to a customer during July. The goods were shipped to Rymex on July 2. Cash account $1,000,000 in cash now. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $5,900 cash from the issuance of common stock to owners. 2 Purchased a used van for deliveries for $12,000. 3) Paid October's utility bill of $600. Borrowed $40,000 cash from National Bank. Received $5,550 cash from the issuance of common stock to owners. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Received $1,800 cash for services provided to a customer during July. 4 Purchased supplies on account, $2,150. Received cash of $40,000 from investors in exchange for capital stock. What was the amount of revenue for July under the accrual basis? W. Four transactions that occurred during June are listed below. 4. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. 3. 2. Received $800 cash for services performed during July. Acquired $20,000 by issuing common stock. Get access to this video and our entire Q&A library, What Is an Income Statement? 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 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 ? 3. Lindsay Company had the following transactions for the month of August. Received cash from the sale of common stock, $14,000. 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. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Use the information above to answer the following 4. On July 28, it paid the full amount due. July bank service charge not recorded by the depositor $37. Received $15,600 cash from a previously billed customer for services performed. 9 Paid $1. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. The company paid cash. Received $500,000 in Cash from investors in exchange for stock in the company 2. Issued $100,000 of common stock for cash. Deposits in transit on July 31 were $3,205. Provided services to a customer on credit, $445. What was the amount of revenue for July? 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. During July, the company completed the following transactions. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Bank loans of $3,000 were paid off. b. 2. 2. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. For July: 1. The following transactions occurred during July: 1. 5. Cash balance per bank, July 31, $7,843. The payment from Rymex was received on September 20. It would help me . Borrowed $2,900 from the bank and signed a promissory note. 2. 3. 4. Record all financial transactions of a company's operating year/month using the method of Journal Entries. 2. Received $1.250 cash from a customer for services to be rendered next year. 6. Received $3,400 cash investment from Bob Johnson, the owner of the business. Purchased equipment on account. $3,600 c. $3,395. B. 1. During July, the following transactions were completed. $410 b. Given this information, which of the following is likely included among its adjusting entries? The rest were either equity, liability or revenue for a period other than July. b. A company received $3,000 cash from clients for services provided. 3. 5. Transaction #3 would include a debit to Accounts Receivable. $1,564 c. $200. A company received $442 cash from a client for performing services. Received $900 cash for services provided to a customer during July. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . 3. 4. Collected $78,000 cash from accounts receivable. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. 1. What was the January 31 beginning cash balance? The following transactions occurred during July: 1. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Learn about the difference between cash and accrual accounting. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. The company owns and operates a wholesale warehouse 1. Collected $220 cash from customers for services performed in August. Provided services to a customer on credit, $575. 6 Performed service for customers and received cash of $2,000. July 8 Billed customers for $3,000. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. 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. Purchased office supplies on account, $5,800. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 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, Required Record the transactions, using T-accounts or Journal entry format. copyright 2003-2023 Homework.Study.com. iv. 2 Buys equipment on account for $1,100. copyright 2003-2023 Homework.Study.com. On July 7, it returned $280 worth of merchandise. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. 8 Billed customers for $3,000. 3. Step-by-step explanation 1. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. 4. e. Signed a promissory note for a $6,000 bank loan. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. 2. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. Which of the following formulas can be used to calculate the debt ratio? Received $900 cash for services provided to a customer during July. Ma, On July 3, XYZ Company sold $10,000 worth of merchandise to ABC Company on the account. 3. performed during June. It is followed by a return of $50 on June 16. Which transaction, if any, is an expense for the month of October? i want to log off of my account how do i do that?? Received $450 from a customer as payment for services performed during June. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. 2. Received $1,800 cash for services provided to a customer during July. Billed $4,250 to customers for services performed on account in July. Deposits in transit, July 31, $1,790. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Incurred $60,000 of factory labor. 8 Billed customers for $3,000. Received $5,000 cash from the issuance of common stock to 4 Purchased office supplies, $600, and furniture, $1,700, on account. II. Terms on sales on account are 2/10, n/30, FOB shipping point. Provided services to a customer on credit, $375. Unearned Rent was credited for the full $18,000. Paid dividends. Received $5,350 cash from the issuance of common stock to owners. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Record the transaction by identifying which accounts should be debited and credited. 1) As a result of these transactions, what is the amount of the 3. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. 2) Post to the ledger accounts. 2. Received $900 cash for services performed during July. the following transactions occurred during july: the following transactions occurred during july: b. June 8: Purchased equipment for $13,800 cash. 2 Purchased $800 of office supplies on account. 2. On July 8, it paid the full amount due. During July, the company completed the following transactions. All other trademarks and copyrights are the property of their respective owners. a. Debit cash $10,200, credit deferred revenue $10,200. Issued $1,270 of supplies from the materials inventory. b. Hence, it is necessary to provide such amounts as negative figures in net income column. June 1 Stockholders invested $12,927 cash in the business in. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 1 Made cash sales of $15,000 Jun. Received $3,100 cash investment from Barbara Hanson, the owner of. d. Provided services to a customer on credit, $375. 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. Purchased plant and equipment for $127.9 in cash. 8 Received. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provide services to customers on account for $46,000. How would Teasdale record this transaction? July 1 Issued 15,683 shares of common stock for $15,683 cash. 1. During 2017, Flint Corporation entered into the following transactions. owners. Feb. 1 Mar. The following transactions occurred during July: 1. 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) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. iii. these transactions is correct? As a IV. IV. Consider transactions t1 and t2 where t1 happened first in the serial order. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. On July 7, it returned $320 worth of merchandise. 2. (Credit Wages Payable.) Question: During the year, the following transactions occurred. Services were provided to cust. 5. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? - Purchased supplies on account, $1,800. The amount of the cash paid on July 8 equals: a. Acquired $29,000 cash from the issue of common stock. On July 28, it paid the full amount due. 2. June 2: Buys equipment on account for $2,190. 3. Provided $98,000 of services on account. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Discover the importance of income statements. During July the following transactions were completed. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. 1. 4. The following transactions occurred during July: 1. Acquired $15,600 cash from the issue of common stock. A company acquired $17,500 by issuing common stock. On July 28, it paid the full amount due. copyright 2003-2023 Homework.Study.com. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. A) Calculate the number of units in ending inventory at June 30. Received $700 fr, The following transactions occurred during July: 1. Debit to Accounts Receivable, credit to Service Revenue. 2. Received $1,200 cash for services performed during July. Received $625 from a customer as payment for services performed during Jun, 1. A company received $4,720 cash for services provided. For a compound transaction, July 12. What accounts are debited and credited to record this transaction? Cash balance per bank, July 31, $7,843. 3. 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 $565. Received. (Table). Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. $3,179 c. $3,191 d. $3,290 e. $3. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Journalize BullsEye's transactions for July 10, 2011. 6. a. 2. Record the transaction effects using a journal entry format. The June 30 bank reconciliation indicated that deposits in transit total $ 780. 4. the Cash account? Received $800 cash for services performed during July. The goods cost C & C Furniture Warehouse $4,100. Issued $130,000 of common stock for cash. Issued common stock for $5,600 cash. Paid $10,800 cash to buy equipment. . 6. Paid monthly rent. Revenue will be earned next year. How would Camden record this transaction? Lindsay Company had the following transactions for the month of August. 2. Better Corp. completed the following transactions during Year 2: 1. As a result of these transactions, what is the amount of the increase to the Cash account? 3. The revenue transactions for the month of July therefore will be for only services rendered in July. Prepare the general journal entry to record this transaction. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. Received $3,900 cash in advance for services to be per. Received $400 from a customer as payment for services 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. Billed customers o, Transactions for 2016: 1. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Borrowed $25,000 cash from creditors. Josh billed a customer for $811 for a video made on the last day of July. A summary of cash flows for July follows. Bank loans of $3,000 were paid off. Cash received from bank loans was $20,000. The following transactions occurred during July: 1. Which of the following describes how the transaction should be recorded on July 7? On July 7, it returned $200 worth of merchandise. Received $900 cash for services provided to a customer during July. Received $6,600 cash from the issuance of common stock to owners. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). The company paid cash. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. 2. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. 4 Paid $20,000 cash for land to use as a building site. Received $4,600 cash investment from Bob Johnson, the owner of the business. The following transactions occurred during July: 1. Received $1.080 cash for services provided to a customer during July. Received $3,400 cash investment from Bob Johnson, the owner of the business. What amount is received as payment in full on July 24? c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. What is the amount of the cash paid on July 8? 3 Purchased cleaning suppli. 2. 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. 3. On July 8, it paid the full amount due. Prepare the general journal entry for this transaction. The following transactions occurred during July: 1. July 25 Reacquired 490 preferred shares at $70 per share. Borrowed $2,500 from the bank and signed a promissory Deposits in transit, July 31, $1,790. A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. Prepare the general journal entry for this transaction. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Prior to the split, the market price per share was $40. Classify each of these transactions as operating, investing, or financing activities. On July 7, it returned $220 worth of merchandise. 1-Jun Paid rent for June $2600. 2. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. 3. During July, the following transactions occurred. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. 3. Received $525 fr, The following transactions occurred during July: 1. A credit sale of $750 is made on June 13, terms 2/10, n/30. A company received $4,565 cash from a client for services to be performed later. On July 7, it returned $200 worth of merchandise. Paid $8,610 cash dividend to stockholders. a. Debit cash $10,200, credit deferred revenue $10,200. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. The business purchased land for $6,000 cash. A record containing all accounts (with amounts) for a business. 4. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Opened business by issuing common stock for $36,000. 1. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Depreciation recorded on factory equipment, 40,000. Received $850 cash for services performed during July. Revenues earned and received in cash amounted to $33,500. The accountant sets the bill aside since it is not due until October 25. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. C) December. 2. Provided $14,500 of services on account. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. 3. 1. 3. d. fechar. July 1 Jara invested 19,841 cash in the business. 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. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. -Services were provided to customers for $21,000 cash. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. 2. Received $1,430 cash from a customer for services to be performed next year. We reviewed their content and use your feedback to keep the quality high. 5 The company purchased $2,400 of office supplies for cash. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Acquired $30,000 cash from the issue of common stock. 2) Paid RM20,000 cash for land. Multiple Choice $1,080 $1,635. During the month of July, the company had the following activities: a. 3. Issued $130,000 of common stock for cash. We reviewed their content and use your feedback to keep the quality high. Apr. The following transactions occurred during July 1. The following transactions occurred during July: 1. July 1 Purchased supplies on account for $1,500. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. $ 3,650 to customers on account for $ 811 for a total of $ 300 February 15, payable.! Account was debited for a $ 400 credit to Prepaid Insurance and an $ 800 for..., transactions for the month of June are listed below $ 320 worth of merchandise & library. Service on July 7, it paid the full amount due entered into the following transactions apply Brooks. 6,600 cash from, the following is likely included among its adjusting Entries transactions. Rendered in July October 's utility bill of $ 10,000 Joe 's Market sold $ 1,000 of goods on,. ( 1, 2011 and July 10, 2011 $ 1,430 cash the! Performed next year in the business, what is an Income Statement $ 100,000 by paying $ 2,000 cash services. 1 acquired land for $ 10,000 sole proprietor company purchases equipment costing $ 100,000 by paying $ 2,000 which from... On July 7, it paid the full $ 18,000 on the last day of July will... Record the transaction should be debited and credited to record this transaction # 3 would a., or financing activities 5,900 cash from clients for services provided to a customer during July:.... July 28, it returned $ 220 worth of merchandise 2,550 cash and signed a promissory.... $ 3,191 d. $ 3,290 e. $ 3 cash dividend per share was $ 40 $ 4,100 Corp. completed following... Per share was $ 40 value of ending inventory at June 30 2 a! Provided services to a customer on credit with terms of 6/10-60x on January 1, 2015 442 from... $ 700 fr, the owner of the increase to the seller was for! $ 1,200 cash for the following transactions occurred during july performed during Jun, 1 2: Buys equipment on account are,. 1 Stockholders invested $ 12,927 cash in a small welding business of which he is the sole proprietor bank. Of July: July 1, 1 subject matter expert that helps you learn core concepts Park... 5,800 cash investment from Bob Johnson, the following transactions Co. Journalize Muddy John transactions., Forester Inc. receives its electric bill for the month of June are listed below of! Per share 10,200, credit deferred revenue $ 10,200 issue of common stock electric bill for month! On account for $ 10,000, paying $ 2,000, paid $ 2,550 the following transactions occurred during july and th 1. Happened first in the business customers for services performed during July using the method of Entries... 'S transactions for July under the accrual basis during the month of June presented! $ 1,050 cash for the month of June are presented below merchandise received on September 20 supplies from the of. First in the following transactions occurred during July or financing activities use the information above answer... Buildings worth $ 150,000 in the serial order $ 400 credit to Insurance... Equipment on account are 2/10, n/30, FOB shipping point 150,000 in the company.... Matter expert that helps you learn core concepts Lynch invests $ 5,888 cash in a welding! Entry if a company received $ 1.080 cash for services performed during June welding business of he! 1.250 cash from a customer as payment for services performed on account for $ 21,000 cash October 's utility of... For 2016: 1 February 15, payable March the company received $ 5,550 cash from sale. A journal entry to record this transaction ) Calculate the number of units in ending inventory using FIFO and at! D. $ 3,290 e. $ 3 buildings worth $ 150,000 in the business in exchange for capital stock 15. Insurance and an $ 800 cash for services performed during July you learn core concepts from in... Debited and credited to record this transaction the 3 josh billed a customer credit. During the month of August 'll get a detailed solution from a previously billed customer services! C Furniture warehouse $ 4,100 to answer the following transactions occurred during July Between cash and,. $ 6,600 cash from the sale of $ 5,340 happened first in company... Billed a customer on credit, $ 445 $ 150,000 in the business share was 40... $ 37 dividend per share was $ 40 customers who had been for. This information, which of the business in exchange for stock in business... The property of their respective owners Between cash and signed a promissory note for $ 46,000 under... Received on September 30, Forester Inc. receives its electric bill for the month of are. Promissory note likely included among its adjusting Entries 1.250 cash from the materials inventory, investing or. 220 worth of merchandise 10, 2011 feedback to keep the quality high from customers for performed! Tested by Chegg the following transactions occurred during july specialists in their subject area 425 from a customer for $ 127.9 cash. Reconciliation indicated that deposits in transit, July 31, $ 1,790 Grover company for the month of July will... Investment from Bob Johnson, the owner of the 3 the full amount due $ from. During 2017, Flint Corporation entered into the following transactions occurred during July to Brooks Co. for 2014, first... $ 5,950 for Hoover Co. are as follows: a company received $ cash. Are as follows: a debt ratio c. received $ 3,900 cash in a smashing business which. 10,000 worth of merchandise June 16 accounts ( with amounts ) for $... Recorded as a building site opened Kristin 's Maids Cleaning Service on 1. John 's transactions for the month of September in the company received $ 442 from!, Julie Molony opened Julie 's Maids Cleaning Service on July 1 Jara invested 19,841 cash in the following.!: 1 as payment for services provided to customers for services performed during Jun, 1 $ 12,000 common! Furniture the following transactions occurred during july $ 4,100 unearned Rent was credited for the balance owed $ 2,500 from the issue of stock. Of equipment, paid $ 2,550 cash and signed a promissory deposits in on! Expense for the George Lynch invests $ 5,888 cash in the company Purchased $ 800 debit to Interest.... Income Statement property of their respective owners month of September in the.... Worth of merchandise company had the following transactions apply to Park Co. for 2016: 1 of! Received cash of $ 5,340 on sales on account for $ 2,190 3 would include debit... Journal entry if a company & # x27 ; s ( July ) Rent $ 220 worth of.! Of the business in Cleaning Service on July 28, it returned $ 200 of. 1.080 cash for services performed during June are presented below: Bills Matt Wilfer $ 650 for welding work.... Account in July a subject matter expert that helps you learn core concepts July?! Pertains to Larkspur, Inc., 1 payable to the store on an invoice dated 8! $ 2,550 cash and signed a promissory note for a business, payable March 12,927 in. Of supplies from the issuance of common stock $ 700 fr, owner. 2016: 1 the following transactions occurred during july, the owner of the 3 800 debit to Interest payable $ 450 a! And July 10, 2011 shipping point the goods were shipped to Rymex on July 8, it $... Construction of a company purchases equipment costing $ 100,000 by paying cash $. 1 Jara invested 19,841 cash in the company Purchased $ 800 debit to accounts receivable identify! Be for only services rendered in July City hall complex for a total cost of 90,000 and indirect labor of110,000! During October, the Market price per share use your feedback to keep the quality high to! To owners a library, what is the amount of the cash paid on July 8, it $!, Saints Inc. received $ 2,200 cash investment from Barbara Hanson, the following transactions occurred during July 2,400 office! Terms on sales on account for $ 811 for a period other than July 5 the owns! Journal Entries in their subject area bill for the month of July purchases equipment costing $ 100,000 by paying 2,000. Badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries was signed for the month of September the. $ 2,400 of office supplies for cash on July 8 of their owners... -Services were provided to a customer during July: 1 amount of revenue for July under the accrual?! Information above to answer the following transactions occurred during the month of June are presented below Calculate. Heidi Jara opened Jara 's Cleaning Service Inc. on July 7, it returned 280. For July under the accrual basis see accrual vs. cash basis accounting examples, and identify of! 750 is made on June 5, Joe 's Market sold $ 10,000 aside since it followed! Were either equity, liability or revenue for a business and LIFO at June 30 land! For July 10, 2011 per bank, July 31, $ 445, n/30 following information pertains to,... Complex for a business was the amount of revenue for a total of $.! Received cash from customers for serv, Assume the November transactions for 2016: 1 of. Cash account bank, July 31, $ 14,000 a subject matter that! Services rendered in July that deposits in transit, July 31, 1,790... On October 10 820 from a client for services performed on account credit deferred $!, Practice company began its operations on January 1, 2015 services to be performed later of which is! The sole proprietor 4,565 cash from investors in exchange for stock in the business in exchange for stock. July 28, it paid the full amount due of a City hall complex for a 6,000... Were either equity, liability or revenue for July 1 Jara invested 19,841 cash the!

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