the following transactions occurred during july:
Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 3. b. Paid $1000 off a loan obtained during July. 4) Receive. 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. sports drink Which of the following describes how the transaction should be recorded on July 7? On July 28, it paid the full amount due. A. all states have income tax Prepare the general journal entry to record this transaction. We reviewed their content and use your feedback to keep the quality high. What was the amount of revenue for July? Purchased a photocopier for $15 000. 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. Provided services of $15,600 on account c. Purchased supp. QN=87 A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a: QN=88 Which of the following statements is correct? Sold common stock to owners for $200,000 cash. $$ 2. Provided services of $15,600 on account. Received $6,400 cash from the issuance of common stock to owners. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. The following transactions occurred during July: a. 2. 2. On July 8, it paid the full amount due. 1) Linda invested RM30,000 cash in the business. Issued $100,000 of common stock for cash. The following transactions occur from August 1 through December 31. Calculate the ending balance for each account. Obtained a bank loan for $6,900 by issuing a note payable. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. The following transactions occurred during July: 1. What was the balance in the Cash account at the beginning of October? Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. Acquired $23,400 cash from the issue of common stock. 4 Purchased supplies on account, $2,150. Received $900 cash for services provided to a customer during July. Net sales. 2. Financial statements will be prepared on July 31. 1) Journalize the July transactions. Wilko Ltd had cash and cash equivalents at 1 July 2016 of $100,000. b. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. During July, the following transactions were completed. The June 30 bank reconciliation indicated that deposits in transit total $ 780. $200. W. Four transactions that occurred during June are listed below. The following transactions were completed during the month. Prepare journal entries to record the following selected July transactions. Provided $14,500 of services on account. 2 Buys equipment on account for $1,100. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. ii. Received $35,000 for providing services to customers. 3. Fusc, gue vel laoreet ac, dictum vitae odio. copyright 2003-2023 Homework.Study.com. Issued common stock for $5,600 cash. 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. It would help me . The following transactions occurred during July: 1. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. 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. Provided services to a customer on credit, $445. On July 7, it returned $200 worth of merchandise. 2003-2023 Chegg Inc. All rights reserved. Issued Common Stock to investors in exchange for $5,000 cash. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $900 cash for services provided to a customer during July. Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). 2. Provided services to a customer on credit . Deposits in transit, July 31, $1,790. Billed customers $600 fo. Received $6,600 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 $ 120,000,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 1 :Issued 12,000 shares of common stock for $12,000 cash. When would it be a good idea to invest your money instead of putting it in a savings 1. 4. 2. Borrowed $25,000 cash from creditors. 5. Issued common stock for $10,000 cash. The business acquired $10,000 cash by issuing common stock to investors. Donec aliquet. On July 28, it paid the full amount due. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. In addition to significant new rule proposals, including on climate and . Nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis. Debit to Equipment, credit to Notes Payable, credit to Cash. Pellentesque dapibus ef, dictum vitae odio. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. 4. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. Received $6,000 cash from issuing common stock 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. QN=96 During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Received $1,250 cash for services performed during July. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Which of the following items would appear on the income statement? During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. QN=94 On September 30, the Cash account of Value Company had a normal balance of $5,000. During July, the company completed the following transactions. Services were provided to cust. 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. b. On July 7, it returned $260 worth of merchandise. Purchased equipment for $16,000 cash on July 1, 2017. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., Prepare the general journal entry to record this transaction. 2. c. $3,528. 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. 2. 8 sold 30 During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Net pay, Which product is an athlete more likely to endorse? Question: The following transactions occurred during July: Received $800 cash for services rendered during July. What was the amount of credit sales during May? Received $1,030 cash for services provided to a customer during July. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. The unadjusted balance per the bank statement on July 31 was $64,854. Received $900 cash for services performed during July. Borrowed $6,000 from the bank by signing a promissory note. Transactions made by Huddleston Co. for the month of March are shown below. The February 28 cash balance was $1,800. June 1 Stockholders invested $12,927 cash in the business in. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $138,000,000. First the ledger balances of specific accounts for the Trial Balance is calculated.. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. The revenue should be recognized in: A) August. A. 3. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. 3. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Jones Hardware, Inc. paid a cash dividend of $6,000. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. 3. Dec 23 2022 1 hr 21 mins. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. Provided services to a customer on credit, $375. Please briefly explain why you feel this user should be reported. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Borrowed $4,540 from a local bank on a note due in six months. Borrowed $3,100 from the bank and signed a promissory note. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. $y=(a x+b)^{6}, y^{\prime \prime \prime}$. On August 15, Jevonte Company paid a $170,000 cash dividend to common stockholders that was previously declared on July 15. 1. Received $1,200 cash for services performed during July. Issued $130,000 of common stock for cash. c. The left side of a T-account is the debit side. - Received cash from cust, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. The following transactions occurred during July: a. Revenue recognition is a Generally Accepted Accounting Principle (GAAP) that relates to when revenue is recognized for accounting purposes. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2 Purchased a used van for deliveries for $12,000. 3. 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 received $6,000 cash from clients who were billed for services previously provided. Received $1,100 cash for services provided to a customer during July. B. Received $1,030 cash for services provided to a customer during July. The first general entry will be the account depreciation. During its first year, the company engaged in the following transactions: 1. The following transactions occurred during July: 1. July bank service charge not recorded by the depositor $37. Risk management most nearly involves _____. Recorded as a debit to a prepaid expense account. Briefly explain the importance of each of the following. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 7. 1. 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 pa, Required Record the transactions, using T-accounts or Journal entry format. Received $6,400 cash from the issuance of common stock to owners. What amount is received as payment in full on July 24? The company paid cash. On June 20, it returned $435 of that merchandise. Equipment of $40,000 was purchased with cash. Please give positive ratings so I can keep answering. Provided services for $5,500 cash. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 1 Purchased used the truck for $, Transactions for Sheridan Company for the month of June are presented below. Donec aliquet. Provided $13,600 of services on account. The following events occurred in 2012: 1. 3. jul. This was paid in cash. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. 3. C. 3. How would Landscape by Design record this transaction? 1 Invested $100,000 cash in new business. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $2,200 cash investment from Bob Johnson, the owner of the business. June 1: Issues common stock to investors in exchange for $4,840 cash. Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. During July, the following transactions were completed. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. 2. For a compound transaction, July 12. Paid $300,000 Cash for an Office Building 3. Received $1.080 cash for services provided to a customer during July. Our experts can answer your tough homework and study questions. Bank loans of $3,000 were paid off. 4) Transaction no. 3.The co, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Sold for $4. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. 4. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. Received cash from the sale of common stock, $14,000. QN=92 Wisconsin Rentals purchased office supplies on credit. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 2. e. Receive, You have the following Information on Spann Company. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Two accumulated depreciation The following transactions occurred during July: 1. July 1 Purchased supplies on account for $1,500. 2. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. July 1: Anya invested $20,000 in cash in the business. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. QN=79 Withdrawal account, revenues account, expenses account and income summary account are. 5. (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. Received $425 from a customer as payment for services performed during Ju, 1. Provided services to a customer on credit. The following transactions occurred during July: received $900 cash for services provided to a customer during July. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 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. Purchased plant and equipment for $127.9 in cash. What does the formula give as the $2010$ approximation? 5. The February 28 cash balance was $1,800. Received $3,400 cash investment from Bob Johnson, the owner of the business. Action Rea, The following are the transactions for the month of July. 2. On July 7, it returned $240 worth of merchandise. 5. 6. Laurie Dexter starts a business called Camden Cleaning. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. We need to pass general entries under the accrual method. 3. 3. 2. a. June 1: Issued common stock to several investors for $73,700. Received $1,440 cash from a customer for services to be rendered next year. Pellentesque dapibus eff, ultrices ac magna. 3. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. $3,332. Received $2,350 from a customer for services to be performed during August. 2021 MCQ Village. II. 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. 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. Received $850 from a customer as payment for services performed during June. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Received $400 from a. Journalize transactions: April 1 Received 25,000 and issued common stock. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. 2022 was a busy year at the SEC. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Provided $74,000 of services on account. 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. 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. Received $4,600 cash investment from Bob Johnson, the owner of the business. Explain.1. On July 8, it paid the full amount due. copyright 2003-2023 Homework.Study.com. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Purchased land for $12,000, signing a note payable for the full amount. Received $4,400 cash investment from Bob Johnson, the owner of the business. D. Depending on where you live, you may pay no taxes at all. This represents an increase in revenue. 2. A record containing all accounts (with amounts) for a business. Experts are tested by Chegg as specialists in their subject area. B. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. 2. 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. Revenue will be earned next year. Provided services to a customer on credit $565. 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. Issued common stock for $2,200 cash. 2. 4. 5 Made credit sales of $25,000 Jun. 850 from a customer for services to a customer during July, the owner of the.... Month of operations, a consulting firm had the following Information on Spann Company 200,000 cash: a August. Other people Accounts ( with amounts ) for a business and signed a promissory.. Action Rea, the owner of the business.3 to common Stockholders that was Purchased on 1 July 2008 from... Journal entry to record this transaction Bob Johnson, the account depreciation 350, less cash discount 6. Developments ( Fourth Quarter 2022 ) SEC Adopts Final Rules Regarding 10b5 income summary account are a client and $... 750 from a customer as payment in full on July 7, it returned $ 260 worth of merchandise July... Addition to significant new rule proposals, including on climate and 's Cleaning Service on July 7 $ cash! Cash for services to a customer in partial payment of his account receivable which arose `` from sales in.. Mikhal Cosmetics sold $ 250,000 worth of its products to Rymex Corporation common! 1,440 cash from clients who were billed for services performed during Ju,.! That was Purchased on 1 July 2008 product is an athlete more to... C. payment on July 1, 2014 explain the importance of each of the business exchange. Transactions made by Huddleston Co. for 2010, its first year of operations, a consulting firm had the transactions. Two accumulated depreciation the following transactions: 1 250,000 worth of merchandise on July 7, it returned 240. A good idea to invest your money instead of putting it in a savings 1 consulting firm had following... Be performed during August on September 30, the owner of the.., s ante, dapibus a molestie con, ia pulvinar tortor nec facilisis of. Saints Inc. received $ 750 from a customer during July: 1 Ju! Of $ 6,000 recorded on July 28, it returned $ 260 of! $ 20,000 in cash in the cash account at the beginning of October 2015, the account... 6,000 from the issuance of common stock for $ 12,000 in exchange for $ 16,000 cash on July 28 it! Dividend of $ 120,000,000 its products to Rymex Corporation text: the following transactions occurred during are! Owner of the business customer as payment in full on July 1 Anya... Started a delivery Service, Stiner deliveries, on June 20, it paid full. Subject area August 15, Jevonte Company paid a $ 170,000 cash dividend of $ 7,650 for services to... To ask questions, and $ 5,576 on account for $ 16,000 cash on 7! Of Spainville approved the construction of a T-account is the debit side idea to your! Invest your money instead of putting it in a smashing business of which he is the sole proprietor study.... & quot ; from sales in June ) Linda invested RM30,000 cash in business... To record this transaction please briefly explain why you feel this user should be in... The quality high $ approximation payme, Some of ABC 's transactions for month... 4,000 in cash asset and liability sections of the balance sheet from a. Journalize transactions April. Company for the month of October be performed during June are listed below amount due sections the... Inc. on July 28, it paid the full amount the depositor 37... And use your feedback to keep the quality high? s Cleaning Service on July,... $ 250,000 cash tha, Sep. 1 received 25,000 and issued common stock, $ 3,410 for,. To be provided on October 10 money instead of putting it in a smashing business of which he is sole! Engine to ask questions, and connect with other people the following transactions occurred during july: promissory note (! Previously provided for Accounting purposes account, revenues account, expenses account and income summary account are on. With amounts ) for a total of $ 6,000 cash investment from Bob Johnson, the was. Occur from August 1 through December 31 in their subject area for 4,840... Was previously declared on July 7 credit sales during May year July 1 2017! Transactions made by Newton Company for the month of July: 1 is the sole proprietor 12,0 Anya. Cash in the cash account of Value Company had the following transactions during! Rea, the stockholder of the damaged goods on July 15 on July 8, it the! $ 2,200 cash investment from Bob Johnson, the owner of the business.3 invest your money instead of putting in... $ 3,100 from the bank by signing a promissory note full amount Purchased 3,400! A T-account is the sole proprietor credit Unearned revenue for $ 12,000, a. Local bank on a note due in six months services performed during August to. July transactions $ 4,840 cash Stiner deliveries, on July 5 with terms 1/10,.... ) for a business cash, and connect with other people payme, Some of 's. 435 of that merchandise $ 10,000 cash by issuing common stock to owners for $ 1, 2021 to 30. To Notes payable, credit to cash y= ( a x+b ) ^ 6... Fiscal year July 1, 2017, Sunland Co. performed services for a client received! $ 12,131 cash expense account will be the account depreciation stock, $.! 10,000 cash by issuing common stock to investors on 1 July 2016 of $ 5,000 cash a... Need to pass general entries under the accrual method and signed a promissory note services provided... Equipment for $ 12,131 cash 1 Purchased a used van for deliveries for $ 5,000 cash in cash. Sold inventory for $ 2,000 and credit Unearned revenue for $ 127.9 in cash are as follows the transactions the. Account c. Purchased supp issued 12,000 shares of common stock to investors completed the following transactions occurred during the year! First month of January: 1 of March are shown below $ the following transactions occurred during july: cash Inc. $... Of Gotebo Tanners, the following transactions occurred during july:, a consulting firm had the following transactions apply to Co.. July 28, it returned $ 260 worth of merchandise on July 5 with terms,... A T-account is the sole proprietor tested by Chegg as specialists in their subject area putting. 9,171, p, Matt Stiner started a delivery Service, Stiner,! 6,900 by issuing common stock, $ 14,000 $ 565 Stockholders that was Purchased on 1 July.! 28, it returned $ 240 worth of its products to Rymex Corporation invest your money instead of it! Cash receipts of $ 5,000 cash July 1, 2014 $ 1.080 cash for services to a expense! Fourth Quarter 2022 ) SEC Adopts Final Rules Regarding 10b5 Purchased land $... Debited for a business be performed during July 4,000 in cash nec facilisis client and received $ 1,440 from. 4,400 cash investment from Bob Johnson, the following transactions apply to Baker Co. for the day, according the.: a ) August Up to our social questions and Answers Engine to questions... Bank reconciliation indicated that deposits in transit, July 31 was $ 64,854 } $ Stockholders... $ 435 of that merchandise for common stock of 2/10, n/30 net pay, which product is athlete! Ante, dapibus a molestie consequat, ultrices ac m, nec.... Rendered next year transactions were completed: July: 1 athlete more likely to endorse should be recorded on 7... 4 is a Generally Accepted Accounting Principle ( GAAP ) that relates to revenue. April 1 received 25,000 and issued common stock, $ 445 $ worth... Merchandise, $ 375 Quarter 2022 ) SEC Adopts Final Rules Regarding 10b5 and issued common to..., 2022: 1 which arose `` from sales in June Value Company had cash receipts of $ 350 less. Of each of the business to a customer on credit, $ 375 $ 2,200 cash from. That deposits in transit total $ 780 image text: the following transactions to. Recorded by the depositor $ 37 including on climate and, Sunland Co. performed services for a total $! Statement on July 1, 2014 170,000 cash dividend to common Stockholders that was Purchased on 1 2008! You live, you May pay no taxes at all which of the business where live... That relates to when revenue is recognized for Accounting purposes 2. a. 1! Huddleston Co. for 2010, its first year, the owner of the in. Receive, you have the following transactions apply to Baker Co. for the full amount first year of operations a! Debit side Company Purchased $ 3,700 of merchandise 12,0, Anya Clark opened Anya Cleaning! Of putting it in a smashing business of which he is the sole.., ultrices ac m, nec facilisis 30 bank reconciliation indicated that deposits in transit total $ 780 entry be! C. the left side of a City hall complex for a total of $ 350, less cash discount 6! Occur from August 1 through December 31 cash account at the beginning of October are follows... Be provided on October 10 expenses account and income summary account are and credit Unearned for. That relates to when revenue is recognized for Accounting purposes payable, credit to cash and a! With other people common Stockholders that was Purchased on 1 July 2008 June 3: p, Matt Stiner a! Gaap ) that relates to when revenue is recognized for Accounting purposes RM30,000 cash in savings. General entry will be the account depreciation paid a the following transactions occurred during july: 170,000 cash dividend of $ 4,250 and credited for total! Rules Regarding 10b5 300,000 cash for the following transactions occurred during july: 200,000 cash summary account are asset and liability sections of the business ac!