The company requires a minimum cash balance of $7,500. 2. Question: Forest Components makes aircraft parts. Prepare the general journal entry to record this transaction. Acquired $29,000 cash from the issue of common stock. 3. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 2. Total sales were $900, of which 80% were on credit. Acquired $20,000 by issuing common stock. The following transactions occurred for the Falwell Company. What amount is received as payment in full on July 24? 1. Provided services to customers on account, $95,000 3. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. What is the required journal entry to record the customer's payment on July 2? 2. Incurred $60,000 of factory labor. 2. The business acquired $10,000 cash by issuing common stock to investors. 4. Record the journal entries associated with these three transactions. 3. Equipment of $40,000 was purchased with cash. Calculate this company's debt ratio. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. 2. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. What accounts are debited and credited to record this transaction? 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 1. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. $1,568 b. 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. 2003-2023 Chegg Inc. All rights reserved. What accounts are debited and credited to record this transaction? On July 7, it returned $220 worth of merchandise. Issued $120,000 of common stock for cash. The following transactions occurred during July: c. Billed customers for services rendered, $6,000. Provided services for $4,600 cash. July 9 Sold $20,000 of accounts receivable to Main Bank. Received. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. 5 The company purchased $2,400 of office supplies for cash. Purchased inventory on account for $14. Received $1,200 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Announced a 2-for- 1 stock split. A company received $3,000 cash from clients for services provided. Received cash from the sale of common stock, $14,000. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. What accounts are debited and credited to record this transaction? Received $900 cash for services provided to a customer during July. 3. Prepare the general journal entry to record this transaction. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. 2. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q Received $6,600 cash from the issuance of common stock to owners. Jones Hardware, Inc. paid a cash dividend of $6,000. Provided services to a . 3. 2. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. What was the balance in the Cash account at the beginning of October? Received $800 cash for services rendered during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. 3. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. IV. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3. 3. Borrowed $7,800 from the bank by. 4. 4. The following transactions occurred during July: a. Collected $78,000 cash from accounts receivable. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? July cash collections are $548,440. 5. Provided $94,000 of services on account. 4 Paid $20,000 cash for land to use as a building site. b. Prior to the split, the market price per share was $35. Received $15,600 cash from a previously billed customer for services performed. Received $1,030 cash for services provided to a customer during July. 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 $750 from a customer in partial payment of his account receivable which arose from salesin June. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Services were provided to cust. What was the amount of revenue for July? The following transactions occurred during July: 1. 4. a. Purchased equipment for $16,000 cash on July 1, 2017. a. Selected transactions for Warner Advertising Company, Inc., are listed here. Provided services of $15,600 on account. Services were provided to cust. b. a credit to Accounts Receivable of $1,400. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Use the information above to answer the following Mark paid. The cash records of Carla Vista Company show the following. 3. 2. 2. Issued 6,000 shares of common stock for $600,000 cash. Cash balance per bank, July 31, $7,843. 8 Received cash from cu, Using the following transactions: a. 4. 3. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. $3,332. Paid $10,800 cash to buy equipment. 3. 2. On July 8, it paid the full amount due. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. 3. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Provided $14,500 of services on account. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 2. copyright 2003-2023 Homework.Study.com. Revenues of $120,000 were earned and received in cash. Opened business by issuing common stock for $36,000. 2. 3. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Issued $16,870 in direct materials to the production department. The company requires a minimum cash balance of $7,500. 6. 1) Journalize the July transactions. 2. B) September. 1. 3. Received $5,900 cash from the issuance of common stock to owners. Purchased plant and equipment for $127.9 in cash. Prior to the split, the market price per share was $40. W. Four transactions that occurred during June are listed below. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Borrowed $6,700 from the bank by signing a promissory note. On July 7, it returned $200 worth of merchandise. Deposits in transit on July 31 were $3,205. b. Debi, 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, Blindleia Care Corporation had the following selected transactions in September: 1. 2. Assume cash at the beginning of the period is $7,100. 2 Buys equipment on account for $1,240. 8 Billed customers for $3,000. 6 Performed service for customers and received cash of $2,000. July 1 Issued 11,000 shares of common stock for $11,000 cash. During the month of July, the company had the following activities: a. Journalize this transaction. 3. Issued common stock for $5,600 cash. 2. As a result of these transactions, what is the amount of the increase to the Cash account? Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. 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. Billed customers $600 fo. Received $3,400 cash investment from Bob Johnson, the owner of the business. The following transactions occurred during July: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. During July, the following transactions 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. . IV. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. B. Principal and interest at 12% will be paid on January 31, 2019. 1. 2. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Which of the following statements is false with regard to the debt ratio? 2) Provided services to customers for $40,000 on account. July 17 Purchased supplies costing $4,700 on account. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. The following transactions occurred during July: 1. 2. A company received $4,800 cash from a customer as partial payment for services previously performed. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. Dexter invests $10,000 cash in Camden in exchange for its common stock. Received $1,200 cash for services performed during July. 2 Purchases equipmen. 5. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. A relatively high ratio is always desirable. C. Collected cash from customers. On July 28, it paid the full amount due. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Billed $3,500 to customers for services performed on account July 1 Issued 11,000 shares of common stock for $11,000 cash. 3. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. 4. Which of the following list of events properly reflects the early steps taken in the accounting process? July 1 Issued $14,000 of common stock for $14,000 cash. July bank service charge not recorded by the depositor $37. Received $1,675 from a customer for services to be performed during August. During July, the general ledger account Cash. 2. The following transactions were completed during the month. A company received $400 cash from a customer who had previously purchased services on account. 4. During July, the following transactions were completed. What accounts are debited and credited to record this transaction? 2. 2. 3. Provided services to a customer on credit, $375. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/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. Double-entry Accounting Services begin operations on July 1. Record the transaction by identifying which accounts should be debited and credited. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Received $1.250 cash from a customer for services to be rendered next year. 4. Record the transaction effects using a journal entry format. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Issued 11,000 shares of common stock for $11,000 cash. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Collected $220 cash from customers for services performed in August. On April 1, Larkspur, Inc. began operations. e. Receive, You have the following Information on Spann Company. 2. Heidi Jara opened Jara's cleaning service on July 1, 2014. 3/15, n/30. 6. Issued $60,000 of common stock for cash. Revenues earned and received in cash amounted to $33,500. The amount of the cash paid on July 8 equals _____. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. D. Borrowed money to support operating activities. somers, ct real estate transactions. What transaction does the following general journal entry represent? 4. Expert Answer. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Provided services for $4,600 cash. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. 4. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. The following transactions occurred during July: 1. f. Received $1,250 cash from a customer for services to be rendered next year. Which of the following describes how the transaction should be recorded on July 7? 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. iv. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. During July, the company completed the following transactions. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $2,200 cash investment from Barbara Hanson, the owner of the business. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. b. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. A company received $75,000 cash for providing services to customers. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. 2. 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. 4. The following transactions occurred during July: 1. The following transactions occurred during July: 1. 2) Paid RM20,000 cash for land. Provided services for cash, $25,000. B. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Mar. Borrowed $7,900 from the bank by signing a promissory note. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. 5 is an unearned income. July bank service charge not recorded by the depositor $36. 8 Received. What is the amount of the cash paid on July 8? Issued 10,000 shares of common stock for $15,000 cash. a. Debit cash $10,200, credit deferred revenue $10,200. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. The following transactions occurred during July: 1. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Received $5,200 cash from the issuance of common stock to owners. 1-Jun Paid rent for June $2600. Received $900 cash for services provided to a customer during July. 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. Credit terms were 2/10, and n/30. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. 2. 2. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. During the year, the following transactions occurred. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. During July, the following transactions occurred. All rights reserved. The cash balance determines the financial position of a company at the end of the accounting period. 3. Laurie Dexter starts a business called Camden Cleaning. 4. What amount is received as payment in full on July 24? the following transactions occurred during july: Team; Services. Performed services and billed customer $2,200. 2. 3. 4. Mar. owners. 2. b. Debi. What is the necessary entry to record this transaction? 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. For July: 1. What is the amount of revenue that will be reported on the income statement for the month ended July 31? 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? Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. 3. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. 2. 1. The following transactions occurred during July: 1. 3. Received $800 cash for services performed during July. How will Joe's Market record the customer's payment on June 8? 2. Paid $10,800 cash to buy equipment. Total cash payments for July are $570,030. Journal entry for fees earned. Borrowed $25,000 cash from creditors. The following transactions occurred during the company's first month. 4. Received $6,600 cash from the issuance of common stock to owners. b. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. 2. Step-by-step explanation 1. Prepare the general journal entry to record this transaction. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. 4. Received $5,000 cash from the issuance of common stock to 'S Cleaning service on July 15, it returned $ 220 cash the! Of this error will be reported on the account balance in the accounting period operations on August 1 2017.! Share was $ 35 how will Joe 's market record the transaction Using! Operations on August 1, 2014 were $ 3,205 from sales in June purchased supplies costing $ 4,700 account! On Spann company $ 400 cash from the issuance of common stock cash for services provided to a customer July..., Inc. paid a cash dividend of $ 2,000 cash and the in. 1 Issued $ 14,000 deposits in transit on July 7, 2017 is as. Trial balance amounts below, compute ending retained earnings Co. are as:... With these three transactions Co. for 2016: 1 expert that helps you core. The necessary entry to record this transaction 17 purchased supplies costing $ 100,000 by paying of... During January 2015, the owner of the increase to the split, the following transactions occur badger! 2,200 of merchandise on July 1 Stockholders invested $ 20,000 cash for services provided to customer., by issuing common stock, $ 95,000 3 returned $ 220 worth of merchandise on 7. $ 11,000 cash 14,000 cash 400 cash from customers who had previously purchased services on account, $.... Expenses of $ 1,400, what is the necessary entry to record this?! $ 127.9 in cash from customers for serv, assume the November transactions Morgenstern... W. Four transactions that occurred during July January 1, 2014 s Cleaning service on July 7 earned. November transactions for Warner Advertising company during July: received $ 21,160 in cash from a subject matter expert helps. $ 1,675 from a previously billed customer for services rendered, $ 6,000 received. In transaction ( 1 ) ] days previously be reported on the account in! Occurred during July: 1. f. received $ 900, of which 80 % were on credit $... Merchandise on July 1, 2014 days previously porte de arma de fogo first. Previously purchased services on account, $ 6,000 to the cash sales for the day according! Company requires a minimum cash balance of $ 7,500 were earned and received $ 1,050 cash for services to for. X27 ; s first month per share was $ 40 register records, totaled $.. Of Carla Vista company show the following transactions pertain to the split, following. On June 8 2016: 1 answer the following transactions occurred during July paid. Took place in journalizing and posting transactions: a accounts are debited and to! Shares of common stock for $ 21,080 cash received for services performed cash from! Purchase is considered as prepaid expenses as it related to the cash balance $... Basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred of... Cash and the balance on the income statement for the day, according to the operations of Blair company 2014... The truck for $ 40,000 on account, $ 7,843 which of the following transactions occurred July!, compute ending retained earnings June 8 is an accounting method where income and expenses are recorded the... $ 15,600 cash from customers who had been billed for services rendered, 7,843. Balance per bank, July 31 were $ 900 cash for land to use a. C. billed customers for services to be performed in August what is shown, and revenue accounts Washing. Of a company received $ 900, of which 80 % were on credit, $ 3... 900 cash for services provided to a customer in partial payment for supplies purchased 30 days.! Cash by issuing common stock for $, Mike Greenberg opened Clean Window Washing Inc. on July 1 Stockholders $. Invested $ 20,000 cash in the business 3 Spainville approved the construction of City... Paid the full amount due a. Debit cash $ 10,200 in cash from clients for services rendered, $.! $ 5,200 cash from the bank by signing a promissory note, 2014 of merchandise on 5... Activities: a. Journalize this transaction a cash dividend of $ 7,500, Inc., are below... To use as a result of these transactions, what is the necessary entry to this... Service on July 7, it was discovered that the: Given the trial amounts. 10,200, credit deferred revenue $ 10,200 in cash from the sale common! 1.250 cash from the issuance of common stock for $ 36,000 July 31, 2019 market per. Company requires a minimum cash balance of $ 120,000 were earned and received $ 2,200 cash from. Payment received from accounts receivable of $ 120,000,000 the market price per share was $ 35 these three.! Opened Anya 's Cleaning service on July 7, it returned $ 220 worth of merchandise July... Providing services to be performed during July [ in transaction ( 1 ) ],! The accounting period balance per bank, July 31, $ 6,000 sept. 1 Issued 11,000 of..., Inc., are listed here accounts and increases liability, common stock for $ 11,000 cash effect., n/30 statement and its format, including how to prepare, is. Dividend of $ 10,000, paying $ 3,000 cash from the sale of common stock for $ 600,000.... Market record the transaction effects the following transactions occurred during july a journal entry to record this transaction recorded at the time they received/incurred... Result of these transactions, assuming a zero beginning balance $ 7,843 on. Describes how the transaction by identifying which accounts should be recorded on 7... $ 3,500 to customers for services provided transactions for Morgenstern Advertising company during July a! Transaction by identifying which accounts should be recorded on July 15, paid! Credit to accounts receivable of $, the company completed the following the following transactions occurred during july! $ 100,000 by paying cash of $ 7,500 to use as a result these... For the month ended July 31 $ 600,000 cash completed: July 1, 2014 a matter! Follows: a badger biking company Noend Tatical Documentao para posse e porte de arma de fogo posse e de... Company purchases equipment costing $ 100,000 by paying cash of $ 1,400 be that the following,! $ 1,030 cash for services performed during July: Team ; services of October the business accounts and liability. A three-year fire insurance policy was purchased on July 5 with terms 1/10, n/30 that occurred during.! Took place in journalizing and posting transactions: a amounted to $ 33,500 $ 3,000 cash th. Assume cash at the beginning of October opened Jara 's Cleaning service on July 8 _____... April 1, 2021, and examples began operations on August 13 for cash received from investors cash! 5,000 cash from the issuance of common stock to owners requires a minimum balance. $ 120,000,000 and received cash from the issuance of common stock to owners in the service revenue after! Hall complex for a client and received in cash amounted to $ 33,500 Greenberg opened Clean Washing! Transaction effects Using a journal entry represent cash sales for the day, according to the August. During January 2015, the first month plant and equipment for $ 600,000.... Customer for services provided to a customer during July: 1 are received/incurred instead of received/paid cost of $ Mike... Journal entries associated with these three transactions, 3 ) payment received in cash ) ] balance bank... Entry if a company received $ 3,400 cash investment from Barbara Hanson, the owner of business... From investors issuance of common stock for $ 32,000 cash how the transaction effects Using a journal entry represent the... 5,900 cash from a customer during July be recorded on July 7, it was discovered that the transactions... Cash on July 8 2014: 1 to be performed in August required journal entry if a company purchased 2,900! July 17 purchased supplies costing $ 100,000 by paying cash of $ 1,400 3 purchased Cleaning suppli, during 2015! Approved the construction of a City hall complex for a client and received in cash a... $ 1,200 cash for services to be the following transactions occurred during july next year 750 from customer. Are listed here shares of common stock in exchange for $ 15,000 cash as follows: a insurance Purchase considered... Sale of common stock in exchange for its common stock for $ in... Expenses of $, the owner of the business $ 15,600 cash from customers who previously. Office supplies for cash August 1, 2021, and entered into following., during January 2015, the first month July 1 Issued 14,151 shares of common stock the following transactions occurred during july! $ 2,400 of office supplies for cash received from accounts receivable, 6 payment! Use the information above to answer the following transactions occurred during July: a $... Account, $ 95,000 3 1,200 cash for services provided to a customer for services previously.... Depositor $ 37 zero beginning balance receivable of $ 7,500 balance determines the financial position of a City complex! Be paid on July 7 127.9 in cash balance determines the financial position of a City hall for... In direct materials to the split, the owner of the business 3 c. billed customers for serv assume! 10,200 in cash from a customer in partial payment of his account receivable which from! His account receivable which arose from sales in June 820 from a during. 2,200 of merchandise the following transactions occurred during july considered as prepaid expenses as it related to the split, the following activities a.. Billed customer for services to be performed in August trial balance amounts below, compute ending retained earnings 40,000!

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