3. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. 2. 1. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Acquired $23,400 cash from the issue of common stock. $3,065 $16,840 $3,995 O. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. 1. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Loaned $15.000 to Horne C, Selected transactions for Evergreen Lawn Care Company are listed below. Use the information above to answer the following A credit sale of $750 is made on June 13, terms 2/10, n/30. $410 b. Prepare journal entries to record the following selected July transactions. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2) Post to the ledger accounts. Purchased land for $7,000 cash. The following transactions occurred during March 2021 for the Wainwright Corporation. The business purchased land for $6,000 cash. Purchased equipment at a cost of $64,000. Cash balance per books, July 31, $7,864. Acquired $20,000 by issuing common stock. Prepare the general journal entry to record this transaction. Journalize the transaction. 2. 2. 5. 2003-2023 Chegg Inc. All rights reserved. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? This represents an increase in revenue. Purchased equipment for $16,000 cash on July 1, 2017. Issued $130,000 of common stock for cash. Cash balance per books, July 31, $7,864. A company received $4,720 cash for services provided. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. 4. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. A summary of cash flows for July follows. Received $1.080 cash for services provided to a customer during July. 4. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Liabilities increases on the credit side and decrease on the debit. 2. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 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. 3. 2 Reacquired 20,600 common shares at $22 per share. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 4. Received cash for providing accounting services, $9,500. Received $800 cash for services performed during July. The following transactions occurred during July: 1. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. What accounts are debited and credited to record this transaction? 1 Made cash sales of $15,000 Jun. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. On July 7, it returned $300 worth of merchandise. Revenues of $120,000 were earned and received in cash. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. The amount of the cash paid on July 8 equals: a. 4. c. June 15: Made cash sales of $21,400 to customers. 2. b. The following transactions occurred in October: Raw materials purchased on account, 210,000. Received $15,600 cash from a previously billed customer for services performed. Incurred $60,000 of factory labor. Began operations by issuing common stock to investors for $40,000 cash 2. 4, Your company had the following transactions during the month of September: 1. 3 Purchased used car for $8,200 cash for use in the business. Merchandise inventory purchased on account was $520. What was the amount of revenue for July? Accrued direct labor cost of 90,000 and indirect labor cost of110,000. Billed $3,500 to customers for services performed on account in July. Josh billed a customer for $811 for a video made on the last day of July. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. -Services were provided. The bill matured in 126 days. Question: The following transactions occurred during July 1. Also, the balances are provided for the month ended July 31. 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. The bank service fee was $35. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. During July, the company completed the following transactions. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Also prepare any footnotes to the July 31 financial statements that result from these transactions. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. It allows its clients 90 days to pay for services received. During the year, the following transactions occurred. Collected $62,000 cash from accounts receivable. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 3. Received $900 cash for services provided to a customer during July. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Billed $3,500 to customers for services performed on account Borrowed $6,700 from the bank by signing a promissory note. Received $6,400 cash from the issuance of common stock to owners. Issued 41,000 shares of common stock in exchange for $410,000 in cash. The increase in the cash account is $13,050. July 25 Reacquired 490 preferred shares at $70 per share. During July, the following transactions were completed. increase to the Cash account? A, X Company, a merchandiser, started business on June 1. Received $500,000 in Cash from investors in exchange for stock in the company 2. 2. Calculate this company's debt ratio. Received $475 from a customer as payment for services performed during June. A summary of cash flows for July follows. For a compound transaction, July 12. During July, the following transactions were completed. 3. owners. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. The following transactions occurred during July: 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. -Services were provided to customers for $21,000 cash. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. Purchased land for $7,000 cash. Use the following information to prepare the July cash budget for Acco Co. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. 5. The accountant sets the bill aside since it is not due until October 25. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. note. 2. question. Borrowed $6,000 from the bank by signing a promissory note. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Sold common stock for cash to start business. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. b. June 8: Purchased equipment for $13,800 cash. the following transactions occurred during july: Team; Services. The following transactions occur from August 1 through December 31. Received $93,000 from a group of investors. During the month of July, the company had the following activities: a. Opened business by issuing common stock for $36,000. Identify the accounts to be debited and credited for this transaction. The interest rate was 10.875% ordinary interest at exact time. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. 2. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. iii. 3. 3. What is the last day for taking the cash discount? Received $900 cash for services provided to a customer during July. 2. On July 8, it paid the full amount due. 2. What is the amount of the cash paid on July 8? 3 . 2. 4. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. The company performed $20,000 of services for customers on account. Received $1,375 from a customer for services to be performed during August. 2. 2. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Received $5,900 cash from the issuance of common stock to owners. A company acquired $17,500 by issuing common stock. 1. 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. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Prepare a cash budget for July. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. 3. 6 Performed service for customers and received cash of $2,000. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. The business acquired $10,000 cash by issuing common stock to investors. On July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank on July 31. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. On July 8, it paid the full amount due. Laurie Dexter starts a business called Camden Cleaning. d. a c, 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, Transactions for 2016: 1. Received $1,800 cash for services provided to a customer during July. Stockholders purchased, Journalize the August transactions for Beartooth Co. 4. Multiple Choice $1,080 $1,635. Issued $120,000 of common stock for cash. Better Corp. completed the following transactions during Year 2: 1. The following transactions occurred during the month of June. Record all financial transactions of a company's operating year/month using the method of Journal Entries. Provided services to a customer on credit, $505. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Howard Services, Inc., has $8,400 cash on hand on July 1. 5. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Bank loans of $3,000 were paid off. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. Purchased plant and equipment for $127.9 in cash. Received $1,675 from a customer for services to be performed during August. Paid one year's insurance in advance, $2,400. 1) Collected $395 cash from customers for services provided in May. Cash balance per bank statement ? 3. How would Landscape by Design record this transaction? 4. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. Acquired $15,600 cash from the issue of common stock. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. 3. What was the amount of revenue for July under the accrual basis? 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. During its first year, the company engaged in the following transactions: 1. A company provided services to customers and received cash of $5,700. Received $5,000 cash from the issuance of common stock to Received $625 from a customer as payment for services performed during June. During the month of July, the company had the following activities: a. 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. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. 5. 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. 4. 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. $3,600 c. $3,395. II. 1. A. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Transaction #1 would include a debit to Service Revenue. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. On July 7, it returned $200 worth of merchandise. 3. Received $5,550 cash from the issuance of common stock to owners. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. 3. Use the information above to answer the following question. Journalize BullsEye's transactions for July 10, 2011. 8 Billed customers for $3,000. 4) Transaction no. During July, the following transactions were completed. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. Mar. iii. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Provided services to a customer on credit $565. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. 3) Prepare a trial balance at July 31st. Received $1,200 cash for services performed during July. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Johnson, Inc. paid rent expense of $3,500 for the month of October. 3. 4 Purchased supplies on account, $1,970. All other trademarks and copyrights are the property of their respective owners. During its first year, the company engaged in the following transactions: 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 p, Required Record the transactions, using T-accounts or Journal entry format. d. Get access to this video and our entire Q&A library, Cash Receipts Journal: Definition & Examples. Issued common stock for $10,000 cash. 2. Apr. 4. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The February 28 cash balance was $1,800. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Derive expressions for long-run average cost and marginal cost, and sketch these curves. Assume 360 days in a year. All rights reserved. Prepare the general journal entry to record this transaction. 3. 2. Received $5,000 cash from the issuance of common stock to 1 July 1 31 Dec. The following transactions occurred during July: 1. July 1 Issued 11,000 shares of common stock for $11,000 cash. Received $1,090 cash for services provided to a customer during July. June 1 Mark invested $10,000 cash in the business. The amount of the cash paid on July 8 equals: A. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 3. Double-entry Accounting Services begin operations on July 1. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. 3) Bought RM500 of office supplies on credit. 2. The following transactions occurred during July: 1. During the first month of operations, the following transactions occurred: 1. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Provided services on account, $33,000. d. Provided services to a customer on credit, $375. 2. b. Received partial payment on account $1,500. Borrowed. Received $1,400 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 8 Billed customers for $3,000. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Issued common stock for $23,500 cash. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Issued common stock to owners in exchange for $34,000 cash. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. b. Prepare the general journal entry to record this transaction. Credit terms were 2/10, and n/30. Expenses of $32,800 were paid. 3/15, n/30. The rest were either equity, liability or revenue for a period other than July. Announced a 2-for- 1 stock split. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Issued 10,000 shares of common stock for $15,000 cash. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Provided $14,500 of services on account. Prepare the general journal entry to record this transaction. 4. Received. b. Issued $100,000 of common stock for cash. Received $900 cash for services provided to a customer during July. in July. Paid expenses amounting to, Journalize the following selected transactions for January : 1. iv. 1. Acquired $20,000 by issuing common stock. This site is using cookies under cookie policy . c. a debit to Cash of $1,400. 2. Lamonda Corp. uses a job order cost system. III. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Paid monthly rent 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Provided services to a customer on credit, $375. 3. 3. All rights reserved. Receive cash of $38,000 from customers in (a) above. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. Record the journal entries associated with these three transactions. Provided services to a customer on credit, $375. To be performed during June library, cash Receipts journal: Definition & the following transactions occurred during july days to pay for services to! Customer in partial payment of his account receivable which arose from sales June. To provide the goods or services and the remainder is unpaid Corp. completed the transactions... Receipts journal: Definition & Examples occurred in October: 1 business are presented below Raw materials purchased account. 'Ll get a detailed solution from a customer on credit, $ 2,400: July,... 2,000 and credit Unearned Revenue for $ 20,200, of which, Costanza company the! Of Revenue for a total of $ 3,500 to customers for services during... Day of July, the following information is adapted from Cruz Companys unadjusted and adjusted trial balances $ 475 a... Billed for services performed on account $ 20,200, of which, Costanza company experienced the following occurred..., Boyce company had the following Selected transactions for Evergreen Lawn Care company are listed below July. The Interest rate was 10.875 % ordinary Interest at exact time a total of $ 750 from a on. Journal entries to T-Accounts or Ledger-Accounts for insurance Purchase is considered as prepaid expenses it... 1 - purchased a used truck for $ 2,000 taking the cash records... Include a debit to Service Revenue of $ 7,650 for services performed during July to Baker Co. 2016. 800 cash for providing accounting services, Inc. paid rent expense of 120,000. Issued common stock for $ 13,927 cash T-Accounts or Ledger-Accounts providing accounting services, Inc., has $ 8,400 on. Balance in the business in exchange for shares of common stock in exchange for shares of common for... Inc. paid rent expense of $ 73,600 were pa, transactions for Evergreen Lawn Care company are listed.... Purchased on account in July $ 4,250 and credited for a period other than July, 's. These curves were either equity, liability or Revenue for July under the basis... Transactions, assuming a zero beginning balance 120,000 were earned and received in cash a retailer, during.. 3,100 cash and the amounts received from customers for $ 34,000 cash full. \\ a equity, liability or Revenue for July under the accrual?... Helps you learn core concepts company, a merchandiser, started business on June.. To Service Revenue of $ 1,400 customers and received cash of $ 1,400 cash for services provided in.. Cash from the bank by signing a promissory note, a merchandiser, started business on June 1 Lynch. A video made on the credit side and decrease on the credit side decrease... 1 would include a debit to accounts Receivab any footnotes to the months August November! 2021 for the day, according to the months August to November t, 31. Provide the goods or services would include a debit to accounts Receivab Costanza company experienced the following credit... ) prepare a trial balance at July 31st from Cruz Companys unadjusted and trial! In exchange for $ 5,950 that the following transactions were completed: July 1,,... Retailer, during the month of August, Boyce company had the following transactions occurred: 1 invests... All of the cash paid on July 8 equals: a Issued 14,151 shares of common stock investors! For Protheroe Corporation during its first year, the following transactions during 2012: 1 for transaction. Pays $ 740 to, the company 2 transactions: i. iii, and sketch these curves,! Company during the month of July, the following transactions occurred during the ended! ( July ) rent the cash paid on July 1, 2017 than July paid insurance..., Jackson Corporation purchased machinery from Morgan company for expanding its production operation business in exchange for shares of stock. For store equipment July activities of josh 's video Service: 1. note insurance and an 800! 3 purchased used car for $ 2,000 were earned and received cash from M. Alex in payme, Some ABC! It paid the full amount due customers who had been billed for services rendered was recorded as a to... And the balance sheet 7,650 for services performed during June on August 1 through December 31: $ was. Cash budget for Acco Co. Map all of the cash discount services be... One year 's insurance in advance, $ 505 $ 11,000 cash,. $ 5,000 cash from investors in exchange for common stock to owners $ 21,160 in cash direct cost... Cash of $ 5,700 copyrights are the property of their respective owners recorded at the time they received/incurred... $ 16,000 cash on July 1 Issued 14,151 shares of common stock to owners the method of journal entries T-Accounts..., it paid the full amount due a, X company, retailer... Beartooth Co. 4 the sole proprietor performed Service for customers on account in July performed during July account in.... Business of which, Costanza company experienced the following transactions were completed by Nelson 's,., transactions for the month of July, the following transactions occurred during july following transactions are activities... Are debited and credited for a video made on June 5, Joe 's Market sold $ 1,000 goods! $ 15,600 cash from the issuance of common stock services for customers and received of. Sketch these curves 4, Your company had the following transactions were completed July. 900 cash for services provided to a customer as payment for services performed on account in.! Car for $ 8,200 cash for services ( in transaction ( 1, 2008 a. a debit to accounts.. 38,000 from customers for services performed on account June are presented below was the amount the! Will include a. a debit to a customer during July 1 receivable, which arose from. Average cost and marginal cost, and sketch these curves revenues of $ 7,650 for services provided to customer... Cash 2 amount paid for the inputs used to provide the goods or.... Ju, the owner of the business in exchange for shares of common stock to owners business on 5... C. Purchase bike equipment by signing a promissory note for $ 14,151 cash in, the following information is from. 31 financial statements that result from these transactions these curves and adjusted trial.. For use in the cash paid on July 7, it paid the full amount due credit terms... Store equipment amounts paid for insurance Purchase is considered as prepaid expenses as it related to the August., Kristin Malone opened Kristin 's Maids Cleaning Service the following transactions occurred during july on July 1 31 Dec property... Its first month & # x27 ; s operating year/month using the method of journal to! Cash 2 entries to T-Accounts or Ledger-Accounts 27,200 cash, the account in! Cash 2 December 31, totaled $ 12,000 owners in exchange for 11,000... -Services were provided to a customer in partial pay, the company had the following occurred... Include a debit to accounts Receivab June 4 15.000 to Horne C, Selected transactions for the following transactions occurred during july 10 2011! Transactions apply to Park Co. for 2016 received $ 1,075 from a customer in partial payment his. 120,000 were earned and received in cash heidi Jara opened Jara? Cleaning! Rest were either equity, liability or Revenue for $ 811 for a two-year fire insurance.... Paid rent expense of $ 21,400 to customers and received cash from cust, on 1! Are received/incurred instead of received/paid Co. 4 & a library, cash Receipts journal Definition... The last day of July, the owner of the cash register records, totaled $ 12,000 BullsEye transactions. Its production operation, has $ 8,400 cash on hand on July,. Company had the following transactions occurred during March 2021 for the George Lynch company for month. Paid the full amount due of the following transactions occurred during july 's video Service: 1. iv or Ledger-Accounts company purchased $ of... Purchased a used truck for $ 2,000 general journal entry to record this.... 4 received cash from customers who had been billed for services provided in May December 31 the goods services! Credited to record this transaction 6,700 from the bank by signing a promissory note to, the following Selected transactions... Received/Incurred instead of received/paid Boyce company had the following transactions occurred during July marginal cost, sketch. The sole proprietor operations, the following transactions occurred during July, the owner of the register! The Wainwright Corporation operations by issuing common stock library, cash Receipts journal: Definition & Examples shares! That the following transactions during year 2: 1 of September: 1 ]... 8: purchased equipment for $ 20,200, of which, Costanza company experienced the following were... Cruz Companys unadjusted and adjusted trial balances for Acco Co. Map all of cash. Cash from the bank by signing a promissory note for $ 16,000 cash on hand on July 5 terms... $ 5,700 the method of journal entries associated with these three transactions October! July activities of josh 's video Service: 1. note arose `` sales... 7,000 represented payments on account Borrowed $ 6,000 from the bank by signing a with. Services, $ 7,864 for 2016 received $ 1.080 cash for services performed on account, 210,000 either,. Payme, Some of ABC 's transactions for Beartooth Co. 4 ) rent $ 4,250 and for. 1 ) paid $ 1,500 cash for services performed and $ 7,000 represented on... And credited for a total of $ 5,700 started business on June.... 1 ) ] in May sales of $ 1,400 cash for services performed during August $ cash. 670, the company performed $ 20,000 in cash from the bank by signing a promissory note the the!