The following transactions occurred during June: June 1: Purchased two new maintenance carts on account at $750 each. Payment is due in 30 days. June 8: Accepted $500 of advance payments from customers for services to be provided next month. June 15: Received the utility bill for $300. Payment is due in 30 days. June 20: Billed customers $1,500 for services provided. Payment is due in 30 days. June 30: Received $500 from customers who were billed earlier. Refer to Hesson Properties. What journal entry is required to record the collections on account from customers? a. Accounts Payable 500 Cash 500 b. Cash 500 Accounts Receivable 500 c. Service Revenue 500 Cash 500 d. Accounts Receivable 500 Service Revenue 500
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Record the following selected transactions for January in a two-column journal. Once you have completed that, answer questions 1 – 5 related to your work. (a) Earned $7,000 in fees; customer will pay later. (b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit. (c) Paid $3,000 for rent for January. (d) Purchased $2,500 of supplies on account. (e) A. Allen made a $1,000 investment in the company. (f) Received $7,000 in cash for fees earned previously. (g) Paid $1,200 to creditors on account. (h) Paid wages of $6,250. (i) Received $7,150 from customers on account. (j) A. Allen made a withdrawal of $1,750. 3. For part (a), which two accounts are affected? Accounts Receivable and Fees Earned Supplies and Accounts Payable Cash and Accounts Receivable Rent Expense and Cash
Brooke B.
The following transactions occurred during July: 1. Received $900 cash for services provided to a customer during July. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $375. 5. Borrowed $6,000 from the bank by signing a promissory note. 6. Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July?
Azat N.
Problem 4-1 (IAA) The "Receivables" account with Dreamer Company reported a debit balance of P2,000,000 at year-end. The allowance for doubtful accounts had a credit balance of P50,000 on the same date. Subsidiary details revealed the following: Trade accounts receivable P775,000 Trade notes receivable P100,000 Installments receivable, normally due 1 year to 2 years P300,000 Customers' accounts reporting credit balances arising from sales return P30,000 Advance payments for the purchase of merchandise P150,000 Customers' accounts reporting credit balances arising from advance payments P20,000 Cash advance to subsidiary P400,000 Claim from insurance entity P15,000 Subscriptions receivable due in 60 days P300,000 Accrued interest receivable P10,000 Total: P2,000,000
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