Question

Required information [The following information applies to the questions displayed below.) The following transactions occurred during July: 1. Received $950 cash for services performed during July. 2. Received $5,550 cash from the issuance of common stock to owners. 3. Received $475 from a customer as payment for services performed during June. 4. Billed $3,800 to customers for services performed on account in July 5. Borrowed $2,600 from the bank and signed a promissory note. 6. Received $1,225 from a customer for services to be performed during August. As a result of these transactions, what is the amount of the increase to the Cash account? Assume accrual basis accounting is followed.

Answer 1

CASH BALANCE INCREASED BY $10,800.

solution :- ortul FI particulars but no ou Cash Ale Cash Ale & Amount particulars -Amount ER TO Service Yevenue $950 T To common stock $5550 To Receivables $475 To Borrowings $2600 m TO Advance Received To balance $1295 $10,800 tte $10,800 10,800 ΝΗ cash balance, is increased by $ 10,800. JWA yoote con Note :- o As Company is fauoding accwal system Services provided and billed to Customer bet cash didn't received wouldn't effect the cash balance. So, dildn't consideşed. horst host opet hovinar tu tort bood Boronto thout lobor