For (g)you should Debit Cash because the money was collected,
For (h)you are right
For (i)you should Credit Cash because the amount was paid.
For the rest of the transactions I didn't notice anything wrong
Hopefully your trial balance checks out, but i recommend checking it more than once because the trial balance is tricky, at least it is for me.
For my assignment I was asked to complete a journal for the Portand After School Program. I have completed it, but I know I did something wrong because when I try to do the second part which is a trial balance it is not balancing out right. can some one please help me correct my mistakes?
(a) July 1, 20XX— Received unrestricted donation check in the amount of $15,000 from the Multnomah County Department of Health and Human Services.
Debited Cash $15,000
Credited Revenue $15,000
(b) July 19, 20XX—Paid Great Northwest Insurance Company $9,000 for six more
months of fire and liability insurance coverage.
Debited Prepaid Insurance $9,000
Credited Cash $9,000
(c) July 15, 20XX—Paid Portland Arts & Crafts Company $3,000 for additional arts and crafts supplies.
Debited Arts & Craft Supplies $3,000
Credited Cash $3,000
(d) July 15, 20XX—Transferred temporarily restricted funds in the amount of $3,000 from investments to pay for additional arts and crafts supplies.
Debited Investments $3,000
Credited Cash $3,000
(e) July 30, 20XX—Paid Oregon Sporting Goods $5,000 for additional recreational equipment.
Debited Recreation Equipment $5,000
Credited Cash $5,000
(f) December 31, 20XX—Received fees from parents in the amount of $40,000.
Debited Cash $40,000
Credited Revenue $40,000
(g) December 31, 20XX—To account for $1,750 in fees from parents earned in the first six months of operations, but collected in the second six months.
Debited Accounts Receivable $1,750
Credited Revenue $1,750
(h) December 31, 20XX—To account for $3,000 in parent fees earned in the second six months of operations, but not yet collected.
Debited Accounts Receivable $3,000
Credited Revenue $3,000
(i) December 31, 20XX—To account for expenses (John’s Deli) in the amount of $1,500 incurred during the first six months of operations, but paid in the second six months.
Debited Expense $1,500
CreditAccount Payable $1,500
(j) December 31, 20XX—Paid Portland Gas & Electric Company $7,500 for utilities.
Debited Expense $7,500
Credited Cash $7,500
(k) December 31, 20XX—Paid salaries and employee-related expenses in the amount of $55,000.
Debited Expense $55,000
Credited Cash $55,000
(l) December 31, 20XX—Paid Pacific Bell Telephone Company $750 for telephone services.
Debited Expense $750
Credited Cash $750
(m) December 31, 20XX—To expense prepaid insurance in the amount of $9,000.
Debit Expense $9,000
Credited Prepaid Insurance $9,000
(n) December 31, 20XX—To expense arts and crafts supplies in the amount of $2,000.
Debited Expense $2,000
Credited Arts Craft Supplies $2,000
The ones that I think are wrong are g, h, and i. Thanks for your help!
3 answers
That is where I am stuck can someone help me???
this is what I got so far can someone help me???
Journal of the Portland After School Program
July 1, 20XX - December 31, 20XX
a) July 1, 20XX - Received unrestricted donation check in the amount of $15,000 from the Multnomah County Department of Health & Human Services.
Debited Cash . . . . . . . . . . . . . . . . . . . $ 15,000
Credited Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000
b) July 19, 20XX - Paid Great Northwest Insurance Company $9,000 for six more months of fire and liability insurance coverage.
Debited Prepaid Insurance . . . . . . . . . $ 9,000
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,000
c) July 15, 20XX - Paid Portland Arts & Crafts Company $3,000 for additional arts and crafts supplies.
Debited Arts & Crafts Supplies. . . . . .$ 3,000
Credited Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000
d) July 15, 20XX - Transferred temporarily restricted funds in the amount of $3,000 from investments to pay for additional arts and crafts supplies.
Debited Cash. . . . . . . . . . . . . . . . . . $ 3,000
Credited Investments . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000
e) July 30, 20XX - Paid Oregon Sporting Goods $5,000 for additional recreational equipment.
Debited Expenses. . . . . . . . . . . . . . . . $ 5,000
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,000
f) December 31, 20XX - Received fees from parents in the amount of $40,000.
Debited Cash . . . . . . . . . . . . . . . . . . . $ 40,000
Credited Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000
g) December 31, 20XX - To account for $1,750 in fees from parents earned in the first six months of operations, but collected in the second six months.
Debited Cash. . . . . . . . . . . . . . .. . . . . $ 1,750
Credited Accounts Receivable . . . . . . . . . . . . . . . . . . . $ 1,750
h) December 31, 20XX - To account for $3,000 in parent fees earned in the second six months of operations, but not yet collected.
Debited Accounts Receivable. .. . . . . . . $ 3,000
Credited Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000
I) December 31, 20XX - To account for expenses (John’s Deli) in the amount of $1,500
Incurred during the first six months of operations, but paid in the second six months.
Debited Accounts Payable . . . . . . . . . $ 1,500
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,500
j) December 31, 20XX - Paid Portland Gas & Electric Company $7,500 for utilities.
Debited Expenses . . . . . . . . . . . . . . . . $ 7,500
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,500
k) December 31, 20XX - Paid salaries and employee related expenses in the amount of
$55,000.
Debited Expenses . . . . . . . . . . . . . . . $ 55,000
Credited Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,000
l) December 31, 20XX - Paid Pacific Bell Telephone Company $750 for telephone services.
Debited Expenses . . . . . . . . . . . . . . . . $ 750
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 750
m) December 31, 20XX - To expense prepaid insurance in the amount of $ 9,000
Debited Expenses . . . . . . . . . . . . . . . . $ 9,000
Credited Prepaid Insurance. . . . . . . . . . . . . . . . . . . . $ 9,000
n) December 31, 20XX - To expense arts and crafts supplies in the amount of. $ 2,000
Debited Expenses . . . . . . . . . . . . . . . $ 2,000
Credited Arts & Crafts Supplies . . . . . . . . . . . . . . . . $ 2,000
Exercise 4.2
Portland After School Program
General Ledger
(July 1, 20XX - December 31, 20XX)
CASH NET ASSETS
_________________________________ ___________________________________
64,500
(A) 15,000 (b) 9,000
(d) 3,000 (C) 3,000
(f) 40,000 (E) 5,000
(g) 1,750 (I) 1,500
(j) 7,500
(k) 55,000
(l) 750
_____________________________
_____________________________
PREPAID INSURANCE
_____________________________
0
(b) 9,000 (m) 9,000
_____________________________
0
ARTS & CRAFTS SUPPLIES INVESTMENTS
__________________________________ ______________________________________
(c) 3,000 (n) 2,000 (d) 3,000
__________________________________ ______________________________________
_________________________________ _______________________________________
ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE
__________________________________ _____________________________________
(h) 3,000 (g) 1,500 (i) 1,500
_________________________________________________________________________________________________________ ______________________________________
_______________________________________________________________________
_______________________________________________________________________
REVENUE EXPENSE
_________________________________ ____________________________________
(a) 15,000
(f) 40,000 (e) 5,000
(h) 3,000 (j) 7,500
____________________________ (k) 55,000
(l) 750
(m) 9,000
(n) 2.000
________________________
Exercise 4.3
Portland After School Program
Trial Balance
December 31, 20XX
(For Second Six Months of Operation)
Debits (*) Credits (**)
Cash . . . . . . . . . . . . . . . . . . . . . . . 15,000
Arts and Crafts Supplies . . . . . . . .
Accounts Receivable . . . . . . . . . . .
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Expenses . . . . . . . . . . . . . . . . . . .
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
___________ _________
___________ _________
___________ _________
Notes: (*) Accounts with debit balances. (**) Accounts with credit balances.
Journal of the Portland After School Program
July 1, 20XX - December 31, 20XX
a) July 1, 20XX - Received unrestricted donation check in the amount of $15,000 from the Multnomah County Department of Health & Human Services.
Debited Cash . . . . . . . . . . . . . . . . . . . $ 15,000
Credited Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000
b) July 19, 20XX - Paid Great Northwest Insurance Company $9,000 for six more months of fire and liability insurance coverage.
Debited Prepaid Insurance . . . . . . . . . $ 9,000
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,000
c) July 15, 20XX - Paid Portland Arts & Crafts Company $3,000 for additional arts and crafts supplies.
Debited Arts & Crafts Supplies. . . . . .$ 3,000
Credited Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000
d) July 15, 20XX - Transferred temporarily restricted funds in the amount of $3,000 from investments to pay for additional arts and crafts supplies.
Debited Cash. . . . . . . . . . . . . . . . . . $ 3,000
Credited Investments . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000
e) July 30, 20XX - Paid Oregon Sporting Goods $5,000 for additional recreational equipment.
Debited Expenses. . . . . . . . . . . . . . . . $ 5,000
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,000
f) December 31, 20XX - Received fees from parents in the amount of $40,000.
Debited Cash . . . . . . . . . . . . . . . . . . . $ 40,000
Credited Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000
g) December 31, 20XX - To account for $1,750 in fees from parents earned in the first six months of operations, but collected in the second six months.
Debited Cash. . . . . . . . . . . . . . .. . . . . $ 1,750
Credited Accounts Receivable . . . . . . . . . . . . . . . . . . . $ 1,750
h) December 31, 20XX - To account for $3,000 in parent fees earned in the second six months of operations, but not yet collected.
Debited Accounts Receivable. .. . . . . . . $ 3,000
Credited Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000
I) December 31, 20XX - To account for expenses (John’s Deli) in the amount of $1,500
Incurred during the first six months of operations, but paid in the second six months.
Debited Accounts Payable . . . . . . . . . $ 1,500
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,500
j) December 31, 20XX - Paid Portland Gas & Electric Company $7,500 for utilities.
Debited Expenses . . . . . . . . . . . . . . . . $ 7,500
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,500
k) December 31, 20XX - Paid salaries and employee related expenses in the amount of
$55,000.
Debited Expenses . . . . . . . . . . . . . . . $ 55,000
Credited Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,000
l) December 31, 20XX - Paid Pacific Bell Telephone Company $750 for telephone services.
Debited Expenses . . . . . . . . . . . . . . . . $ 750
Credited Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 750
m) December 31, 20XX - To expense prepaid insurance in the amount of $ 9,000
Debited Expenses . . . . . . . . . . . . . . . . $ 9,000
Credited Prepaid Insurance. . . . . . . . . . . . . . . . . . . . $ 9,000
n) December 31, 20XX - To expense arts and crafts supplies in the amount of. $ 2,000
Debited Expenses . . . . . . . . . . . . . . . $ 2,000
Credited Arts & Crafts Supplies . . . . . . . . . . . . . . . . $ 2,000
Exercise 4.2
Portland After School Program
General Ledger
(July 1, 20XX - December 31, 20XX)
CASH NET ASSETS
_________________________________ ___________________________________
64,500
(A) 15,000 (b) 9,000
(d) 3,000 (C) 3,000
(f) 40,000 (E) 5,000
(g) 1,750 (I) 1,500
(j) 7,500
(k) 55,000
(l) 750
_____________________________
_____________________________
PREPAID INSURANCE
_____________________________
0
(b) 9,000 (m) 9,000
_____________________________
0
ARTS & CRAFTS SUPPLIES INVESTMENTS
__________________________________ ______________________________________
(c) 3,000 (n) 2,000 (d) 3,000
__________________________________ ______________________________________
_________________________________ _______________________________________
ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE
__________________________________ _____________________________________
(h) 3,000 (g) 1,500 (i) 1,500
_________________________________________________________________________________________________________ ______________________________________
_______________________________________________________________________
_______________________________________________________________________
REVENUE EXPENSE
_________________________________ ____________________________________
(a) 15,000
(f) 40,000 (e) 5,000
(h) 3,000 (j) 7,500
____________________________ (k) 55,000
(l) 750
(m) 9,000
(n) 2.000
________________________
Exercise 4.3
Portland After School Program
Trial Balance
December 31, 20XX
(For Second Six Months of Operation)
Debits (*) Credits (**)
Cash . . . . . . . . . . . . . . . . . . . . . . . 15,000
Arts and Crafts Supplies . . . . . . . .
Accounts Receivable . . . . . . . . . . .
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Expenses . . . . . . . . . . . . . . . . . . .
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
___________ _________
___________ _________
___________ _________
Notes: (*) Accounts with debit balances. (**) Accounts with credit balances.
1 answer