Financial Journal Question...EASY 10 POINTS!?

Financial Management

Received $15,000 from the Multnomah County Department

Paid Insurance company $9,000

Paid Arts and crafts company $3,000

Transferred temporarily restricted funds I the amount of $3,000 from investments to pay for additional supplies

Paid Oregon sporting goods $5,000 for additional recreational equipment

Received fee from parents in the amount of $40,000

Ro account for $1750 in fees from parents fees earned in the second six months of operations, but collected in the second six months.

To account for $3,00 in parent fees earned in the second six months of operations, but collected in the second six months

To account for $3,000 I parent fees earned in the second six months of operations but not yet collected.

To account for expenses in the amount of $1500 incurred during the first six mo nhts of operations but paid in the second six months.

Paid Portland gas and electric company $7,500 for utilities.

Update:

***Additional information

Paid salaries and employee related expenses in the amount of $55,000

Paid Pacific Bell Telephone company $750 for telephone services

To expense prepaid insurance in the amount of $9,000.

To expense arts and crafts supplies in the amount of $2,000

That is a list of the transactions for the Portaland After School Program for the second six monhts of operations. Prepare the journal entries for each transaction including an identification of the t-accounts that will be debited and credit for each.

REMINDER! If you don't have anything nice to say, or you wanna criticize me, DON'T BOTHER ANSWERING! Please help me. I'm not asking you to do it for me. But if you would, it would be greatly appreciated. I just need a few examples. I read the book but "me no comprende."

haha. thanks everyone!

2 Answers

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  • Sandy
    Lv 7
    1 decade ago
    Best Answer

    Can I give this a try?

    Received $15,000 from the Multnomah County Department

    Dr Cash 15,000

    Cr Government grant/subsidy 15,000

    Paid Insurance company $9,000

    Dr Prepaid insurance 9,000

    Cr Cash 9,000

    Paid Arts and crafts company $3,000

    Dr Arts and crafts supplies 3,000

    Cr Cash 3,000

    Transferred temporarily restricted funds I the amount of $3,000 from investments to pay for additional supplies

    Dr Cash 3,000

    Cr Investments 3,000

    Paid Oregon sporting goods $5,000 for additional recreational equipment

    Dr Recreational equipment 5,000

    Cr Cash 5,000

    Received fee from parents in the amount of $40,000

    Dr Cash 40,000

    Cr School fees revenue 40,000

    Ro account for $1750 in fees from parents fees earned in the second six months of operations, but collected in the second six months. (I don't understand Ro account)

    Dr Cash 1,750

    Cr School fees revenue 1,750

    If you meant this was earned in the FIRST six months but collected in the 2nd six months, then it would be:

    Dr Cash 1,750

    Cr A/cs receivable 1,750

    To account for $3,00 in parent fees earned in the second six months of operations, but collected in the second six months

    Dr Cash 3,000 (or is it $300?)

    Cr School fees revenue 3,000

    To account for $3,000 I parent fees earned in the second six months of operations but not yet collected.

    Dr Accounts receivable 3,000

    Cr School fees revenue 3,000

    To account for expenses in the amount of $1500 incurred during the first six mo nhts of operations but paid in the second six months.

    Dr A/cs payable 1,500

    Cr Cash 1,500

    Paid Portland gas and electric company $7,500 for utilities.

    Dr Utilities expense 7,500

    Cr Cash 7,500

    Paid salaries and employee related expenses in the amount of $55,000

    Dr Salaries expense 55,000

    Cr Cash 55,000

    Paid Pacific Bell Telephone company $750 for telephone services

    Dr Telephone expenses 750

    Cr Cash 750

    To expense prepaid insurance in the amount of $9,000.

    Dr Insurance expense 9,000

    Cr Prepaid insurance 9,000

    To expense arts and crafts supplies in the amount of $2,000

    Dr Arts and crafts expenses 2,000

    Cr Arts and crafts supplies 2,000

  • Anonymous
    1 decade ago

    I hate to say it but you have not given enough information in a lot of the questions for us to give you the correct answer. For example.

    Paid Insurance Company 9,000.

    Entry could be this

    Dr. Insurance Expenses 9,000

    Cr. Cash 9,000

    Or it could also be this

    Dr. Prepaid Insurance 9,000

    Cr. Cash 9,000

    A lot of the other parts of your questions can have more than one possible answer. Basically though what you need to look at is what are the types of accounts that you need to post to with each entry. Basically, you have 5 types of accounts in an accounting system.

    Assets

    Liabilities

    Equity

    Income

    Expense

    You need to see what accounts you need to put into or take out of. I'd be glad to help you understand things better, but with the above information there are too many possibilities for answers.

    Source(s): Accountant 24 years, CPA 10 years, Tax Preparer 7+ years
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