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August 30, 2015

Homework Help: Accounting

Posted by Jess on Thursday, December 20, 2007 at 10:47pm.

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!

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