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March 28, 2017

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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!

  • Accounting - ,

    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.

  • Accounting - ,

    That is where I am stuck can someone help me???

  • Accounting - ,

    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.

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