This is what I got so far I am lost
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 . . . . . . . . 1,000
Accounts Receivable . . . . . . . . . . .
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Expenses . . . . . . . . . . . . . . . . . . .
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
___________ _________
___________ _________
___________ _________
Notes: (*) Accounts with debit balances. (**) Accounts with credit balances.
Exercise 4.3
Portland After School Program
Trial Balance
December 31, 20XX
(For Second Six Months of Operation)
Debits (*) Credits (**)
Cash . . . . . . . . . . . . . . . . . . . . . . .
Arts and Crafts Supplies . . . . . . . .
Accounts Receivable . . . . . . . . . . .
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . .
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Expenses . . . . . . . . . . . . . . . . . . .
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
___________ _________
___________ _________
___________ _________
Notes: (*) Accounts with debit balances. (**) Accounts with credit balances.
Exercise 4.4
Portland After School Program
Statement of Cash Flows
July 1, 20XX - December 31, 20XX
Cash on Hand July 1. . . . . . . . . . . . . . . . . . .
Increases In Cash . . . . . . . . . . . . . . . . . . . . . . .
Investing . . . . . $
Financing . . . . . 0
Other. . . . . . . . .
__________
$
Decreases In Cash. . . . . . . . . . . . . . . . . . . . . . $
Investing . . . . $
Financing. . . . 0
Operating . . . .
___________
$
Net Increase (Decrease) In Cash . . . . . . . . . . (
Cash on Hand December 31. . . . . . . . . . . . . . $
Portland After School Program
Statement of Activities
July 1 20XX - December 31, 20XX
Temporarily Permanently
Total Unrestricted Restricted Restricted
Revenues
Operating Revenues
Parent Fees $ $
________ _________
Sub-total $ $ 4
Other Revenues
Multnomah
Donation $ $
_________ _________ _________
Sub-total $ $ $ 0
______________________________________________________________
Total Revenues $ $ $ 0
______________________________________________________________
Expenses
Program Services $ (a) 15,000
Supportive Services
- Management (b) 9,000
& General
- Fund Raising (c) 3,000
______________
Total Expenses $ 27,000
_______________
Excess of (Expense) ($)
Over Revenue
Net Assets
Beginning of Period $ 0 $ $
Changes in
Net Assets () () ()
Net Assets
End of June $ $ $
Notes: (a) Computed @ 85%
(b) Computed @ 10%
(c) Computed @ 5%.
Portland After School Program
Statement of Financial Position
(Balance Sheet)
December 31, 20XX
ASSETS
Current Assets
Cash (Unrestricted) $
Accounts Receivable (a) 15,000
Arts & Crafts Supplies (b) 9,000
_________
$
Non-Current Assets
Cash (Temporarily $ (c) 3,000
Restricted) ___________
$
TOTAL ASSETS $
LIABILITIES & NET ASSETS
Current Liabilities $ 0
Non-Current Liabilities $ 0
___________
Total Liabilities $ 0
Net Assets
Unrestricted $
Temporarily Restricted (c) 3,000
___________
Total Net Assets $
TOTAL LIABILITIES $
& NET ASSETS
Notes: (a) Fees due and payable from parents.
(b) Arts and crafts supplies on hand.
(c) Donations to be used for the purchase of arts and crafts supplies.
Based on the information provided, it seems like you are working on the general ledger, trial balance, statement of cash flows, statement of activities, and statement of financial position for the Portland After School Program for the period of July 1, 20XX, to December 31, 20XX.
To help you with your work, I can explain the steps you need to take and the calculations involved for each component.
1. General Ledger:
The general ledger shows the balances of various accounts. You need to record the debits and credits for each transaction in the appropriate accounts. For example, transaction (a) shows a $15,000 unrestricted donation received, which would be recorded as a debit to Cash and a credit to Revenue.
2. Trial Balance:
The trial balance lists all the accounts with their respective debit and credit balances. To prepare the trial balance, you need to transfer the balances from the general ledger to the trial balance and classify them as either debit or credit balances.
3. Statement of Cash Flows:
The statement of cash flows summarizes the cash inflows and outflows during a specific period. To prepare this statement, you need to analyze the transactions and classify them into three categories: operating activities, investing activities, and financing activities. Cash on hand at the beginning of the period, increases in cash, decreases in cash, and cash on hand at the end of the period should be calculated.
4. Statement of Activities:
The statement of activities shows the revenue and expenses of the organization. You need to categorize the revenue into unrestricted, temporarily restricted, and permanently restricted. Expenses should be classified by program services and supportive services. Compute the total revenue and expenses and determine the excess of expense over revenue.
5. Statement of Financial Position (Balance Sheet):
The statement of financial position presents the organization's assets, liabilities, and net assets. Assets should be classified as current or non-current assets, and liabilities should be classified as current or non-current liabilities. Calculate the total assets, total liabilities, and net assets.
I hope this explanation helps you understand the steps you need to take and the calculations involved in completing each part of the exercise. Let me know if you have any further questions or need assistance with specific calculations.