Accounts Receivable and Joan Miller

Sub Finance division Journal Entries Question circuit card Journal entries into a worksheet ClassOf1 provides expert guidance to College, Graduate, and exalted school students on homework and assignment chores in Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and many some other subjects. The followers be the balances in the accounts for Joan Miller advert Agency as of January 31, 2001 Cash Accounts receivable Fees Receivable maneuver Supplies single-valued function Supplies Pre salaried Rent Prepaid insurance Art Equipment Accumulated Depreciation, Art eq. Office Equipment Accumulated Depreciation Office Eq. Accounts Payable unearned Art Fees reinforcement Payable Joan Miller, Capital Totals calculate course credit $1,720 2,800 200 1,ccc 600 400 440 4,200 $70 3,000 50 3,170 600 180 10,590 ______ ______ $14,660 14,660 During the month of February, the agency engaged in the following transactions Feb. 1 receive an surplus investment of cash from Joan Miller, $6,000 www. classof1. com *The Homework solutions from ClassOf1 are intended to stand by the student understand the flack to solving the fuss and not for submitting the uniform in lieu of your schoolman submissions for grades. Sub Finance musical theme Journal Entries Feb. 2 Purchased extra office equipment with cash, $800. Feb. 5 legitimate art equipment transferred to the business from Joan Miller, $1,400. Feb. 6 Purchased additional office supplies with cash, $80 Feb. 7 Purchased additional art supplies on reliance from Taylor Supply association, $500. Feb. 8 Completed the series of advertisements for Marsh Tire Company that began on January 31, and billed Marsh Tire Company for the total function performed, including the accrued revenues that had been recognized in January of $200 (see gifts receivable). The total bill is $800.Feb. 9 Paid the secretary for two weeks wages, $600. Feb. 12 Paid the amount referable to Morgan Equipment for the office equipment purchased brook month $1,500 Feb. 13 Accepted an coming fee in cash for artwork to be done for another agency, $1,800. Feb. 14 Purchased a copier from Morgan Equipment for $2,100 paying $250 in cash and agreeing to pay he rest in equal payments over the next five months. Feb. 15 Performed advertising services and accepted a cash fee, $1,050. Feb. 16 Received payment on account from screen Department Stores for services performed last month, $2,800 Feb. 9 Paid amount due for the telephone bill that was received and recorded at the end of January , $70. 20. Feb. 20 Performed advertising services for Ward Department Stores and agreed to accept payment next month $3,200. Feb. 21 Performed art services for a cash fee, $580 Feb. 22 Received and paid the utility bill for February, $110. Paid the secretary for two weeks wages, $600. www. classof1. com *The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not fo r submitting the same in lieu of your academic submissions for grades.Sub Finance Topic Journal Entries Feb. 26 Paid the rent for ring in advance, $400. Feb. 27 Received the telephone bill for February, which is to be paid next month, $80. Feb. 28 Paid out cash to Joan Miller as a sezession for personal living expenses, $1,400. At the end of February, adjustments are made for the following a. b. c. d. e. f. g. h. i. One months prepaid rent has expired. One months prepaid insurance has expired, $40. An inventory of art supplies reveals $720 of supplies are slake on hand on February 28 th.An inventory of office supplies reveals $300 in office supplies have been used in February. Depreciation on the Art equipment for February is mensural to be $90. Depreciation on the Office equipment for February is calculated to be $100. Art services performed for which payment has been received in advance total, $1,400 Advertising services performed that will not be billed until March total $340 . Three days worth of secretarial wages had accrued by the end of February. Required Prepare the general journal entries or enter into a worksheet the transactions completed in February, 2001Solution Joan Miller Advertising Agency Worksheet Trial Balance Transactions 1/31/2001 key of the Account Debit Cash $1,720 Accounts Receivable Fees Receivable Art Supplies Credit 2800 200 1300 February Debit $12,23 0 3400 Trial Balance 2/28/2001 (Unadjusted) Credit Debit $5,810 $8,140 2800 200 Credit $3,400 $0 $1,300 www. classof1. com *The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not for submitting the same in lieu of your academic submissions for grades.Sub Finance Topic Journal Entries Office Supplies Prepaid Rent Prepaid Insurance Art Equipment Accumulated Depreciation, Art Eq. Office Equipment Accumulated Depreciation, Office Eq. Accounts Payable Unearned Art Fees Wages Payable 600 400 440 4200 580 400 $70 3000 $7 0 4300 $7,300 50 3170 600 180 Joan Miller, Capital $50 1570 600 180 10590 Joan Miller, Withdrawals Fees Earned Wages Expense Utilities Expense Telephone Expense Total $1,180 $800 $440 $4,200 2430 1800 $4,030 $1,800 $0 $17,99 0 7400 1400 $1,400 5430 $14,66 0 $14,66 1020 110 80 $25,87 0 $25,87 0 $5,430 $1,020 $110 $80 $29,37 0 $29,37 0 ** End of the Solution ** ClassOf1 provides expert guidance to College, Graduate, and High school students on homework and assignment problems in Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and many other subjects. www. classof1. com *The Homework solutions from ClassOf1 are intended to help the student understand the approach to solving the problem and not for submitting the same in lieu of your academic submissions for grades.