Accounts Receivable and Joan Miller

Sub: Finance Topic: Journal Entries

Question: Posting Journal entries into a worksheet ClassOf 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. The following are the balances in the accounts for Joan Miller Advertising Agency as of January 31, 2001: Cash Accounts Receivable Fees Receivable Art Supplies Office Supplies Prepaid Rent Prepaid Insurance Art Equipment Accumulated Depreciation, Art eq. Office Equipment Accumulated Depreciation – Office Eq.

During the month of February, the agency engaged in the following transactions: Feb. 1 Received an additional investment of cash from Joan Miller, $6,000 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 Feb. 2 Purchased additional office equipment with cash, $800. Feb. 5 Received 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 credit from Taylor Supply Company, $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 services performed, including the accrued revenues that had been recognized in January of $200 (see fees receivable). The total bill is $800.

Feb. 9 Paid the secretary for two weeks’ wages, $600. Feb. 12 Paid the amount due to Morgan Equipment for the office equipment purchased last month $1,500 Feb. 13 Accepted an advance 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 the 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 Ward 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 for submitting the same in lieu of your academic submissions for grades.

Sub: Finance

Topic: Journal Entries Feb. 26 Paid the rent for March 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 withdrawal 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 month’s prepaid rent has expired. One month’s prepaid insurance has expired, $40. An inventory of art supplies reveals $720 of supplies are still 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 calculated 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 2001

Solution: Joan Miller Advertising Agency Worksheet Trial Balance Transactions 1/31/2001 Name 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.

** 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.

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.

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