Accounts Receivable and Joan Miller
Sub: Finance
Topic: Journal Entries
Question:
Posting Journal entries into a worksheet
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 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.
Accounts Payable
Unearned Art Fees
Wages Payable
Joan Miller, Capital
Totals
Debit
Credit
$1,720
2,800
200
1,300
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 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
Topic: Journal Entries
Question:
Posting Journal entries into a worksheet
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 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.
Accounts Payable
Unearned Art Fees
Wages Payable
Joan Miller, Capital
Totals
Debit
Credit
$1,720
2,800
200
1,300
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 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