0
   

I need help-I need to know if I am doing this correct

 
 
Reply Wed 2 May, 2012 11:17 pm
This is the assignment
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 and Human Services.
(b) July 19, 20XX—Paid Great Northwest Insurance Company $9,000 for six more
months of fire and liability insurance coverage.
(c) July 15, 20XX—Paid Portland Arts & Crafts Company $3,000 for additional arts and
crafts supplies.
(d) July 15, 20XX—Transferred temporarily restricted funds in the amount of $3,000
from investments to pay for additional arts and crafts supplies.
(e) July 30, 20XX—Paid Oregon Sporting Goods $5,000 for additional recreational
equipment.
(f) December 31, 20XX—Received fees from parents in the amount of $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.
(h) December 31, 20XX—To account for $3,000 in parent fees earned in the second six
months of operations, but not yet collected.
(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.
(j) December 31, 20XX—Paid Portland Gas & Electric Company $7,500 for utilities.
(k) December 31, 20XX—Paid salaries and employee-related expenses in the amount of
$55,000.
(l) December 31, 20XX—Paid Pacific Bell Telephone Company $750 for telephone
services.
(m) December 31, 20XX—To expense prepaid insurance in the amount of $9,000.
(n) December 31, 20XX—To expense arts and crafts supplies in the amount of $2,000.
Starting balances:
cash-$64,500
Arts and crafts-$500
Accounts Receivable-$1,750
Investments-$10,000
Accounts payable-$1,500
Net Assets-$75,250
  • Topic Stats
  • Top Replies
  • Link to this Topic
Type: Question • Score: 0 • Views: 797 • Replies: 1
No top replies

 
cicerone imposter
 
  1  
Reply Wed 2 May, 2012 11:40 pm
@ru89har65,
Sounds like a bookkeeping assignment. Do it. Just follow it from line to line, and post it on your "ledger." Some are P&L, and others on the BS.
0 Replies
 
 

Related Topics

present value calculation - Question by magikarppp
Bays Theorem - Question by klazman
Amount of Time - Question by Randy Dandy
Stop multi-tasking. - Question by suzis114
The movie Contagion questions. - Question by acacia410
The fall of communism - Question by jtee25
[ESSAY] Indian Partition of 1947 - Question by skiiful
 
  1. Forums
  2. » I need help-I need to know if I am doing this correct
Copyright © 2025 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.04 seconds on 06/26/2025 at 02:07:53