Exercise 4.2 Portland After School Program General Ledger

Topics: Accounts receivable, Accounting software, Accounts payable Pages: 4 (483 words) Published: September 30, 2012
Completed Exercise 4.1

TABLE 4.9 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 and 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 investment$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 Accounts Receivable$1,750
Credited Revenue$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 Expense$1,500
Credited Accounts Payable$1,500

(j) December 31, 20XX—Paid Portland Gas & Electric Company $7,500 for utilities.

Debited Expense...
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