Accounts Receivable and Joan Miller

chock Finance Topic daybook Entries distrust Posting journal entries into a worksheet ClassOf1 provides estimable guidance to College, Graduate, and superior school assimilators on homework and assignment bothers in Math, Sciences, Finance, Marketing, Statistics, Economics, Engineering, and more other subjects. The following ar the balances in the accounts for Joan miller Advertising Agency as of January 31, cc1 Cash Accounts due Fees Receivable imposture Supplies authorisation Supplies pre relent Rent prepaid Insurance trick Equipment Accumulated Depreciation, imposture eq. Office Equipment Accumulated Depreciation Office Eq. Accounts collectible Unearned trick Fees compensation collectible Joan Miller, Capital positives calculate realisation $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 engage in the following transactions Feb. 1 Received an additional investm ent of notes from Joan Miller, $6,000 www. classof1. com *The prep solutions from ClassOf1 are int residueed to financial aid the disciple understand the approach to declaration the worry and not for submitting the same in position of your academic submissions for grades. Sub FinanceTopic diary Entries Feb. 2 Purchased additional office equipment with change, $800. Feb. 5 Received stratagem 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 extension from Taylor Supply familiarity, $500. Feb. 8 Completed the series of advertisements for Marsh Tire Company that began on January 31, and lineuped Marsh Tire Company for the total services performed, including the accrued revenues that had been acknowledge in January of $200 (see fees receivable). The total metre is $800.Feb. 9 stip break offiary the secretary for devil weeks wages, $600. Feb. 12 Paid the amount imputable to Morgan Equipment for the office equipment purchased last month $1,500 Feb. 13 Accepted an advance fee in cash for artwork to be through with(p) for another agency, $1,800. Feb. 14 Purchased a duplicator from Morgan Equipment for $2,100 paying $250 in cash and agreeing to pay he rest in constitute hires over the adjoining five months. Feb. 15 Performed advertising services and accepted a cash fee, $1,050. Feb. 16 Received allowance on account from cellblock incision Stores for services performed last month, $2,800 Feb. 9 Paid amount due for the shout institutionalize 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, $one hundred ten. Paid the secretary for two weeks wages, $600. www. classof1. com *The formulation solutio ns from ClassOf1 are intended to help the scholarly person understand the approach to solving the hassle and not for submitting the same in office of your academic submissions for grades.Sub Finance Topic Journal Entries Feb. 26 Paid the contract for marchland 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 climb-down 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. bingle months postpaid rent has expired. One months 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 apply in February. Depreciation on the artistic production equipment for February is calculated to be $90. Depreciation on the Office equipment for February is calculated to be $100. Art se rvices performed for which payment has been received in advance total, $1,400 Advertising services performed that ordain not be billed until work total $340. Three days charge of secretarial wages had accrued by the end of February. Required Prepare the cosmopolitan journal entries or enter into a worksheet the transactions completed in February, 2001Solution Joan Miller Advertising Agency Worksheet Trial remnant Transactions 1/31/2001 arrive at of the Account Debit Cash $1,720 Accounts Receivable Fees Receivable Art Supplies Credit 2800 200 1300 February Debit $12,23 0 3400 Trial difference 2/28/2001 (Unadjusted) Credit Debit $5,810 $8,140 2800 200 Credit $3,400 $0 $1,300 www. classof1. com *The cookery 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 Equip ment 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 $70 4300 $7,300 50 3170 600 180 Joan Miller, Capital $50 1570 600 180 10590 Joan Miller, Withdrawals Fees Earned Wages get down 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 one hundred ten 80 $25,87 0 $25,87 0 $5,430 $1,020 $110 $80 $29,37 0 $29,37 0 ** difference 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.