Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

problem1: The following are the balances in the accounts for Joan Miller Advertising Agency as of January 31, 2001:

 

Debit

Credit

Cash

1,720

 

Accounts Receivable

2,800

 

Fees Receivable

200

 

Art Supplies

1,300

 

Office Supplies

600

 

Prepaid Rent

400

 

Prepaid Insurance

440

 

Art Equipment

4,200

 

Accumulated Depreciation, Art eq.

 

70

Office Equipment

3,000

 

Accumulated Depreciation -Office Eq.

 

50

Accounts Payable

 

3,170

Unearned Art Fees

 

600

Wages Payable

 

180

Joan Miller, Capital

 

10,590

 

  ______

______

Totals

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

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 he 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. 19  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. 

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:

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 28th.

An inventory of office supplies reveals 300 in office supplies have been used in February.

Depreciation on the Art equipment for February is find outd to be 90.

Depreciation on the Office equipment for February is find outd 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:

Make general journal entries into a worksheet the adjustments necessary at the end of February.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920355

Have any Question? 


Related Questions in Basic Finance

Why should capital budgeting for projects in an overseas

Why should capital budgeting for projects in an overseas subsidiary be assessed from the parent's perspective rather than just the subsidiary's cash flow perspective? What additional factors deserve consideration in mult ...

In late 2009 federal reserve chairman ben bernanke wrote

In late 2009, Federal Reserve Chairman Ben Bernanke wrote the following in a column published in the Washington Post: [Proposals in Congress to reduce the independence of the Fed] are very much out of step with the globa ...

1 what is net worth what role does net worth play in

1. What is net worth? What role does net worth play in lenders' attempts to reduce adverse selection problems? 2. What is relationship banking? How do banks and borrowers benefit from relationship banking? 3. What is the ...

Flip a set of ten coins one hundred times and record the

Flip a set of ten coins one hundred times, and record the number of heads and tails each time. Construct a frequency distribution of the observed data. Check whether the observed frequency distribution appears to match t ...

1 discuss the situations in which a researcher may choose

1. Discuss the situations in which a researcher may choose to use a naturalistic research approach and the questions such an approach can and cannot answer. 2. Consider the consequences of a researcher's decisions about ...

1 why should researchers never use the one-group

1. Why should researchers never use the one-group pretest-posttest design? 2. What threats to internal validity are present when the nonequivalent control group posttest-only design is used? Which of these threats are el ...

How would a financial manager determine optimal capital

How would a financial manager determine optimal capital structure? How this would fit in with the company's capital expenditures, growth plans and operating results?

There are 4 primary financial statements used in financial

There are 4 primary financial statements used in financial statement analysis. They are the balance sheet (or statement of financial position), the income statement (or the statement of operations), the statement of chan ...

The concentric joint of problem 4 is subjected to an

The concentric joint of problem 4 is subjected to an increase in temperature of 1008F. Does this increase or decrease the tension in the bolts? By how much? (Assume that the coefficient of linear expansion of the bolts i ...

1 what is the only relevant decision for independent

1. What is the only relevant decision for independent projects if an unlimited capital budget exists? How does your response change if the projects are mutually exclusive? How does your response change if the firm faces ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen