Financial Journal Question...EASY 10 POINTS!?

Question

Financial Management

Received $15,000 from the Multnomah County Department

Paid Insurance company $9,000

Paid Arts and crafts company $3,000

Transferred temporarily restricted funds I the amount of $3,000 from investments to pay for additional supplies

Paid Oregon sporting goods $5,000 for additional recreational equipment

Received fee from parents in the amount of $40,000

Ro account for $1750 in fees from parents fees earned in the second six months of operations, but collected in the second six months.

To account for $3,00 in parent fees earned in the second six months of operations, but collected in the second six months

To account for $3,000 I parent fees earned in the second six months of operations but not yet collected.

To account for expenses in the amount of $1500 incurred during the first six mo nhts of operations but paid in the second six months.

Paid Portland gas and electric company $7,500 for utilities.

***Additional information

Paid salaries and employee related expenses in the amount of $55,000

Paid Pacific Bell Telephone company $750 for telephone services

To expense prepaid insurance in the amount of $9,000.

To expense arts and crafts supplies in the amount of $2,000


That is a list of the transactions for the Portaland After School Program for the second six monhts of operations. Prepare the journal entries for each transaction including an identification of the t-accounts that will be debited and credit for each.

REMINDER! If you don't have anything nice to say, or you wanna criticize me, DON'T BOTHER ANSWERING! Please help me. I'm not asking you to do it for me. But if you would, it would be greatly appreciated. I just need a few examples. I read the book but "me no comprende."
haha. thanks everyone!

Answer 1

Can I give this a try?

Received $15,000 from the Multnomah County Department
Dr Cash 15,000
Cr Government grant/subsidy 15,000

Paid Insurance company $9,000
Dr Prepaid insurance 9,000
Cr Cash 9,000

Paid Arts and crafts company $3,000
Dr Arts and crafts supplies 3,000
Cr Cash 3,000

Transferred temporarily restricted funds I the amount of $3,000 from investments to pay for additional supplies
Dr Cash 3,000
Cr Investments 3,000

Paid Oregon sporting goods $5,000 for additional recreational equipment
Dr Recreational equipment 5,000
Cr Cash 5,000

Received fee from parents in the amount of $40,000
Dr Cash 40,000
Cr School fees revenue 40,000

Ro account for $1750 in fees from parents fees earned in the second six months of operations, but collected in the second six months. (I don't understand Ro account)
Dr Cash 1,750
Cr School fees revenue 1,750
If you meant this was earned in the FIRST six months but collected in the 2nd six months, then it would be:
Dr Cash 1,750
Cr A/cs receivable 1,750

To account for $3,00 in parent fees earned in the second six months of operations, but collected in the second six months
Dr Cash 3,000 (or is it $300?)
Cr School fees revenue 3,000

To account for $3,000 I parent fees earned in the second six months of operations but not yet collected.
Dr Accounts receivable 3,000
Cr School fees revenue 3,000

To account for expenses in the amount of $1500 incurred during the first six mo nhts of operations but paid in the second six months.
Dr A/cs payable 1,500
Cr Cash 1,500

Paid Portland gas and electric company $7,500 for utilities.
Dr Utilities expense 7,500
Cr Cash 7,500

Paid salaries and employee related expenses in the amount of $55,000
Dr Salaries expense 55,000
Cr Cash 55,000

Paid Pacific Bell Telephone company $750 for telephone services
Dr Telephone expenses 750
Cr Cash 750

To expense prepaid insurance in the amount of $9,000.
Dr Insurance expense 9,000
Cr Prepaid insurance 9,000

To expense arts and crafts supplies in the amount of $2,000
Dr Arts and crafts expenses 2,000
Cr Arts and crafts supplies 2,000

Answer 2

I hate to say it but you have not given enough information in a lot of the questions for us to give you the correct answer. For example.

Paid Insurance Company 9,000.

Entry could be this

Dr. Insurance Expenses 9,000
Cr. Cash 9,000

Or it could also be this

Dr. Prepaid Insurance 9,000
Cr. Cash 9,000

A lot of the other parts of your questions can have more than one possible answer. Basically though what you need to look at is what are the types of accounts that you need to post to with each entry. Basically, you have 5 types of accounts in an accounting system.

Assets
Liabilities
Equity
Income
Expense

You need to see what accounts you need to put into or take out of. I'd be glad to help you understand things better, but with the above information there are too many possibilities for answers.