Accounting Journal?

Question

For my assignment I was asked to complete a journal for the Portand After School Program. I have completed it, but I know I did something wrong because when I try to do the second part which is a trial balance it is not balancing out right. can some one please help me correct my mistakes?


(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 & Craft 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 Investments $3,000
Credited Cash $3,000

(e) July 30, 20XX—Paid Oregon Sporting Goods $5,000 for additional recreational equipment.
Debited Recreation Equipment $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
CreditAccount Payable $1,500

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

(k) December 31, 20XX—Paid salaries and employee-related expenses in the amount of $55,000.
Debited Expense $55,000
Credited Cash $55,000

(l) December 31, 20XX—Paid Pacific Bell Telephone Company $750 for telephone services.
Debited Expense $750
Credited Cash $750

(m) December 31, 20XX—To expense prepaid insurance in the amount of $9,000.
Debit Expense $9,000
Credited Prepaid Insurance $9,000

(n) December 31, 20XX—To expense arts and crafts supplies in the amount of $2,000.
Debited Expense $2,000
Credited Arts Craft Supplies $2,000

The ones that I think are wrong are g, h, and i. Thanks for your help!

Answer 1

(d) July 15, 20XX—Transferred temporarily restricted funds in the amount of $3,000 from investments to pay for additional arts and crafts supplies.
Dr Cash $3,000
Cr Investments $3,000
If you look at (c) of the same date, you needed cash of $3k to pay for the arts & crafts. Apparently you didn't have enough cash and had to transfer from investments to cash, hence the entry above.

(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 Cash $1,750
Credited A/cs receivble $1,750
You already earned the revenue in the 1st six months, when you'd have debited AR. Now that the parents have paid, you'd credit AR.

(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 AP $1,500
Credit Cash $1,500
You'd have credited AP in the 1st six months.

The others are correct.

Answer 2

I think you have a problem with (g) and (i). Both of those items have been collected or paid so they would not involve a payable account or receivable account. They would both involve cash. You don't mention how much you are off.

(h) looks correct because that amount has not been collected yet.