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Accounts Receivable and Joan Miller Essay

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Sub: Finance

Topic: Journal Entries

Question:
Posting Journal entries into a worksheet
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The following are the balances in the accounts for Joan Miller Advertising Agency as of January
31, 2001:

Cash
Accounts Receivable
Fees Receivable
Art Supplies
Office Supplies
Prepaid Rent
Prepaid Insurance
Art Equipment
Accumulated Depreciation, Art eq. Office Equipment
Accumulated Depreciation –
Office Eq.
Accounts Payable
Unearned Art Fees
Wages Payable
Joan Miller, Capital

Totals

Debit
Credit …show more content…

Required:
Prepare the general journal entries or enter into a worksheet the transactions completed in
February, 2001

Solution:
Joan Miller Advertising Agency
Worksheet
Trial Balance
Transactions
1/31/2001
Name of the Account

Debit

Cash

$1,720

Accounts Receivable
Fees Receivable
Art Supplies

Credit

2800
200
1300

February
Debit
$12,23
0
3400

Trial Balance
2/28/2001
(Unadjusted)

Credit

Debit

$5,810

$8,140

2800
200

Credit

$3,400
$0
$1,300

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*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.

Sub: Finance

Topic: Journal Entries

Office Supplies
Prepaid Rent
Prepaid Insurance
Art Equipment
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 Expense
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
0

1020
110
80
$25,87
0

$25,87
0

$5,430
$1,020
$110
$80
$29,37
0

$29,37
0

** End of the

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