Journal of the Portland After School Program
(a) July 1, 20XX— Received unrestricted donation check in the amount of $15,000 from the Multnomah County Department of Health and Human Services.
(b) July 19, 20XX—Paid Great Northwest Insurance Company $9,000 for six more months of fire and liability insurance coverage.
(c) July 15, 20XX—Paid Portland Arts & Crafts Company $3,000 for additional arts and crafts supplies.
(d) July 15, 20XX—Transferred temporarily restricted funds in the amount of $3,000 from investments to pay for additional arts and crafts supplies.
(e) July 30, 20XX—Paid Oregon Sporting Goods $5,000 for additional recreational equipment. (f) December 31, 20XX—Received fees from parents in the amount of $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.
(h) December 31, 20XX—To account for $3,000 in parent fees earned in the second six months of operations, but not yet collected.
(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.
(j) December 31, 20XX—Paid Portland Gas & Electric Company $7,500 for utilities.
(k) December 31, 20XX—Paid salaries and employee-related expenses in the amount of
$55,000.
(l) December 31, 20XX—Paid Pacific Bell Telephone Company $750 for telephone services. (m) December 31, 20XX—To expense prepaid insurance in the amount of $9,000.
(n) December 31, 20XX—To expense arts and crafts supplies in the amount of $2,000
Exercise 4.1
Table 4.9 is a list of the transactions for the Portland After School Program for the second six months of operations. Prepare the journal entries for each transaction including an identification of the t-accounts that will be debited and credit for each transaction. Exercise 4.2
Using the Portland After School Program general ledger (Table 4.10), post the debits and credits for the journal
(b) July 19, 20XX—Paid Great Northwest Insurance Company $9,000 for six more months of fire and liability insurance coverage.
(c) July 15, 20XX—Paid Portland Arts & Crafts Company $3,000 for additional arts and crafts supplies.
(d) July 15, 20XX—Transferred temporarily restricted funds in the amount of $3,000 from investments to pay for additional arts and crafts supplies.
(e) July 30, 20XX—Paid Oregon Sporting Goods $5,000 for additional recreational equipment. (f) December 31, 20XX—Received fees from parents in the amount of $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.
(h) December 31, 20XX—To account for $3,000 in parent fees earned in the second six months of operations, but not yet collected.
(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.
(j) December 31, 20XX—Paid Portland Gas & Electric Company $7,500 for utilities.
(k) December 31, 20XX—Paid salaries and employee-related expenses in the amount of
$55,000.
(l) December 31, 20XX—Paid Pacific Bell Telephone Company $750 for telephone services. (m) December 31, 20XX—To expense prepaid insurance in the amount of $9,000.
(n) December 31, 20XX—To expense arts and crafts supplies in the amount of $2,000
Exercise 4.1
Table 4.9 is a list of the transactions for the Portland After School Program for the second six months of operations. Prepare the journal entries for each transaction including an identification of the t-accounts that will be debited and credit for each transaction. Exercise 4.2
Using the Portland After School Program general ledger (Table 4.10), post the debits and credits for the journal