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Hhs 265 Week 1-7 Axia

Assignment ledger entries
Journal of the Portland after School Program

July 1, 20XX–December 31, 20XX

(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 Cash $3,000
Credited Investments $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 Cash $1,750
Credited Accounts Receivable $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...