Please prepare the journal entries for the transactions below: Joan Miller Adver
ID: 2396457 • Letter: P
Question
Please prepare the journal entries for the transactions below:
Joan Miller Advertising Agency
This comprehensive problem involving the Joan Miller Advertising Agency covers all the learning objectives on measuring business transactions and measuring business income. The July 31, 20xx, post-closing trial balance for the Joan Miller Advertising Agency appears at the bottom of the next page. During August, the agency engaged in these transactions:
Aug.1 Received an additional investment of cash from Joan Miller, $6,300.
Purchased additional office equipment with cash, $1,200.
5 Received art equipment transferred to the business from Joan Miller $1,400
6 Purchased additional office supplies with cash, $90
7 Purchased additional art supplies on credit from Taylor Supply Company, $450.
8 Completed the series of advertisements (total price $800) for Marsh Tire Company that began on July 31. The July 31 portion was $200.
Paid the secretary for two weeks’ wages, $1,200. The last pay period ended Friday July 26.
Paid the amount due to Morgan Equipment for the office equipment purchased last month $1,500.
Accepted an advance in cash for artwork to be done for another agency, $1,600.
Purchased a copier (office equipment) from Morgan Equipment for $2,100, paying $350 in cash and agreeing to pay the rest in equal payments over the next five months.
Performed advertising services and received a cash fee, $1,450.
Received payment on account from Ward Department Stores for services for services performed last month, $2,800.
Paid amount due for the telephone bill that was received and recorded at the end of July $140.
Performed advertising services for Ward Department Stores and agreed to Accept payment next month, $3,200.
Performed art services for cash, $580.
Received and paid the utility bill August, $220.
Paid the secretary for two weeks’ wages, $1,200.
Paid the rent for September in advance, $800.
Received the telephone bill for August, which is to be paid next month, $160.
Paid cash to Joan Miller as a withdrawal for personal expenses, $1,400.
REQUIRED
Record the transactions for August in journal form
Explanation / Answer
Since the date of few transactions were not given, i have just put the month in the date column.
Date Account,Title and Explanation Debit Credit August 1 Cash $6300 Stock Holder's equity $6300 August 1 Office Equipment $1200 Cash $1200 August 5 Equipment $1400 Contribution Revenue $1400 August 6 Office Supplies $90 Cash $90 August 7 Art Supplies $450 Accounts Payables-Taylor supply company $450 August 8 Accounts Receivable $600 Revenue($800-$200) $600 August 9 Wages $1200 Cash $1200 August Office Equipment $1500 Cash $1500 August Cash $1600 Artwork Agency $1600 August Morgan Equipment $2100 Cash $350 Accounts Payable $1750 Auguts Cash $1450 Advertising Service $1450 August Cash $2800 Accounts Receivable $2800 August Accounts payable $140 Cash $140 August Accounts Receivable $3200 Advertising Service $3200 August Cash $580 Art Services $580 August Utility Bill $220 Cash $220 August Wages $1200 Cash $1200 August Prepaid Rent expense $800 cash $800 August Telephone Bill $160 Accounts Payable $160 August Joan Miller Drawings $1400 Cash $1400Related Questions
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