Need help making Adjusting Entries for these! I have already done the Journal En
ID: 2444003 • Letter: N
Question
Need help making Adjusting Entries for these!I have already done the Journal Entries for these, but now I have to make adjusting entries and I need lots of help!!
May 3- Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.
May 5- Received cash from clients on account, $1,750
May 9- Paid cash for a newspaper advertisement, $100
May 13- Paid Office Station Co. for part of the debit incurred on April 5, $400
May 15- Recorded services provided on account for the period May 1-15, $5,100
May 16- Paid part time receptionist for two weeks salary including the amount owed on April 13, $750
May 17- Recorded cash from cash clients for fees earned during the period May 1-16, $7,380
May 20- purchased supplies on account, $500
May21- recorded services provided on account for the period May 16-20, $2,900
May 25- recorded cash from cash clients for fees earned for the period of May 17-23, $4,200
May 27- received cash from clients on account, $6,600
May 28- Paid part time receptionist for two weeks salary, $750
May 30- paid telephone bill for May, $150
May 31- Paid electricity bill for May, $225
May 31- recorded cash from cash clients for fees earned for the period of May, $2,200
May 31- Kelly withdrew $7,500 for personal use
Explanation / Answer
May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550:
Dr: Cash $1,550
Cr: Unearned fees $1,550
May 5. Received cash from clients on account, $1,750
Dr: Cash $1,750
Cr: Accounts receivable $1,750
May 9. Paid cash for a newspaper advertisement, $100
Dr: Miscellaneous expense $100
Cr: Cash $100
May 13. Paid Office Station Co. for part of the debt incurred on April 5, $400
Dr: Accounts payable $400
Cr: Cash $400
May 15. Recorded services provided on account for the period May 1-15, $5,100
Dr: Accounts Receivable $5,100
Cr: Fees earned $5,100
May 16. Paid part-time receptionist for two weeks’ salary including the $120 owed on April 30, $750
Dr: Salaries payable $120
Dr: Salary expense $630
Cr: Cash $750
May 17. Recorded cash from cash clients for fees earned during the period May 1-16, $7,380
Dr: Cash $7,380
Cr: Fees earned $7,380
May 20. Purchased supplies on account, $500
Dr: Supplies $500
Cr: Accounts Payable $500
May 21. Recorded services provided on account for the period May 16-20, $2,900
Dr: Accounts Receivable $2,900
Cr: Fees earned $2,900
May 25. Recorded cash from cash clients for fees earned for the period May 17-23, $4,200
Dr: Cash $4,200
Cr: Fees earned $4,200
May 27. Received cash from clients on account, $6,600
Dr: Cash $6,600
Cr: Accounts Receivable $6,600
May 28. Paid part-time receptionist for two weeks’ salary, $750
Dr: Salary expense $750
Cr: Cash $750
May 30. Paid telephone bill for May, $150
Dr: Miscellaneous Expense $150
Cr: Cash $150
May 31. Paid electricity bill for May, $225
Dr: Miscellaneous Expense $225
Cr: Cash $225
May 31. Recorded cash from cash clients for fees earned for the period May 26-31, $2,875
Dr: Cash $2,875
Cr: Fees earned $2,875
May 31. Recorded services provided on account for the remainder of May, $2,200
Dr: Accounts Receivable $2,200
Cr: Fees earned $2,200
May 31. Paid dividends of $7,500
Dr: Dividends $7,500
Cr: Cash $7,500
I assumed you need specific places into which these values to be placed.
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