BSHS 373 Week 3 - Accounting Short Answer Questions Comments
BSHS 373 - Week 3 Accounting Short Answer Questions
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 & Crafts 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[MB1] $3,000
(e) July 30, 20XX—Paid Oregon Sporting Goods $5,000 for additional recreational equipment.
Debited Expense $ 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[MB2] $ 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 $3,000
