1/15 PBP purchased a camera from Good Co. on account for $3000. The useful life
ID: 2420461 • Letter: 1
Question
1/15 PBP purchased a camera from Good Co. on account for $3000. The useful life is 5 years.
1/24 PBP purchased a computer for $756. The useful life is 3 years.
1/26 PBP purchased a photo printer for $1200. The useful life is 2 years.
1/26 PBP purchased photo supplies for $500.
1/31 PBP received a $300 deposit from Mr. Moy to provide photography services at his wedding on February 4
2/6 PBP delivered photos to Mr. Moy and billed Mr. Moy for the final payment of $200.
2/8 PBP paid $1000 to Good Co.
2/14 PBP provided photo services to Sweet Hearts Anonymous at the Valentines Day dance and received $250.
2/21 PBP was hired to take photos at a sports banquet to be held on March 15th. The price was $1000 plus travel expenses with a down payment of $250.
2/22 PBP purchased photos supplies for $800 from Photo Chemical Company.
2/23 PBP paid $1500 to Good Co.
2/25 PBP received a phone bill for $86
2/28 PBP paid $500 for a malpractice insurance policy for one year.
2/28 PBP sold additional photos taken at the Valentines Day Dance for $450
3/1 PBP paid a $100 deposit to rent a booth at the county fair to be held in June.
3/3 PBP received payment from Mr. Moy
3/8 PBP paid the phone bill.
3/15 PBP took photos at the sports banquet and billed the customer for the balance. The travel expenses paid by PBP were $75.
3/19 PBP paid $500 to Good Co.
3/22 PBP received a phone bill for $98
3/28 PBP received payment from Sports Banquet
3/31 PBP landed a $5000 contract to photograph the youth baseball club in April. BPB received a down payment of $2000
4/3 PBP paid the phone bill
4/5 PBP purchased a $9000 photographic copy machine from Good Company on account. The useful life is 6 years.
4/12 BPB photographed ½ of the baseball club events scheduled for April and billed YBC for $500.
4/21 BPB received a phone bill for $84
4/29 BPB paid $287 for auto repairs that occurred while photographing the remainder of the events for YBC. BPB billed YBC for $2500 for the work performed.
5/3 BPB paid the phone bill
5/8 BPB received payment in full from YBC
5/15 BPB paid $1200 to Good Co.
5/18 BPB obtained permission to photograph the Nicetown Highschool graduation on May 28th.
5/20 BPB purchased $2500 of Photo supplies
5/28 BPB photographed the graduation and received prepaid orders for $3600 of photos.
5/29 BPB received a phone bill for $108
5/31 BPB delivered $1200 of the graduation photos.
6/3 BPB paid the phone bill
6/8 BPB paid $1000 to Good Co.
6/15 BPB participated in the County Fair with the following results:
Received prepaid orders of $5000 for photos to be delivered by the July 15th.
Sold prints of prior photos for $1400.
Paid $1500 for the rental of the booth.
Paid $491 for travel expenses.
6/21 BPB delivered the remainder of the graduation photos.
6/27 BPB received a phone bill for $211
6/28 BPB delivered $1800 of the photos for the County Fair.
Monica also has a shoebox of gas receipts that totals $782 for her business trips during the 6 months.
Monica has done an inventory count and has $118 of supplies left in the closet on June 30.
Given the journal entries above, make the neccessary adjusted journal entries.
Explanation / Answer
Journal Entries Date Particulars Amount (Dr) Amount (Cr) 15-Jan Camera A/c $3000 Good Co. A/c $3000 ( Being Camera Purchased on account) 24-Jan Computer A/c $756 Cash A/c $756 ( Being Computer Purchased ) 26-Jan Photo Printer A/c $1200 Cash A/c $1200 ( Being Photo Printer Purchased ) 31-Jan Cash A/c $300 Moy A/c $300 (Being advance received for photography services) 06-Feb Moy A/c $300 Services A/c $200 Cash $100 (Being Moy's account has been settled and cash returned) 08-Feb Good Co. A/c $1000 Cash A/c $1000 (Being Cash paid to Good Co.) 14-Feb Cash A/c $250 Photography services $250 (Being Cash received against photography services) 21-Feb Cash A/c $250 Sports banquet $250 (Being Downpayment received) 22-Feb Purchases A/c $800 Photo Chemical Company $800 (Being Photo supplies purchased on credit) 23-Feb Good Co.A/c $1500 Cash A/c $1500 (Being Cash paid to Good Co.) 25-Feb No entry 28-Feb Insurance Charges $500 Cash A/c $500 (Being Insurance charges paid for one year) 28-Feb Cash A/c $450 Sales A/c $450 (Being Additional photos sold ) 01-Mar Cash A/c $100 Prepaid Rent $100 (Being advance rent paid for Booth) 03-Mar No entry 08-Mar Telephone charges A/c $86 Cash A/c $86 (Being telephone charges for the month paid) 15-Mar Sports Banquet $825 Photo Charges $750 Travel Charges A/c $75 (Being photo charges and travel charges due) 19-Mar Good Co. A/c $500 Cash A/c $500 (Being Cash paid) 22-Mar NoEntry 28-Mar Cash A/c $825 Sports banquet $825 (Being payment received from Sports Banquet) 31-Mar Cash A/c $2000 Youth Baseball Club A/c $2000 (Being Downpayment Received) 04-Mar Telephone charges A/c $98 Cash A/c $98 (Being telephone charges for the month paid) 05-Apr Photo copier Machine A/c $9000 Good Co. A/c $9000 (Being photocopier Machine purchased) 12-Apr Youth Baseball Club A/c $500 Photography services $500 (Being Services made and invicing done) 21-Apr NO Entry 29-Apr Auto repair A/c $287 Cash A/c $287 (Being Auto repair charges paid) 29-Apr Youth Baseball Club A/c $2500 Photography services $2500 (Being Services made and invicing done) 03-May Telephone charges A/c $84 Cash A/c $84 (Being telephone charges for the month paid) 08-May Cash A/c $5000 Youth Baseball Club A/c $5000 (Being Amount received) 15-May Good Co. A/c $1200 Cash A/c $1200 (Being Cash paid ) 18-May No Entry 20-May Purchases A/c $2500 Cash A/c $2500 (Being Photo supplies purchased) 29-May No Entry 31-May Cash $1200 Photo Services $1200 (Being Photo sold) 03-Jun Telephone charges A/c $108 Cash A/c $108 (Being telephone charges for the month paid) 08-Jun Good Co. A/c $1000 Cash A/c $1000 (Being Cash paid ) 15-Jun Cash A/c $1400 Photos $1400 (Being Photos Sold) Rent A/c $1500 Cash A/c $1500 (Being rent paid for Booth) Travel Expenses A/c $491 Cash A/c $491 (Being Travel Expenses paid) 21-Jun NoEntry 27-Jun NoEntry 28-Jun NO Entry 30-Jun Business Trip $782 Cash $782 (Being Reimburresement of Monica for the trip made)
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