BSHS 373 – Week 3 Accounting Short Answer Questions

BSHS 373 – Week 3 Accounting Short Answer Questions

BSHS 373 – Week 3 Accounting Short Answer Questions
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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...

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