3-11 - Date General Journal Debit Credit Dec. 31 Remodeling...

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Page 11 of 14 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview 12. award: 1 out of 1 point c. On December 15, the company receives an advance payment of $13,000 cash from a customer for remodeling work. Date General Journal Debit Credit Dec. 15 Cash 13,000 Remodeling Fees Earned 13,000 d. On December 28, the company receives $3,700 cash from another customer for remodeling work to be performed in January. Date General Journal Debit Credit Dec. 28 Cash 3,700 Remodeling Fees Earned 3,700 e. A physical count on December 31 indicates that Lowes has $1,840 of supplies available. Date General Journal Debit Credit Dec. 31 Supplies 1,840 Supplies Expense 1,840 f. An analysis of the insurance policies in effect on December 31 shows that $340 of insurance coverage had expired. Date General Journal Debit Credit Dec. 31 Prepaid Insurance 1,200 Insurance Expense 1,200 g. As of December 31, only one remodeling project has been worked on and completed. The $5,570 fee for this project had been received in advance.
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Unformatted text preview: Date General Journal Debit Credit Dec. 31 Remodeling Fees Earned 11,130 Unearned Remodeling Fees 11,130 [The following information applies to the questions displayed below.] Colgate Company experienced the following events and transactions during July. July 1 Received $2,800 cash in advance of performing work for Vivian Solana. 6 Received $8,100 cash in advance of performing work for Iris Haru. 12 Completed the job for Solana. 18 Received $7,300 cash in advance of performing work for Amina Jordan. 27 Completed the job for Haru. 31 None of the work for Jordan has been performed. a. Prepare journal entries (including any adjusting entries as of the end of the month) to record these events using the procedure of initially crediting the Unearned Fees account when payment is received from a customer in advance of performing services. (In cases where no entry is required, please...
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This note was uploaded on 08/09/2010 for the course ACCT 1 taught by Professor Ludwig during the Spring '10 term at Los Angeles City College.

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