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ACG 2 0 1 1 Milestone Assignment # 1 Instructions Version 2 3 . A table [ [ , , 3 1 ] ,

ACG2011 Milestone Assignment #1 Instructions Version 23.A
\table[[,,31],[11,Cash,32],[12,Accounts receivable,33],[13,All. for doubtful accts,34],[14,Supplies,41],[15,Prepaid rent,51],[16,Equipment,52],[17,Acc. depr. - Equip.,53],[18,Van,54],[19,Acc. depr. - Van,55],[21,Notes payable,56],[22,Accounts payable,57],[23,Unearned revenue,58],[,,59],[24,Wages payable,91]]
J. Harris, Capital
J. Harris, Drawing
S. Grant, Capital
S. Grant, Drawing
Services revenue
Wages expense
Bad debt expense
Rent expense
Utilities expense
Van expense
Supplies expense
Interest expense
Depreciation expense
Miscellaneous expense
Income summary
Step 1: Journalize the following transactions.
Enter the following on page 1 of the general journal.
Dr
June 1 J. Harris contributes cash of $50,000 and accounts receivable of $20,000 to a new partnership, Top Tier Interior Design. S. Grant contributes $12,000 cash and $1,000 of supplies to the partnership. The partners agree that $1,500 is a reasonable amount for the allowance for doubtful accounts for the contributed accounts receivable.
Concra
Interest payable
Paid rent for the June through August, $3,000.
Purchased equipment paying cash, $5,000.
Purchased a used van for $30,000. The partnership paid $10,000 cash as a down payment and signed a note for the remainder.
Received an advance payment of $9,000 for services to be provided in the future.
Purchased supplies on credit, $700.
Received cash for job completed, $15,550.
Recorded jobs completed on account and sent invoices to customers, $12,200.
Received an invoice in the mail for van-related expenses, to be paid in September $1,200.
Paid miscellaneous expenses, $200.
Paid utilities expense, $300.
Enter the following on page 2 of the general journal.
30 Paid wages of employees, $6,200.
30 The partners agree to write off $500 of their accounts receivable as uncollectible.
30 Received cash from customers on account, $7,000.
30 Paid creditor a portion of the amount owed for supplies purchased earlier in the month, $250.
30 J. Harris withdrew cash for personal use, $2,500.
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