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Jacki O is a graphic designer and you are the production manager for the small firm. Jacki O is out on maternity leave and Mavis

Jacki O is a graphic designer and you are the production manager for the small firm. Jacki O is out on maternity leave and Mavis the bookkeeper
fell and broke her hip. You are in charge of the office for the next 4 weeks, this includes taking care of the books. The office consists of Jacki O the owner,
Mavis the bookkeeper (part time), Jorge your part time production assistant and you (full time).
You are to complete the bookkeeping for the month. You will first journal the following transactions on the Pt 1 Journal entries tab. There are several
transactions where you will need to make a judgement call. This course is Accounting for Managers, so you will have to manage the finances of the
office for the month and make a decision.
Helpful Notes
1 You are interviewing for a partt-ime graphic artist at $27 per hour as the work is picking up
2 The Notes payable is a 9% loan, all interest and principle due 4/30
3 Detail for Visa Bill:
Gas Receipts for Van 215
Flowers for Client (baby)85
Training for Jenny B 2,250
Lunch for staff 92
ink for the printer 875
Total 3,517
Jacki O's Graphic Design Studio
Balance Sheet
2/28/2023
Assets Liabilities
Cash 9,800 Accounts Payable 5,250
Petty Cash 100 Note Payable 15,000
Accounts Receivable 8,440 Interest Payable 1,125
Prepaid Insurance 575 Unearned Income -
Supplies 2,150 Taxes Payable 4,000
Graphic Equipment 23,000 Total Liabilities 25,375
Office Equipment 5,700
Delivery Van 5,500 Equity 29,890
Total Assets 55,265 Total Liabilities and Owners equity 55,265
Sub Ledgers
Accounts Receivable Accounts Payable
Accounts Receivable Sub Ledger 3/1 Accounts Payable Sub ledger 3/1
Due
Circus Flora 3250 Acme Ink 230030-Nov
Happy Hippos 2240 Blicks 97530-Mar
Giggles in Gear 2950 Shafer 197515-Feb
84405250
Ref #
13-Mar Paid rent of $3000
22-Mar You find a great candidate for the graphic design position who wants to work part time. You hire Jesse who will start on Monday working 25 hours a week at $27 a hour.
33-Mar Purchased new printer $3500 on account at Blicks on account.
43-Mar Paid invoice to Shafer Graphics of $1975
56-Mar Completed Logo for Monster Donuts, billed client $1250
69-Mar Purchased ad in Fitchburg Times Magazine for $400
710-Mar Online order received from Pawfect Pastries for $175(paid at time of order, shipped same day).
811-Mar Received Check from Circus Flora for T Shirt printing delivered last week $3250
912-Mar The large format printer broke down. The repair man can come today for a $800 expedite fee. Service call will be $550, or they can come in three weeks to avoid the expedite fee. You have 8 print jobs in the queue for this week.
1013-Mar Acme ink called about a past due bill for $2300. Acme will take $2000 if you pay today. If not paid in full, you must pay something. This is past due over a dispute that has recently been resolved. If you decided to settle, put the difference to the Over and Short account.
1114-Mar The Banditos called and asked for a last minute meeting (was originally scheduled for 3/31) to review new branding for the motorcycle gang. Fortunatley the new assistant completed the work yesterday. The Banditos paid in full after the meeting $15,000.
1214-Mar Paid Visa Bill
1315-Mar Paid Electric and Gas bill $625
1415-Mar Paid Adobe Suite subscription for the year $600 Subscription renews April 1
1515-Mar Paid wages to staff of $4000
1627-Mar Took retainer of $3000 for Fender Air Guitars for rebranding (use unearned income)
1729-Mar Received Check from Circus Flora for $3250
1830-Mar Jackie O took a draw of $2150
1931-Mar Recorded interest due on loan for the month
2031-Mar Used supplies for the month $1650
2131-Mar Expensed expired insurance for March, policy renews April 1
2231-Mar Completed job for the Kiwi Kollective, sent final files and invoiced for $5000
2331Mar Accrued income taxes for the month (15% of sales)
2431Mar Paid wages to staff of $4000
Part 2 The Posting Process
Graphic Equipment

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