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$\text{'}$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$

$2331$Mar Accrued income taxes for the month $(15\%$ of sales$)$

$2431$Mar Paid wages to staff of $$4000$

Part $2$ The Posting Process

Graphic Equipment