29 Jun Question Under the first requirement at t
Question
Under the first requirement at the bottom of page 178, you are directed to look at pages 116 and 119 for the adjusting entries to be reversed. These should be pages 112 and 115 respectively.
Under the August 8th transaction listing in the middle of page 178, the instructions are confusing and incorrect. They should state: “Completed the series of designs that began on July 31 for which $1,400 cash was received in advance on July 19. The accrued revenues were adjusted on July 31st for the $800 of work that was completed and accepted during July.”
The July 31, 2011, post-closing trial balance for the Miller Design Studio is
on the next page.
COMPREHENSIVE Problem: Miller Design Studio
Chapter Assignments 177
178 CHAPTER 4 Completing the Accounting Cycle
During August, the studio engaged in these transactions:
Aug. 1 Received an additional investment of cash from J. Miller,
$20,000.
2 Purchased additional office equipment with cash, $4,700.
7 Purchased additional office supplies for cash, $540.
8 Completed the series of designs that began on July 31 and billed
for the total design services performed, including the accrued revenues
of $800 that had been recognized in an adjusting entry in
July, $1,400.
12 Paid the amount due for the office equipment purchased last
month, $3,000.
13 Accepted an advance in cash for design work to be done,
$2,400.
15 Performed design services and received a cash fee, $2,900.
16 Received payment on account for design services performed last
month, $2,800.
19 Made a partial payment on the utilities bill that was received and
recorded at the end of July, $140.
20 Performed design services for Rave Department Stores and
agreed to accept payment next month, $3,200.
21 Performed design services for cash, $1,160.
22 Received and paid the utilities bill for August, $900.
23 Paid the assistant for four weeks’ wages, $4,800.
26 Paid the rent for September in advance, $1,600.
30 Paid cash to J. Miller as a withdrawal for personal expenses,
$2,800.
Required
1. Record entries in journal form and post to the ledger accounts the optional
reversing entries on August 1 for Wages Payable and Accounts Receivable
(see adjustment for unrecorded wages on page 116 and adjustment for design
revenue on page 119). (Begin the general journal on page 5.)
2. Record the transactions for August in journal form.
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