Hi, my name is Trenia. I am a Junior in college and my major is Business Accounting.
I work full time and go to school full time. I am married and have two girls.

If a company transferred temporarily restricted funds in the amount of $3,000 from
Investments to pay for additional arts and crafts supplies; how would I prepare the
Journal entries?

To account for $1,750 in fees from parents
Earned in the first six months of operations,
But collected in the second six months. How
Would I prepare the journal entries?

1. Debit Craft Supplies for 3,000
Credit Investments for 3,000

2. Debit Accounts Reeivable for 1,750
Credit Service Revenue(or appropriate revenue account) for 1,750

Arts & craft A/c Dr $3000.00
To Investment A/c $3000.00

What are the journal entries for accounts payable.

Ex:
When an invoice is going to be post?

When an invoices paid?

When payment stopped? (after issuing a check)













.

When you purchase something on Credit the journal entry is:

Debit the appropriate Asset account for the amount. i.e. Supplies or Merchandise Inventory
Credit Accounts Payable for the amount

When the accounts payable account is paid the journal entry is:
Debit Accounts Payable for the amount
Credit Cash for the amount