Question Details

Briefly explain the difference between Unearned Art Fees and Art Fees Earned



1.	Briefly explain the difference between Unearned Art Fees and Art Fees Earned.
2.	In the journal provided, prepare journal entries (in good form) for the following transactions. If no entry is required, write “no entry.” Omit explanations.

Apr.	1	Stuart Franz opened a dry cleaning service, called Same Day Cleaners, by depositing $60,000 into a business bank account.
	3	Paid two years' rent in advance, $14,400.
	6	Purchased dry cleaning equipment for $40,000. Paid $8,000 in cash, the remainder to be paid in two weeks.
	9	Hired a part-time worker, to be paid $300 per week, starting tomorrow.
	17	Paid the worker's weekly wage.
	17	Recorded cash received for services performed during the week, $3,000.
	20	Paid for the remainder of the equipment purchased on April 6.
	21	Received $200 in advance of cleaning and boxing a wedding gown.
	23	Performed $500 of dry cleaning services for Asa's Tuxedo Shop. Payment will be received in three days.
	24	Paid the weekly wages.
	26	Received payment from Asa's Tuxedo Shop.
	30	Received a telephone bill for $100, which will be paid in two weeks.

General Journal	Page 1
Date        	Description	Post.Ref.	         Debit	Credit



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