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Sasha Cerulean is a photographer who has started a new photography business. On December 1, 2018, Sasha decided to incorporate under the name Lion's Pride Photography. Sasha has hired you to provide accounting services for the company.Read the instructions at the top of each tab.Prepared the required journal entries for the month of December, the necessary adjusting entries and closing entries as of December 31, and a complete set of financial statements, to include all your proper labels.

General Journal Tab: Sasha Cerulean is a photographer who has started a new photography business.On December 1, 2018, Sasha decided to incorporate under the name Lion's Pride Photography.Sasha has hired you to provide accounting services for the Company.Transactions 1-11: Prepare journal entries to record transactions for the first month in business.Transactions 12-15:Prepare the required adjusted entries.Transactions 16-19:Prepare the necessary closing entries.

General Ledger Tab:Entries are posted automatically to the general ledger.Abnormal balances are indicated in brackets.Review the general ledger accounts for normal balances.

Trial Balance Tab:Use the dropdown button to review the unadjusted, adjusted, or post closing trial balance.Review for normal ending balances.

Income State Tab:Select the financial statement elements and accounts properly included on the income statement.The balances automatically populate from the trial balance selected.

Statement of retained earnings tab:Select the proper label for each value appearing on the statement of retained earnings.Make sure the ending balance agrees with the general ledger balance.

Balance sheet tab:Select the financial statement elements and accounts properly included on the balance sheet.The balances automatically populate from the trial balance selected.

1. On December 1, Lion's Pride Photography issued 10,000 shares of common stock to Sasha Cerulean in exchange for $30,000 cash.

2. On December 1, Lion's Pride Photography purchased photography equipment for $12,600 cash.

3. On December 1, Lion's Pride Photography prepaid $2,500 for the first 2 month's rent for their photography studio. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts.

4. On December 4, Lion's Pride Photography received a $4,000 deposit (partial payment) from Kim Jong and Vince Molinari for their June wedding. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts.

5. On December 9, Lion's Pride Photography received $2,880 cash for full payment in advance from Edward Taylor for a late December photo shoot.

6. On December 12, Lion's Pride Photography purchased $12,800 of photography supplies on account.

7. On December 15, Lion's Pride Photography performed photography services for a local church and billed the client $12,800.

8. On December 18, Lion's Pride Photography received its electric bill (utilities) in the amount of $1,960. Payment is due on January 18.

9. On December 28, Lion's Pride Photography paid $800 on account.

10. On December 30, Lion's Pride Photography paid $1,400 in staff assistant's salary for December.

11. On December 30, Lion's Pride Photography paid a $1,500 cash dividend.

12. Information for adjusting entries:The photography equipment purchased on December 1 has an estimated value useful of 3 years and no residual value.Prepare the adjusting entry to record depreciation for the month of December.

13.Prepare the adjusting entry required for rent expired during December.

14. Prepare the adjusting entry to record revenue earned from the photo shoot for Edward Taylor.Taylor paid $2,880 in advance on December 9, and the service was completed late in December.

15. A physical count of photography supplies indicate that $390 of supplies are on hand as of December 31.Prepare the required adjusting entry, if any.

16.Prepare the entry to close the revenue account(s) to Income summary.

17. Prepare the entry to close the expense account(s) to Income summary.

18. Prepare the entry to close income summary.

19. Prepare the entry to close the dividends account.