Question
I need help with the adjusted trial balance here is the adjusting entry information: A two- thirds of ones months insurance coverage has expired b
I need help with the adjusted trial balance
here is the adjusting entry information:
A two- thirds of ones months insurance coverage has expired
b At the end of the month, $1300 of the office supplies are on hand
C The depreciation expense for the photo/video equiptment is estimated to be 4000 per year. The annual depriciation expense for the office equiptment is estimated to be 4000 per year. The annual depreciation expense for the office equiptment is estimated to be 800$ per year.
D Employees earn an amount of $420 a day and there are 3 days of unpaid and unrecorded salaries as of month-end
E The company earned $3550 of revenue that is not yet billed to customer, Lasalle consulting, at month- end
Project I Prof. Thompson Financial Information The following information was provided to you from Tony in an email. It is important to note that since Tony is not an accountant his does not know exactly what information you need to prepare the financial statements. Therefore, it is your responsibility to use your knowledge of financial accounting to determine the relevant accounting information. From: Tony (tony@ finitophotography.com) Date: Monday, August 31,2022 Re: Financial Information for August Thanks so much again for helping me out, I don't thave any idea how to "keep the books" and prepare those confusing financial statements. All I know is that my bank wants them! I wrote down everything I did in August, since I wasn't sure what you would need, so here it is: August 1: I invested $29,000 cash and $21,000 of photo/video equipment into the business Purchased $4,000 worth of office equipment on account. Paid landlord $1,200 cash for the month to rent the business space. Purchased $1,500 of office supplies for the business by paying cash. I paid my landlord $700 for the month to rent my loft apartment one block away. Paid $2,900 cash for a 12 -month insurance policy, which is usually priced at $3,625 but we received a new customer discount. Coverage begins August 11th. Paid $4,200 cash for two weeks' salaries earned by employees. Spoke with festival officials regarding the Redondo Beach Art Festival, permit fee to enter is $300. Still need to think about whether or not to enter. Received \$21,500 cash from corporate client, CocoReno Athletic Wear, for completing advertising prints. Billed band, The Verb, $6,700 for photo shoot at local club. Swiggs Bar \& Grille paid a 10% deposit for their menu and web photo shoot scheduled for the September 19 th. The total quote for this shoot was $3,800. Meet with Keith Barnook and Betsy Alder regarding shooting their wedding in Costa Rica this December. My quote for this event is $8,300. The couple will make a decision in September and provide me their deposit at that time. Bi-weekly salaries of $4,200 was paid. I took money out of $6,000 for myself. Paid $550 cash for minor repairs to the video equipment. I got a deal since a friend repaired the equipment, normally it would have cost $1,500. Received the August utility bill. It is for $95. I will pay it next month since it is not due until September 23rd. 31: Interviewed by local paper for a piece regarding new businesses in the area. Usually, the paper charges $85 to run a quarter page ad but this article will run free of charge to us and be a great source of advertisingStep by Step Solution
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