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In the text box below, please prepare the journal entries for the following transactions. On May 22, Phyllis Photography signed a contract with a new
In the text box below, please prepare the journal entries for the following transactions. On May 22, Phyllis Photography signed a contract with a new client for photography services. The total amount of the contract is $12,000. Phyllis did not take any photographs or perform any services on this day. On September 29, the client called Phyllis. She took photographs and performed services worth $6,000. On October 24, Phyllis ordered $2,000 in supplies on account. On November 1, Phyllis hired her first employee to help with increased workload. . Phyllis' new employee is paid $20 per hour, and worked ten hours between November 1 and November 30. Phyllis paid the employee for the hours on November 30. Phyllis withheld FICA social security and FICA Medicare taxes from the employee's paycheck, as well as $20 in federal income taxes. (See the slides for lecture 10.0 if you get stuck!)
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