Income Statement Balance Sheet Noncash Assets Contra Assets = 925 $ 0 = Cash Asset + Liabilities + Contributed Capital $ 0 + Revenue Expenses Net Income 0 = $ OX $ 0 + $ $ 0 + + $ OX $ 0 + 0. 2,280 = 0+ 0 + 0 - 0 x = OX Earned Capital 925$ 20,520 x 3,420 X 6,300 x 35,405 x 990 X 0 + 0 - 0 = 1,910 X + 07 + 0 - 0 x = 0 x 0 + 6,300 X- 0 = 0+ 0 + 0 - 0x = Transaction (1) Fees earned but not received. (2) Recognize depreciation expense for one year. (3) Recognize utilities expense. (4) Recognize rent expense for one year. (5) Recognize photo revenues. (6) Recognize insurance expense. (7) Recognize supplies expense. (8) Recognize wages expense. Totals OX 0 + 0 - 0 = 6,300 X + 0 + OX- 0 = OX 0 + 990 X- 0 = 0 + O + 0 - 0 x = OX 0+ 2,730 X - 0 = 0+ 0 + 2,730 X 0 - 0 x = OX 0 + 0 - 0 = 0 + 0 - 0 X = OX 11,000 + 19,210 X + 11,000 x 81,290 x 0 + 10,945 x 2,280 0 + OX 0 X = OX Snapshot Company, a commercial photography studio, has just completed its first full year of operations on December 31, 2018. General ledger account balances before year-end adjustments follow; no adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $1,910 2,600 24,000 Accounts Receivable Prepaid Rent Prepaid Insurance Supplies Equipment $2,150 Accounts Payable 3,800 Unearned Photography Fees 12,600 Common Stock 2,970 Photography Fees Earned 4,250 Wages Expense 22,800 Utilities Expense 34,480 11,000 3,420