Ivan Kuhl opened a web consulting business called Photo Sense and recorded the following transactions in its first month of operations Apr 1 Kuhl invests $86,000 cash along with office equipment valued at $29,500 in the company in exchange for common stock Apr 2 The company prepaid $10,200 cash for twelve months rent for office space The company's policy is record prepaid expenses in balance sheet accounts Apr 3 The company made credit purchases for $8,700 in office equipment and $4,300 in office supplies Payment is due within 10 days Apr 6 The company completed services for a client and immediately received $6,100 cash Apr 9 The company completed a $9,500 project for a client, who must pay within 30 days Apr 13 The company paid $13,000 cash to settle the account payable created on April 3 Apr 19 The company paid $2,880 cash for the premium on a 12 month insurance policy The company's policy is record prepaid expenses in balance sheet accounts Apr 22 The company received $4,200 cash as partial payment for the work completed on April 9 Apr 25 The company completed work for another client for $4,600 on credit Apr 28 The company paid $6,200 cash in dividends Apr 29 The company purchased $1,300 of additional office supplies on credit Apr 30 The company paid $1,700 cash for this months utility bill Descriptions of items that require adjusting entries on April 30, follow a) On April 2, the company prepaid $10,200 cash for twelve months' rent for office space b) The balance in Prepaid insurance represents the premium paid for a 12 month insurance policy the policy's coverage began on April 1 c) Office supplies on hand as of April 30 total $1,900 d) Straight line depreciation of office equipment, based on a 5 year life and a $17,200 salvage value, is $350 per month e) The company has completed work for a client, but has not yet billed the $2,400 fee f) Wages due to employees, but not yet paid, as of April 30 total $3,300 PHOTO SENSE Trial Balance April 30, 2019 Account Title Debit Credit Cash 62,320 Accounts receivable 12,300 Office supplies 1,900 Prepaid insurance 2,640 Prepaid rent 9,350 Office equipment 38,200 Accumulated depreciation Office equipment 350 Accounts payable 1,300 Wages payable 3,300 Common stock 115,500 Dividends 6,200 Services revenue 22,600 Rent expense 850 Insurance expense 240 Office supplies expense 3,700 Wages expense 3,300 Depreciation expense Office equipment 350 Utilities expense 1,700 Total 143,050 143,050 For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income If an adjustment caused net income to decrease, enter the amount as a negative value Net income before adjustments can be found on the income statement tab (Hint Select unadjusted on the drop down )

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Ivan Kuhl opened a web consulting business called Photo Sense and recorded the following transactions in its first month of operations. Apr. 1 Kuhl invests

Ivan Kuhl opened a web consulting business called Photo Sense and recorded the following transactions in its first month of operations.

Apr.	1	Kuhl invests $86,000 cash along with office equipment valued at $29,500 in the company in exchange for common stock.
Apr.	2	The company prepaid $10,200 cash for twelve months rent for office space. The company's policy is record prepaid expenses in balance sheet accounts.
Apr.	3	The company made credit purchases for $8,700 in office equipment and $4,300 in office supplies. Payment is due within 10 days.
Apr.	6	The company completed services for a client and immediately received $6,100 cash.
Apr.	9	The company completed a $9,500 project for a client, who must pay within 30 days.
Apr.	13	The company paid $13,000 cash to settle the account payable created on April 3.
Apr.	19	The company paid $2,880 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts.
Apr.	22	The company received $4,200 cash as partial payment for the work completed on April 9.
Apr.	25	The company completed work for another client for $4,600 on credit.
Apr.	28	The company paid $6,200 cash in dividends.
Apr.	29	The company purchased $1,300 of additional office supplies on credit.
Apr.	30	The company paid $1,700 cash for this months utility bill.

Descriptions of items that require adjusting entries on April 30, follow.

a) On April 2, the company prepaid $10,200 cash for twelve months' rent for office space.
b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1.
c) Office supplies on hand as of April 30 total $1,900.
d) Straight-line depreciation of office equipment, based on a 5-year life and a $17,200 salvage value, is $350 per month.
e) The company has completed work for a client, but has not yet billed the $2,400 fee.
f) Wages due to employees, but not yet paid, as of April 30 total $3,300.

Account Title	Debit	Credit
PHOTO SENSE
Trial Balance
April 30, 2019
Cash	62,320
Accounts receivable	12,300
Office supplies	1,900
Prepaid insurance	2,640
Prepaid rent	9,350
Office equipment	38,200
Accumulated depreciation - Office equipment		350
Accounts payable		1,300
Wages payable		3,300
Common stock		115,500
Dividends	6,200
Services revenue		22,600
Rent expense	850
Insurance expense	240
Office supplies expense	3,700
Wages expense	3,300
Depreciation expense - Office equipment	350
Utilities expense	1,700
Total	143,050	143,050

For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.)