Jim completed the following transactions during the first month of operations: Jan. 1 Jim invested $40,000 cash and photography equipment with a FMV of $20,000, and photographic supplies which cost $3,000, into the business. 1 Purchased office supplies for cash, $1,300. 1 Purchased more photography supplies on account, $6,700. 1 Paid January rent on a studio, $1,700. 1 Paid for a newspaper ad, $500. 2 Purchased office equipment on account, $6,750. 2 Paid business insurance for the upcoming year, $3,600. 3 Purchased a computer system and software, $3,200, by issuing a 3 year note payable. 5 Paid for promotional handouts, $150 6 Paid miscellaneous expenses, $175. 7 Paid weekly salaries of employees, $1,400. 7 Recorded week's cash receipts for photo work, $1,350. 8 Paid for carpet cleaning (a misc. expense), $75. 9 Recorded photo work done for a customer on account, $855. 9 Purchased additional photography supplies on account, $1,200. 10 Entered into a contract with Southside Food Vendors to place vending machines in the waiting room. Jim is to receive 10% of all sales, with a minimum of $200 monthly. Jim received $200 as an advance payment. 11 Purchased furniture for the lobby area, $1,700. Paid cash in full. 12 Paid cash for the installation of overhead lighting fixtures, $900. 15 Recorded second week's cash receipts for photo work, $2,170. 15 Paid weekly salaries $1,400. 17 Jim withdrew cash for personal use, $800. 19 Collected $500 on account. 22 Recorded third week's cash receipts for photo work, $2,045. 22 Paid weekly salaries $1,400. 23 Photographed a special wedding photo session for customer on account, $2,550. 28 Recorded fourth week's cash receipts for photo work, $1,995. 29 Paid salaries of employees, $1,400. 30 Paid water bill for January, $75. 30 Paid electric bill for January, $1,095 31 Made a $500 payment on the note for the computer purchased on January 3. 31 Paid on account. $3,000 31 Wrote a business check to pay the bill for Jim's home phone, $310. 31 Southside Food Vendors reported a total of $2,200 of vending machine sales for January. Since the business had already received $200, Southside paid the remaining amount due for January. WORKPAPERS NAME NAME NAME NAME GENERAL JOURNAL Page POST REF DATE ACCOUNT NAME DEBIT CREDIT GENERAL LEDGER ACCOUNT CASH ACCOUNT NUMBER 111 Balance Date Jrnl Ref. Item Debit Credit Debit Credit 112 ACCOUNT ACCOUNTS RECEIVABLE Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 113 ACCOUNT OFFICE SUPPLIES Juni Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit 114 ACCOUNT PHOTOGRAPHY SUPPLIES Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 115 ACCOUNT PREPAID INSURANCE Jrnl Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit ACCOUNT OFFICE EQUIPMENT ACCOUNT NUMBER 120 Balance Jrnl Ref. Date Item Debit Credit Debit Credit ACCOUNT ACC. DEPR. - OFFICE EQUIPMENT ACCOUNT NUMBER 121 Jrnl Balance Date Item Ref. Debit Credit Debit Credit ACCOUNT PHOTOGRAPHY EQUIPMENT ACCOUNT NUMBER 130 Jrnl Balance Date Item Ref. Debit Credit Debit Credit 131 ACCOUNT ACC. DEPR. - PHOTOGRAPHY EQUIPMENT Jrnl Date Item Ref. Debit Credit ACCOUNT NUMBER Balance Debit Credit 140 ACCOUNT FURNITURE AND FIXTURES Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 141 ACCOUNT ACC. DEPR. - FURNITURE AND FIXTURES Jrnl Date Item Ref. Debit Credit ACCOUNT NUMBER Balance Debit Credit 211 ACCOUNT ACCOUNTS PAYABLE Jrnl Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit 212 ACCOUNT SALARY PAYABLE Jrnl Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit 213 ACCOUNT SALARY PAYABLE Jrnl Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit 250 ACCOUNT NOTES PAYABLE, LONG TERM Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 311 ACCOUNT JIM ARNOLD, CAPITAL Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 312 ACCOUNT JIM ARNOLD, DRAWING Juni Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 411 ACCOUNT PHOTOGRAPHY REVENUE Juni Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 412 ACCOUNT VENDING MACHINE REVENUE Juni Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 511 ACCOUNT SALARIES EXPENSE Jrni Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit 5121 ACCOUNT ADVERTISING EXPENSE Jrni Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 513 ACCOUNT RENT EXPENSE Jrnl Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit 514 ACCOUNT REPAIRS EXPENSE Juni Date Item Ref. ACCOUNT NUMBER Balance Debit Debit Credit Credit 515 ACCOUNT INSURANCE EXPENSE Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 516 ACCOUNT OFFICE SUPPLIES EXPENSE Juni Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 517 ACCOUNT PHOTOGRAPHY SUPPLIES EXPENSE Jrnl Date Item Ref. Debit Credit ACCOUNT NUMBER Balance Debit Credit 518 ACCOUNT DEPRECIATION EXPENSE Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit 519 ACCOUNT UTILITIES EXPENSE Jrnl Date Item ACCOUNT NUMBER Balance Debit Ref. Debit Credit Credit 520 ACCOUNT MISCELLANEOUS EXPENSE Jrnl Date Item Ref. Debit ACCOUNT NUMBER Balance Debit Credit Credit Unadj. Trial Balance DR CR Adjustments DR Adjusted Trial Bal. DR CR Income Statement DR CR Balance Sheet DR CR CR ACCT. # ACCOUNT NAME 111 CASH 112 ACCOUNTS RECEIVABLE 113 OFFICE SUPPLIES 114 PHOTOGRAPHY SUPPLIES 115 PREPAID INSURANCE 120 OFFICE EQUIPMENT 121 ACC. DEPR. - OFFICE EQUIPMENT 130 PHOTOGRAPHY EQUIPMENT 131 ACC. DEPR. - PHOTO EQUIPMENT 140 FURNITURE & FIXTURES 141 ACC. DEPR. - FURNITURE & FIXTURES 211 ACCOUNTS PAYABLE 212 SALARIES PAYABLE 250 NOTES PAYABLE, LONG TERM 311 JIM ARNOLD, CAPITAL 312 JIM ARNOLD, DRAWING 411 PHOTOGRAPHY REVENUE 412 VENDING MACHINE REVENUE 511 SALARIES EXPENSE 512 ADVERTISING EXPENSE 513 RENT EXPENSE 514 REPAIRS EXPENSE 515 INSURANCE EXPENSE 516 OFFICE SUPPLIES EXPENSE 517 PHOTOGRAPHY SUPPLIES EXPENSE 518 DEPRECIATION EXPENSE 519 UTILITIES EXPENSE 520 MISCELLANEOUS EXPENSE ACCOUNT DEBIT CREDIT