Jose Wisteria is a photographer who has started a new photography business On December 1, 2018, Jose decided to incorporate under the nameUniversity Park Photo Josehas hired you to provide accounting services for the company Read the instructions at the top of each tab Prepare the required journal entries for the month of December, the necessary adjusting entries and closing entries as of December 31, and a complete set of financial statements, to include all proper labels On December 1, University Park Photo issued 10,000 shares of common stock to Jose Wisteria in exchange for $33,000 cash 2 On December 1, University Park Photo purchased photography equipment for $7,920 cash 3 On December 1, University Park Photo prepaid $2,800 for the first 2 month's rent for their photography studio The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts 4 On December 4, University Park Photo received a $3,200 deposit (partial payment) from Kim Jong and Vince Molinari for their June wedding The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts 5 On December 9, University Park Photo received $1,800 cash for full payment in advance from Edward Taylor for a late December photo shoot 6 On December 12, University Park Photo purchased $1,540 of photography supplies on account 7 On December 15, University Park Photo performed photography services for a local church and billed the client $18,800 8 On December 18, University Park Photo received its electric bill (utilities) in the amount of $1,540 Payment is due on January 18 9 On December 28, University Park Photo paid $600 on account 10 On December 30, University Park Photo paid $1,200 in staff assistant's salary for December 11 On December 30, University Park Photo paid a $1,200 cash dividend 12 Information for adjusting entries The photography equipment purchased on December 1 has an estimated useful of of 3 years and no residual value Prepare the adjusting entry to record depreciation for the month of December 13 Prepare the adjusting entry required for rent expired during December 14 Prepare the adjusting entry to record revenue earned from the photo shoot for Edward Taylor Taylor paid $1,800 in advance on December 9, and the service was completed late in December 15 A physical count of photography supplies indicate that $310 of supplies are on hand as of December 31 Prepare the required adjusting entry, if any 16 Prepare the entry to close the revenue account(s) to Income summary 17 Prepare the entry to close the expense account(s) to Income summary 18 Prepare the entry to close income summary 19 Prepare the entry to close the dividends account

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Jose Wisteria is a photographer who has started a new photography business. On December 1, 2018, Jose decided to incorporate under the nameUniversity Park Photo.Josehas

Jose Wisteria is a photographer who has started a new photography business. On December 1, 2018, Jose decided to incorporate under the nameUniversity Park Photo.Josehas hired you to provide accounting services for the company. Read the instructions at the top of each tab.Prepare the required journal entries for the month of December, the necessary adjusting entries and closing entries as of December 31, and a complete set of financial statements, to include all proper labels.

On December 1, University Park Photo issued 10,000 shares of common stock to Jose Wisteria in exchange for $33,000 cash.
2
On December 1, University Park Photo purchased photography equipment for $7,920 cash.
3
On December 1, University Park Photo prepaid $2,800 for the first 2 month's rent for their photography studio. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts.
4
On December 4, University Park Photo received a $3,200 deposit (partial payment) from Kim Jong and Vince Molinari for their June wedding. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts.
5
On December 9, University Park Photo received $1,800 cash for full payment in advance from Edward Taylor for a late December photo shoot.
6
On December 12, University Park Photo purchased $1,540 of photography supplies on account.
7
On December 15, University Park Photo performed photography services for a local church and billed the client $18,800.
8
On December 18, University Park Photo received its electric bill (utilities) in the amount of $1,540. Payment is due on January 18.
9
On December 28, University Park Photo paid $600 on account.
10
On December 30, University Park Photo paid $1,200 in staff assistant's salary for December.
11
On December 30, University Park Photo paid a $1,200 cash dividend.
12
Information for adjusting entries: The photography equipment purchased on December 1 has an estimated useful of of 3 years and no residual value. Prepare the adjusting entry to record depreciation for the month of December.
13
Prepare the adjusting entry required for rent expired during December.
14
Prepare the adjusting entry to record revenue earned from the photo shoot for Edward Taylor. Taylor paid $1,800 in advance on December 9, and the service was completed late in December.
15
A physical count of photography supplies indicate that $310 of supplies are on hand as of December 31. Prepare the required adjusting entry, if any.
16
Prepare the entry to close the revenue account(s) to Income summary.
17
Prepare the entry to close the expense account(s) to Income summary.
18
Prepare the entry to close income summary.
19
Prepare the entry to close the dividends account.