On December 1, Dubois Campus Photography issued 10,000 shares of common stock to Kate Carnation in exchange for $34,000 cash.

On December 1, Dubois Campus Photography purchased photography equipment for $6,480 cash.

On December 1, Dubois Campus Photography prepaid $2,500 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.

On December 4, Dubois Campus Photography received a $4,400 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.

On December 9, Dubois Campus Photography received $2,160 cash for full payment in advance from Edward Taylor for a late December photo shoot.

On December 12, Dubois Campus Photography purchased $1,680 of photography supplies on account.

On December 15, Dubois Campus Photography performed photography services for a local church and billed the client $12,800.

On December 18, Dubois Campus Photography received its electric bill (utilities) in the amount of $1,680. Payment is due on January 18.

On December 28, Dubois Campus Photography paid $700 on account.

On December 30, Dubois Campus Photography paid $1,400 in staff assistant's salary for December.

On December 30, Dubois Campus Photography paid a $1,300 cash dividend.

--------------------------------------------------------------------------------------------------------------------

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.

Prepare the adjusting entry required for rent expired during December.

Prepare the adjusting entry to record revenue earned from the photo shoot for Edward Taylor. Taylor paid $2,160 in advance on December 9, and the service was completed late in December.

A physical count of photography supplies indicate that $340 of supplies are on hand as of December 31. Prepare the required adjusting entry, if any.

Prepare the entry to close the revenue account(s) to Income summary.

Prepare the entry to close the expense account(s) to Income summary.

Prepare the entry to close income summary.

Prepare the entry to close the dividends account.