Question
On December 1, University Park Photo issued 10,000 shares of common stock to Jose Wisteria in exchange for $33,000 cash On December 1, University Park
On December 1, University Park Photo issued 10,000 shares of common stock to Jose Wisteria in exchange for $33,000 cash
On December 1, University Park Photo purchased photography equipment for $7,920 cash
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
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.
On December 9, University Park Photo received $1,800 cash for full payment in advance from Edward Taylor for a late December photo shoot
On December 12, University Park Photo purchased $1,540 of photography supplies on account
On December 15, University Park Photo performed photography services for a local church and billed the client $18,800
On December 18, University Park Photo received its electric bill (utilities) in the amount of $1,540. Payment is due on January 18
On December 28, University Park Photo paid $600 on account
On December 30, University Park Photo paid $1,200 in staff assistant's salary for December
On December 30, University Park Photo paid a $1,200 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 $1,800 in advance on December 9, and the service was completed late in December
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
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
prepare a general journal
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Peace Love Auditing Journal
Authors: Epic Love Books
1st Edition
1697161693, 978-1697161694
