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Landing Page Notifications - ) O Jim Arnold's Photography Studio You have reached the end of the first section of this book. The following problein is designed to review and reinforce your knowledge of accounting for a service business. Jim Arnold has been a photographer since his graduation from high school several years ago. On July 1, 20X1, he decided to open his own photography firm, called Arnold's Photos. To start his accounting system, Jim developed the chart of accounts shown below. Arnold's Photos Chart of Accounts Assets Owner's Equity 111 Cash 311 Jim Arnold, Capital 112 Accounts Receivable 312 Jim Arnold, Drawing 113 Office Supplies 313 Income Summary 114 Photography Supplies Revenue 115 Prepald Insurance 121 411 Office Equipment Photography Revenue 121.1 Accumulated Depreciation Office 412 Vending Machine Revenue Equipment Expenses 122 Photography Equipment 511 Salaries Expense 122.1 Accumulated Depreciation 512 Advertising Expense Photography Equipment 513 Rent Expense 123 Furniture and Fixtures 514 Repairs Expense 123.1 Accumulated Depreciation - Furniture 515 Insurance Expense and Fixtures 516 Office Supplies Expense 517 Photography Supplies Expense Liabilities 518 Depreciation Expense-Office Equipment 211 Accounts Payable 519 Depreciation Expense-Photography 212 Notes Payable Equipment 213 Salaries Payable 520 Dopreciation Expense-Furniture and Futures 521 Utilities Expense 522 Miscellaneous Expense Jim completed the following transactions during the first month of operations: 20X1 Jul. 1 Jim invested 540,000 cash and photography equipment valued at $20,000 in the business. 1 Purchased office supplies for cash, $1,300. 1 Purchased photography supplies on account. $6,700. 1 Paid July rent, $1.700. 1 Paid for a newspaper ad, $500. 2 Purchased office equipment on account, $6,750. 2 Paid property insurance for the upcoming year, $3,600. 3 Purchased a computer systein and software, $3,200, by issuing a note payable. 5 Paid for promotional handouts, $150. 6 Paid miscellaneous expenses, $175. 7 Paid salaries of employees, 51.400. 7 Recorded week's cash receipts for photo work, $1,350. Jul 8 Paid for carpet cleaning la miscellaneous expense). 575. Recorded photo work done for 2 cusner en cuan, 5855. 9 Purchased additional photography supplies on account. 53.200. 10 Purchased additional photography equipment for cash. 53.500. 10 Entered into a contract with Southside Food Vendors to place wending machines in the waiting rooms. Jion is to receive 10% of all sales, with a minimum of $200 monthly. Received 5200 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, 5900 15 Recorded second week's cash receipt for photo work. 52.170. 15 Paid weekly salaries. $1.400. 17 Jun withdrew cish for personal use, $800. 18 Paid for TV ad. $710. 19 Paid for repair to equipment, $80. 19 Collected $500 for the photo wurk done an account on July 9. 22 Recorded third week's cash receipts for photo work, 32,045. 22 Paid weekly salaries, $1,400. 23 Did a special wedding photo session for a customer on credit, 5550 28 Recorded fourth week's cash receipts for photo work, 51.995. 29 Paid salaries of employees, 51.400. 30 Paid water bill for July, 575. 30 Paid electric bill for July, $1.095. 31 Made a 5500 payment on the note for the coinputer purchased on July 3. 31 Made a payment for the office equipment purchased on account, $2.000 31 Made a payment on the photography supplies purchased on account, $1.000 31 Wrote a business check to pay for Jurn's home phone bill, $310. 31 Southside Food Vendors reported a total of $2.800 of vending machine sale for July. Ten percent of these sales is $280. Since $200 had already been received and recorded in July, Jim was owed $80. Received the $80 deck Directions: 1. Open an account in the ledger for each account shown in the chart of accounts. 2. Journalize cach of the transactions for July, beginning on page 1 of the general journal. 3. Post the journal entries to the ledger. 4. Prepare a trial balance of the ledger in the first two columns of a 10-column wur sheet. 5. Complete the 10 column work sheet. Assume for the purposes of this problem that Jim has a one-month accounting period. Data for adjustments are as follow (a) Office supplies on hand. $850. (lv) Photography supplies un hand. $5,550. (c) Insurance expired, $300. (d) Salaries unpaid, iwo days of a live-day week; weekly salaries are $1.400. (e) Depreciation of oflice cuipment, $190. (1) Depreciation of photography equipment, $275. () Depreciation of furniture and fixtures. $75. 6. Prepare an income statement for the month ended July 31. 7. Prepare a statement of owner's equity for the month ended July 31. 8. Prepare a balance sheet as of July 31. 9. Journalize adjusting entries froin che cuinpleed work sheet. 10. Journalize closing entries. 11. Post adjusting and closing entries to the ledger. 12. Prepare a post-closing trial balance