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Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal Casa 52.483 Accounts Receivable 4,00 rearned Photographers 1180 Prepaid Rent 16.30 Common Stock 31.200 Prepaid insurance 3,851 Photography Fees Earned 4424 Supplies 5.535 Wages Expense 14.300 opment 29.640 Expense 4446 support An analysis of the firm's records discloses the following items: 1. Photography services of $1.203 have been rendered, but customers have not yet been billed. The firm uses the account Fees Receivable to reflect amounts due but not yet billed. 2. The equipment purchased january 1, has an estimated life of 10 years 3. Utilities expense for December is estimated to be 5520 but the bill will not arrive until january of next year 4. The balance in Prepaid Rent represents the amount paid on January 1, for a 2 year lease on the studio 5. in November, customers paid $3,380 in advance for pictures to be taken for the holiday season. When received, these fees were credited to Unearned Photography Fees. By December 31, all fees are earned 6. A 3 year insurance premium paid on January 1, was debited to Prepaid insurance 7. Supplies on hand at December 31 are 52.795 8. Mt December 31, wages expense of $488 has been incurred but not paid. Required a. Prove that the sum of the debits equals the sum of the credits for Photomakes unadjusted account balances by preparing an unadjusted trail balance as of December 31 PHOTOMAKE, Inc December 1 0 0 Prepardirance supples Required a. Prove that the sum of the debits equals the sum of the credits for Photomake's unadjusted account balances by preparing an unadjusted trail balance as of December 31 PHOTOMAKI, Inc. Unadjusted Trial Balance December 31 Debit Credit Cash 05 0 Accounts Receivable 0 0 Prepaident 0 Prepaid insurance O O Supplies Equipment 0 0 Accounts Payable 0 0 Unearned Photography Fees 0 0 Common Stock 0 0 Photography Fees Earned 0 0 Wages Expense 0 0 Us Expense O O Total 5 OS O b. Record adjusting entries in the general journal General Journal bete Description Dec. 31 Deble Credit 1) OS 0 0 To record revenue corned but not billed . . 0 0 0 0 To recordation for the year . 0 To record estimated December is expense . Utilities Expense Totals 0 0 $ $ 0 b. Record adjusting entries in the general journal. General Journal Date Description Dec. 31 Debit Credit Ref. (1) $ 0 $ 0 OO 0 To record revenue earned but not billed. 31 (2) 0 0 0 0 0 0 To record depreciation for the year. 31 (3) 0 O O 0 To record estimated December utilities expense. 31 4) 0 0 0 0 To record rent expense for the year. 31 (5) 0 0 0 0 To record advance payments earned during the year. 31 (6) 0 0 0 0 To record insurance expense for the year. ( 31 (7) 0 OO 0 To record supplies expense for the year. 31 (8) 0 0 0 0 To record unpaid wages at December 31. Check
