Prepare it's adjusting entries using the financial statement effects template. Please see attached for question and template to reference for answer input. Any feedback would be much appreciated thank you! Please find the template referenced within the question below. The other attachments is other info that may be needed to solve the question.
An analysis of the firm's records discloses the following. \"i. Photography services of $925 have been rendered, but customers have not yet paid or been billed. The rm uses the account Fees Receivable to reflect amounts due but not yet billed. 2. Equipment purchased January 1, 20M}, has an estimated life of 10 years. 3. Utilities expense for December is estimated to be $400. but the bill will not arrive or be paid untiljanuary ofnext year. 4. The balance in Prepaid Rent represents the amount paid on January 1, 2018, for a Zeyear lease on the studio. 5. in November, customers paid $2,600 cash in advance for photos to be taken for the holiday season. When received, these fees were credited to Performance Obligations. By December 31, all ofthese fees are earned. 6. A 37year insurance premium paid onjanuary 'I. 2018, was debited to Prepaid Insurance. 7. Supplies available at December 31 are $1,520. 8. At December 31, wages expense of $375 has been incurred but not paid or recorded. Note: Use negative signs with your answers, when appropriate. Balance Sheet Income Statement Noncash Contributed Earned Transaction Cash Asset + Assets Contra Assets = Liabilities + Capital Capital Revenue Expenses = Net Income (1) Fees earned but not received. $ Ov+ $ 0 x - $ OV = $ Ov+ $ OV+ $ 0 x $ O X -$ OV = $ O X (2) Recognize depreciation expense for one year. OV + O V - O X = OV + OV + O X O V - 0 X= O X (3) Recognize utilities expense. OV+ O V - OV= 0 X + OV + O X OV - OX= O X (4) Recognize rent expense for one year. OV + O X - OV= OV+ Ov + O X OV - OX= O X (5) Recognize photo revenues. OV+ O V - OV= Ox + OV+ O X 0 x - OV= O X (6) Recognize insurance expense. OV + 0 x OV= OV+ OV + 0 X O V - OX= O X (7) Recognize supplies expense. OV + 0 x - OV= OV+ Ov + 0 X O V - OX= O X (8) Recognize wages expense. ov + O V - OV= Ox + OV + 0 X ov - 0 X = 0 x Totals ov+ 0 x 0 X = OX + OV + O X 0 x 0 X 0 xPreparing an Unadjusted Trial Balance and Adjustments SnapShot Company, a commercial photography studio, has just completed its first full year of operations on December 31, 2018. 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. Cash $2,150 Accounts Payable $1,910 Accounts Receivable | 3,800 Unearned Photography Fees 2,600 Prepaid Rent 12,600 Common Stock 24,000 Prepaid Insurance 2,970 Photography Fees Earned 34,480 Supplies 4,250 Wages Expense 11,000 Equipment 22,800 Utilities Expense 3,420Preparing an Unadjusted Trial Balance and Adjustments SnapShot Company, a commercial photography studio, has just completed its first full year of operations on December 31, 2018. 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. Cash $2,150 Accounts Payable $1,910 Accounts Receivable 3,800 Unearned Photography Fees |2,600 Prepaid Rent 12,600 Common Stock 24,000 Prepaid Insurance 2,970 Photography Fees Earned 34,480 Supplies 4,250 Wages Expense 11,000 Equipment 22,800 Utilities Expense 3,420
