Prokect 2: Accounting for a freelancee Total Points: 60 Problem: In November, ITP experienced the following events. 1. ITP borrowed additional \$2,000 cash from Fortis Bank. 2. ITP rented a studio for a bargained price of $1,000 per month. In order to get this deal, on November 1 , ITP paid $3,000 cash in advance for the future three months. 3. ITP paid $1,200 cash to purchase one additional flash and two lenses on November 1. These equipment are expected to be used for two years, and has no residual value. 4. ITP completed five 2.hour photo sessions in November. ITP charged $200 for each hour. Payment for all five sessions are received for total $2,000 in cash. 5. ITP completed two 2 hour photo sessions for uncle Sam, which has been paid in October. 6. ITP paid $100 cash for utility expense on November 20 . 7. ITP made a S100 cash dividend to the owners. 8. IT continued to allocate $300 as depreciation expense for November. Required: a) Prepare Journal Entry for business transaction for the second month Income Statement For the Month Ended November 30, 2022 Revenue (asset increases) Operating Expenses (asset decreases) Net Income (change in the assets) Image Town Pictures Statement of Changes in Stockholders' Equity For the Month Ended November 30, 2022 Contributed Capital: Beginning Common Stock Common Stock Issued Ending Common Stock Retained Earnings: Beginning Retained Earnings Net Income Dividends Ending Retained Earnings Total Stockholders' Equity Accounting for a freelancer_first half done 220922.docx Balance Sheet November 30,2022 Assets: Cash Prepaids Equipment Total Assets Liabilities: Note Payable Unearned Revenue Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $