Studio $16$ Photography

Record these $3$ months $($quarter of a fiscal year$)$ of transactions using your Excel Accounting Workbook. Be sure to add accounts and adjust your workbook to accommodate Studio $16\text{'}$s records.

$8/1-$ Sarah Smiles, the owner of a small photography business, is getting bigger and needs to hire bookkeeper. She has been keeping her accounting records herself and has provided you with her last balance sheet. It is as follows... $***$Hint: Create a compound journal entry to record the balances of these accounts.

$\backslash$table$[[$Assets$,,,],[,$Checking Account,,$10,000],[,$A$/$R$-$Jones,$800,],[,$Inventory,$5,000,],[,$Supplies,$1,000,],[,$Camera,$3,500,],[,$Total Assets,$20,300,],[,,,],[,,,],[,,,5,000],[,$Sun Bank Note Loan,,$5,000],[,$Total Liabilities,,$],[,,,15,300],[,,,15,300]]$

$\frac{8}{1}-$ Bought a small store front for $$100,000$ with no money down. The entire amount was financed.

$\frac{8}{2}-$ Bought $$7,000$ of equipment from Furniture Superstore with her store credit card.

$\frac{8}{3}-$ Bought $$2,000$ worth of supplies on "Photo Supplies R Us$"$ account.

$8/4-$ Bought $$3,000$ photo paper, frames, and materials for photo books to be sold from Photo Supplies R Us$.$ She charges $$220$ per hour for the service she provides. Sarah includes sales tax in the sale price.

$\frac{8}{5}-$ Bought a $6-$Month insurance policy from All State for $$850.$

$\frac{8}{6}-$ Was hired to be the photographer for Stacy Chapburn's wedding. Stacy gave "Studio $16"$ a deposit of $$1,000$ to hold the date.

$8/7-$ Amy Fackler, a previous cash customer, came back and bought $2$ photo books from "Studio ${16}^1$ for $$100$ a piece, but only paid $$50.$ Those books cost "Studio $16"$ $$15$ a piece.

$8/13-$ Hired an assistant, Marty Costello, for the Chapburn wedding and paid him $$400.$

$\frac{8}{20}-$ Paid utility bills to PSE&G totaling $$500.$

$8/22-$ Was paid $$4,000$ up front from Christine Zimmer for her engagement photos and upcoming wedding. Creat general journal