Question
The following is the adjusted trial balance columns from the worksheet for Picture Perfect Photography. Picture Perfect Photography Adjusted Trial Balance December 31, 2018 Accounts
The following is the adjusted trial balance columns from the worksheet for Picture Perfect Photography.
Picture Perfect Photography
Adjusted Trial Balance
December 31, 2018
Accounts | Debit | Credit |
Cash | $15,000 |
|
Accounts Receivable | 30,000 |
|
Prepaid Insurance | 7,500 |
|
Office Supplies | 3,200 |
|
Land | 40,000 |
|
Building | 160,000 |
|
Accumulated DepreciationBuilding |
| $12,000 |
Equipment | 75,000 |
|
Accumulated DepreciationEquipment |
| 8,500 |
Accounts Payable |
| 12,000 |
Salaries Payable |
| 2,000 |
Unearned Revenue |
| 25,000 |
Mortgage Payable |
| 100,000 |
Ramirez, Capital |
| 21,290 |
Ramirez, Withdrawals | 23,000 |
|
Service Revenue |
| 289,000 |
Salaries Expense | 61,000 |
|
Depreciation Expense--Building and Equipment | 6,150 |
|
Office Supplies Expense | 14,040 |
|
Insurance Expense | 14,000 |
|
Utilities Expense | 20,900 | ________ |
Total | $469,790 | $469,790 |
Using the information provided in the worksheet above, prepare an income statement for Picture Perfect Photography.
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