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 Cash 12.150 Accounts Payable $1.910 Accounts Receivable 3.800 Uneared Photography Fees 2.600 Prepaid Rent 12,600 Common Stock 24.000 Prepaid insurance 2.970 Photography Fees Earned 34.480 Supplies 4250 Wages Expense 11.000 Equipment 22,800 urttien Expense 20 An analysis of the firm's records discloses the following items: 1. Photography services of s925 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 5400 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 $2,600 in advance for pictures to be taken for the holiday season. When received these fees were credited to Unearned Photography Fees. By Decemb 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 $1,520. 8. At December 31, wages expense of $375 has been incurred but not paid. 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 PHOTOMAKE, Inc Unadjusted Trial Balance December 31 Debit Credit Cash $ OS Accounts Receivutio 0 Prepaid Rent 0 Prepaid insurance 0 0 Supplies 0 Equipment Accounts Payable Uneamed Photography Fees 0 Common stock D Photography fees tamed Wages Expens Utilities Expense 0 5 OS 0 0 0 0 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 Cash 12.150 Accounts Payable $1.910 Accounts Receivable 3.800 Uneared Photography Fees 2.600 Prepaid Rent 12,600 Common Stock 24.000 Prepaid insurance 2.970 Photography Fees Earned 34.480 Supplies 4250 Wages Expense 11.000 Equipment 22,800 urttien Expense 20 An analysis of the firm's records discloses the following items: 1. Photography services of s925 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 5400 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 $2,600 in advance for pictures to be taken for the holiday season. When received these fees were credited to Unearned Photography Fees. By Decemb 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 $1,520. 8. At December 31, wages expense of $375 has been incurred but not paid. 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 PHOTOMAKE, Inc Unadjusted Trial Balance December 31 Debit Credit Cash $ OS Accounts Receivutio 0 Prepaid Rent 0 Prepaid insurance 0 0 Supplies 0 Equipment Accounts Payable Uneamed Photography Fees 0 Common stock D Photography fees tamed Wages Expens Utilities Expense 0 5 OS 0 0 0 0