Using the data from pages 213-214 from the text book and the worksheets from the workbook pages 251-269. Complete directions 1-5 on page 214. The following are check figures: from the ledger - ending cash balance = $22, 570, from the 10 column worksheet - Trail balance totals = $85,595, Total adjustments =$6,200, adjusted trail balance totals=$$86,695 Net loss = $7,115 final I/S totals =$16,360, Final B/S = $77,450

Comprehensive Review problem Arnold's Photography Studio (P) CO) have reached the end of the first section of chis book. The following problem is do Arnold has been a photographer since his graduation from high school several ago. On July 1,20x1, he decided to open his own photography firm, called to review and reinforce your knowledge of accounting for a service business jePhotos. To start his accounting system. Jim developed the chart of accounts Arm shown below. Arnold's Photos Chart of Accounts Owner's Equity 311 Jim Arnold, Capital 312 im Arnold, Drawing 313 Income Summary 111 Cash 112 Accounts Receivable 113 Office Supplies 114 Photographty Supplies 115 Prepaid Insurance 121 Office Equipment 121.1 Accumulated Revenue 411 Photography Revenue 412 Vending Machine Revenue Expenses 511 Salaries Expense 512 Advertising Expense 513 Rent Expense 514 Repairs Expense 515 Insurance Expense 122 Photography Equipment 122.1 Accumulated Depreciation- Photography Equipment 123 Furniture and Fixtures 123.1 Accumulated and Fixtures 516 Office Supplies Expense 517 Photography Supplies Expense 518 Depreciation Expense-Office Equipment Liabilities 211 Accounts Payable 212 Notes Payable 213 Salaries Payable Equipment 521 Ulilities Expense 522 Miscellaneous Expense Jim completed the following transactions during the first moruh cf opersions Jul. 1 Jim invested $40,000 cash and photography egcipnent valurd a the business. I Purchased office supplies for cash, $1,300. 1 Purchased photography supplies on account, $6.700 I Paid July rent, $1,700. 1 Paid for a newspaper ad, $500. 2 Purchased office equipment on account, $6,750 2 Paid property insurance for the upcoming year, $3,600. 3 Purchased a computer system and sofrware., $3,200, by issuing a note payable 5 Paid for promotional handouts, $150. 6 Paid miscellaneous expenses, $175. 7 Paid salaries of employees, $1,400. 7 Recorded week's cash receipts for photo work, $1.350