accounting cycle I need help with the trial balance and the adjusting entries an
ID: 2523365 • Letter: A
Question
accounting cycle I need help with the trial balance and the adjusting entries and closing entries
lb Office Supplies Expense Liabilities 211 Accounts Payable 212 Notes Payable 213 Salaries Payable 517 Photography Supplies Expense 518 Depreciation Expense-Office Equipment 519 Depreciation ExpensePhotography Equipment Depreciation Expense-Furniture and Fixtures 520 521 Utilities Expense 522 Miscellaneous Expense mpleted the following transactions during the first month of operations: 20X1 im invested $40,000 cash and photography equipment valued at $20,000 in the business. Jul. 1 1 J fuplis or ah, 51.300. tpaue 700. 1 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 software, $3,200, by issuing a note payable. 5 Paid for promotional handouts, $150 6 Paid miscellaneous expenses, $175. Paid salaries of em yes, $1,40. 7 Recorded week's cast receipts for photo work, $1,350.Explanation / Answer
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Arnold's Photos Worksheet for Trial Balance Account Unadjusted Adjustments Adjusted Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 22570 22570 22570 Acounts Receivable 905 905 905 Office Supplies 1300 450 850 850 Photography supplies 9900 4350 5550 5550 Prepaid Insurance 3600 300 3300 3300 Office Equipment 9950 9950 9950 Accumulated Depreciation - Office Equipment 0 190 190 190 Photography Equipment 23500 23500 23500 Accumulated Depreciation - Photography Equipment 0 275 275 275 Furniture and Fixtures 2600 2600 2600 Accumulated Depreciation - Furniture and Fixtures 0 75 75 75 Accounts Payable 13650 13650 13650 Notes Payable 2700 2700 2700 Salaries Payable 0 560 560 560 Jim Arnold, Capital 60000 60000 51775 Jim Arnold, Drawing 1110 1110 Photography Revenue 8965 8965 8965 Vending Machine Revenue 280 280 280 Salaries Expense 5600 560 6160 6160 Advertising Expense 1360 1360 1360 Rent Expense 1700 1700 1700 Repair Expense 80 80 80 Insurance Expense 0 300 300 300 Office Supplies Expense 0 450 450 450 Photography supplies Expense 0 4350 4350 4350 Depreciation Expense - Office Equipment 0 190 190 190 Depreciation Expense - Photography Equipment 0 275 275 275 Depreciation Expense - Furniture and Fixtures 0 75 75 75 Utilities Expense 1170 1170 1170 Miscellaneous Expense 250 250 250 85595 85595 6200 6200 86695 86695 16360 9245 69225 69225 Income Summary -7115 Grand Total 85595 85595 6200 6200 86695 86695 9245 9245 69225 69225Related Questions
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