Question

Ronnie Redd is a photographer who has started a new photography business. On December 1, 2018, Ronnie decided to incorporate under the name Abington Campus Photography. Ronnie has hired you to provide accounting services for the company. Read the instructions at the top of each tab. Prepare the required journal entries for the month of December, the necessary adjusting entries and closing entries as of December 31, and a complete set of financial statements, to include all proper labels.

General Journal tab: Transactions 1-11: Prepare journal entries to record transactions for the first month in business. Transactions 12-15: Prepare the required adjusting entries (use information from the unadjusted trial balance to calculate the required adjustments). Transactions 16-19: Prepare the necessary closing entries.

1) On December 1, Abington Campus Photography issued 10,000 shares of common stock to Ronnie Redd in exchange for $42,000 cash.

2) On December 1, Abington Campus Photography purchased photography equipment for $11,160 cash.

3) On December 1, Abington Campus Photography prepaid $2,500 for the first 2 month's rent for their photography studio. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts.

4) · On December 4, Abington Campus Photography received a $3,200 deposit (partial payment) from Kim Jong and Vince Molinari for their June wedding. The company's policy is to initially record prepaid expenses and unearned revenues in balance sheet accounts.

5) · On December 9, Abington Campus Photography received $2,880 cash for full payment in advance from Edward Taylor for a late December photo shoot.

6) · On December 12, Abington Campus Photography purchased $1,960 of photography supplies on account.

7) · On December 15, Abington Campus Photography performed photography services for a local church and billed the client $12,800.

8) · On December 18, Abington Campus Photography received its electric bill (utilities) in the amount of $1,960. Payment is due on January 18.

9) · On December 28, Abington Campus Photography paid $800 on account.

10) · On December 30, Abington Campus Photography paid $1,200 in staff assistant's salary for December.

please answer all 10 its worth 50pts thank you

Answer 1

Journal Entries Date Particulars 1-Dec Cash Debit() 42000 Credit($) Common Stock Issued Common Stock 10000 42000 1-Dec Equipment 11160 Cash Purchased Equipment 11160 1-Dec Prepaid Rent 2500 Cash Frst 2 month's rent for their photography studio 2500 4-Dec Cash 3200 Service Revenue Kim Jong and Vince Molinari for their June wedding 3200 9-Dec Cash 2880 Unearned Revenue advance from Edward Taylor for a late December photo shoot 2880 12-Dec supplies 1960 Accounts Payable purchased supplies on account 1960 15-Dec Accounts Receivable 12800 Service Revenue services for a local church and billed the client 12800 18-Dec Utility Expenses 1960 Utility Payable Payment is due on January 18 1960 28-Dec Accounts Payable 800 Cash paid $800 on account 800 30-Dec Salaries Expense 1200 Cash Paid Salaries 1200 30-Dec dividend 1500