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.

11) · On December 30, Abington Campus Photography paid a $1,500 cash dividend.

12) · On December 30, Abington Campus Photography paid a $1,500 cash dividend.

13) · Prepare the adjusting entry required for rent expired during December.

14) Prepare the adjusting entry to record revenue earned from the photo shoot for Edward Taylor. Taylor paid $2,880 in advance on December 9, and the service was completed late in December.

15) · A physical count of photography supplies indicate that $390 of supplies are on hand as of December 31. Prepare the required adjusting entry, if any.

16) · Prepare the entry to close the revenue account(s) to Income summary.

17) · Prepare the entry to close the expense account(s) to Income summary.

18) · Prepare the entry to close income summary.

19) · Prepare the entry to close the dividends account.

please answer all 19 its worth 50pts thank you

Answer 1

Journal Entries
Date	Particulars	Debit($)	Credit($)
1-Dec	Cash	42000
	Common Stock		42000
	Issued Common Stock 10000
1-Dec	Equipment	11160
	Cash		11160
	Purchased Equipment
1-Dec	Prepaid Rent	2500
	Cash		2500
	Frst 2 month's rent for their photography studio
4-Dec	Cash	3200
	Service Revenue		3200
	Kim Jong and Vince Molinari for their June wedding
9-Dec	Cash	2880
	Unearned Revenue		2880
	advance from Edward Taylor for a late December photo shoot
12-Dec	supplies	1960
	Accounts Payable		1960
	purchased supplies on account
15-Dec	Accounts Receivable	12800
	Service Revenue		12800
	services for a local church and billed the client
18-Dec	Utility Expenses	1960
	Utility Payable		1960
	Payment is due on January 18
28-Dec	Accounts Payable	800
	Cash		800
	paid $800 on account
30-Dec	Salaries Expense	1200
	Cash		1200
	Paid Salaries
30-Dec	dividend	1500
	Cash		1500
	paid a $1,500 cash dividend
Adjusted Journal Entries
Date	Particulars	Debit($)	Credit($)
30-Dec	Unearned Revenue	2880
	Service Revenue		2880
	Unearned Revenue Adjusted
30-Dec	Supplies Expense	1570
	Supplies		1570
	Supplies Expense Record(1960-390)

Cash
Date	Debit($)	Credit($)	Balance($)
1-Dec	42000		42000
1-Dec		11160	30840
1-Dec		2500	28340
4-Dec	3200		31540
9-Dec	2880		34420
28-Dec		800	33620
30-Dec		1200	32420
30-Dec		1500	30920

Common Stock
Date	Debit($)	Credit($)	Balance($)
1-Dec		42000	-42000

Equipment
Date	Debit($)	Credit($)	Balance($)
1-Dec	11160		11160

Prepaid Rent
Date	Debit($)	Credit($)	Balance($)
1-Dec	2500		2500

Unearned Revenue
Date	Debit($)	Credit($)	Balance($)
9-Dec		2880	-2880
30-Dec	2880		0

Service Revenue
Date	Debit($)	Credit($)	Balance($)
4-Dec		3200	-3200
15-Dec		12800	-16000
30-Dec		2880	-18880

supplies
Date	Debit($)	Credit($)	Balance($)
12-Dec	1960		1960
30-Dec		1570	390

Accounts Payable
Date	Debit($)	Credit($)	Balance($)
12-Dec		1960	-1960
28-Dec	800		-1160

Accounts Receivable
Date	Debit($)	Credit($)	Balance($)
15-Dec	12800		12800

Utility Expenses
Date	Debit($)	Credit($)	Balance($)
18-Dec	1960		1960

Utility Payable
Date	Debit($)	Credit($)	Balance($)
18-Dec		1960	-1960

Salaries Expense
Date	Debit($)	Credit($)	Balance($)
30-Dec	1200		1200

dividend
Date	Debit($)	Credit($)	Balance($)
30-Dec	1500		1500

Supplies Expense
Date	Debit($)	Credit($)	Balance($)
30-Dec	1570		1570

Adjusted Trail Balance
Particulars	Debit($)	Credit($)
Cash	30920
Common Stock		42000
Equipment	11160
Prepaid Rent	2500
Service Revenue		18880
supplies	390
Accounts Payable		1160
Accounts Receivable	12800
Utility Expenses	1960
Utility Payable		1960
Salaries Expense	1200
dividend	1500
Supplies Expense	1570
Total	64000	64000

Income Statement
Particulars	Amount($)	Amount($)
Revenues:
Service Revenue		18880
Less: Expenses
Utility Expenses	1960
Salaries Expense	1200
Supplies Expense	1570
		4730
Net Income		14150

Equity Statement
Particulars	Amount($)
Common Stock	42000
Net Income	14150
	56150
Less: Common Dividends	1500
Stock holders Equity	54650

Balance Sheet
Assets	Debit($)	Liabilities	Credit($)
Cash	30920	Accounts Payable	1160
Equipment	11160	Utility Payable	1960
Prepaid Rent	2500	Stock holders Equity	54650
supplies	390
Accounts Receivable	12800
	57770		57770

Post Closing Entries
Date	Particulars	Debit($)	Credit($)
31-Dec	Service Revenue	18880
	Income Summary		18880
	Closing Revenue Accounts
31-Dec	Income Summary	4730
	Utility Expenses		1960
	Salaries Expense		1200
	Supplies Expense		1570
	Closing Expanses Accounts
31-Dec	Income Summary	14150
	Retained Earnings		14150
	Closing Income Summary Account

Post Closing Trail Balance
Particulars	Debit($)	Credit($)
Cash	30920
Equipment	11160
Prepaid Rent	2500
supplies	390
Accounts Receivable	12800
Accounts Payable		1160
Utility Payable		1960
Retained Earnings		12650
Common Stock		42000
Total	57770	57770