Reference no: EM133122782
Question - Enter the following journal entries as pictured.
1. On December 1, Beaver Campus Photo issued 10,000 shares of common stock to Jean Green in exchange for $37,000 cash.
2. On December 1, Beaver Campus Photo purchased photography equipment for $11,880 cash.
3. On December 1, Beaver Campus Photo prepaid $2,800 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, Beaver Campus Photo received a $3,600 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, Beaver Campus Photo received $3,240 cash for full payment in advance from Edward Taylor for a late December photo shoot.
6. On December 12, Beaver Campus Photo purchased $2,100 of photography supplies on account.
7. On December 15, Beaver Campus Photo performed photography services for a local church and billed the client $18,800.
8. On December 18, Beaver Campus Photo received its electric bill (utilities) in the amount of $2,100. Payment is due on January 18.
9. On December 28, Beaver Campus Photo paid $800 on account.
10. On December 30, Beaver Campus Photo paid $1,300 in staff assistant's salary for December.
11. On December 30, Beaver Campus Photo paid a $1,600 cash dividend.
12. Information for adjusting entries: The photography equipment purchased on December 1 has an estimated useful of of 3 years and no residual value. Prepare the adjusting entry to record depreciation for the month of December.
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 $3,240 in advance on December 9, and the service was completed late in December.
15. A physical count of photography supplies indicate that $420 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. 19Prepare the entry to close the dividends account.
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