ACCT$210M4HW4\mathrm{.}3$

Ocean View Photography Studio

Established $by$ Emily Wong $in2021,$ Ocean View Photography Studio specializes $in$ professional

photography services. The company generates revenue through Studio Photography Sessions and

$On-$Location Event Photography. After a successful first year, the company continues $op$ January $20$: Received $$16,000$ for event photography services

January $22$: Paid for online marketing $$1,500$

January $25$: Collected $$12,000$ from accounts receivable

January $28$: Recorded event photography services $on$ account $$15,000$

January $30$: Paid employees' salaries $$5,800$

January $31$: Declared and paid dividends $$8,000$

Adjustment Data $(January31)$:

$a$$$450$

$b$$$2,600$

$c$$$750$

$d$$$500$

$e$$$1,800$

$f$$$2,300$

$g$$$8,000$

Instructions:

Journalize transactions $in$ a two$-$column general journal starting $on$ page $21$ for

transactions $upto$ January $15$ and the rest $on$ Page $22.$

Post $to$ ledger accounts$-$ start with the opening balances and show rumning balances for

each ledger. You must include descriptions such $as$ Adjusting and Closing entries for

those entries, which are optional for general entries.

Prepare $an$ unadjusted trial balance based $on$ the chart $of$ accounts and leave amount

columns for the accounts with zero balances.

Journalize $(on$ page $23)$ and post adjusting entries $to$ ledgers impacted $by$ those $in$ the

ledgers already opened $in2$ above.

Prepare $a10-$column worksheet. Remember $to$ mark the adjusting entries $asa,b,c,$

depending $on$ the number $of$ entries.

Prepare $an$ adjusted trial balance using the chart $of$ accounts $as$ the basis for listing the

accounts.

Prepare financial statements using the adjusted trial balance figures. Start with the

income statement, then the statement $of$ stockholder's equity, and then the balance sheet.

Joumalize $(page24)$ and post closing entries $to$ ledgers impacted $by$ those $in$ the ledgers

already opened $in2$ above. You must ensure the temporary accounts are zeroed out

during the process.

Prepare a post$-$closing trial balance listing only the permanent accounts.erations

$in20Y6.$

Chart $of$ Accounts:

Post$-$Closing Trial Balance December $31,20Y5$

Transactions for January $20Y6$:

January $2$: Paid quarterly rent $$6,900$

January $3$: Purchased photography supplies $on$ account $$4,200$

January $4$: Paid annual insurance premium $$5,400$

January $5$: Received advance payment for studio sessions $$12,000$

January $8$: Purchased new camera equipment $$18,000,$ paying $$8,000$ cash and the balance $on$

account

January $10$: Collected $$11,500$ from accounts receivable

January $12$: Paid utilities bill $$850$

January $15$: Paid $$4,500on$ accounts payable

January $16$: Recorded studio sessions provided $on$ account $$14,000$

January $18$: Paid employees' salaries $$5,800$