= = il TE Nome No Spacing Heading 1 James Nicol graduated from the Nait photography program in 2021 and started a photography busines photo success Corp.for social Media Marketing campaigns in January Date. 1 JAN 1 JAN JAN 1 JAN 1 Transaction photo success Corp.issued 11,000 common shares for $400,00 cash photo success corp purchased photography Equipment for $90,000. The equipment was purchased using $30,000 cash the remaining balance was on account. Photo success corps' accountant has determined that the baking Photo success corp took out a loan from the bank for $150,000. The loan requires principal repayments of $11,000 at the end of each month and 3%Interest. Photo success corp paid $4,800 for an insurance policy on the photo equipment for the period January 1,2021, to December 31,2022. Photo success corp purchased supplies for $500 cash. After a successful social media campaign photo success corp had a local restaurant pay a deposit for photography to be completed January 31st to February 5th cash collected for the future services of $14,000. Photo success corp completed photography services and invoiced the customer 8,000 for the work. Photo success corp paid for the remaining amount owning on the equipment purchased on January 14 5-JAN 6-JAN 18 Jan 30 Jan 31-JAN 31. JAN ADJUSTING ITEMS: Made the necessary month-end adjusting entry related to the depreciation of the photography equipment. Made the necessary moth-end adjusting entry related to the insurance policy Completed half of the work for the local restaurant that paid a deposit on January 6th 31-JAN strogo got your notre Ger sy harte Serenelle w 1 2 Required Record the journal entries for the transactions (to the let) and adjusting tema wing the presteal journal peribel below *Responses should only be recorded in the cells that are blue. Green cela can be vared to show calculations for the adjusting journal entries General Journal 3 4 Date Account Titles 1/1/2021 Debit Credit 9 1/1 2021 10 11 12 1/1 2021 13 14 15 1/1 2021 16 17 Question 1 Journal Entries Question 1 Borus Coeston Cover Sheet > Workbook Statistics using Office Weve made some potes to the DMC sertnes to give you mortos. Tos ordiyos greement Team more os wetud tave been die 3. Mergel Corte 5% Costa Temeke mere here Gel H14 ft B 2 Required: What is the asset balance on June 30, 2020? Use a pivot table to determine this amount and enter the amount in the blue cell only. Bomus (2 marks) TRANSACTION ANALYSIS COMPLETED BY ACCOUNTANT D CU 3 And Balance Accounts Impacted 4 Type of Account Increase of Decreasc Debit Credit Amount 5 Cash 6 Common Shares 7 Utilities Expense Asset Common Shares Expense Asset 8 Cash 9 Service Revenue 10 Cash 11 Inventory Increase Increase Increase Decrease Increase Debit Credit Debit Credit Credit Debit Debit Revenue Asset Asset Asset Expense Liability 80.000 80,000 4.000 (4,000 100.000 100,000 8.000 18.000 12 Cash 13 Wages Expense 14 Wages Payable 15 Accounts Receivable 16 Service Revenue Increase Increase Decrease Increase Increase Increase Increase Credit Debit Credit Debit Credit Debit Credit 6.000 6,000 21.000 21.000 Asset Revenue Liability Asset 16.000 16.000 Decrease Decrease 17 Wages Payable 18 Cash 19 20 Deronicantoratenet Garlarieties