Need help with the comprehensive review problem 1 on page 213 of the book college accounting 5th edition (paradigm) I am looking for the answer book.

Comprehensive Review Probleia P O Jim Arnold's Photography Studio You have reached the end of the first section of this book. The following problem is designed to review and reinforce your knowledge of accounting for a service business. Jim Arnold has been a photographer since his graduation from high school several years ago. On July 1, 20x1, he decided to open his own photography firm, called Arnold's Photos. To start his accounting system, Jim developed the chart of accounts shown below. Arnold's Photos Chart of Accounts Assets Owner's Equity 111 Cash 311 Jim Arnold, Capital 112 Accounts Receivable 312 Jim Arnold, Drawing 113 Office Supplies 313 Income Summary 114 Photography Supplies 115 Prepaid Insurance Ravenue 121 Office Equipment 411 Photography Revenue 121.1 Accumulated Depreciation 412 Vending Machine Revenue Equipment 122 Photography Equipes Accumulated Deprem Salaries Expense 122.1 Advertising Expense Photography Eque 52 Sol Expense 123 Furniture and Fixus pairs Expense 123.1 Accumulated De Insurance Expense and Fixtures 516 Difice Supplies Expense 517 Photography Supplies Expense Liabilities 211 Accounts Payable 518 Depreciation Expense-Office Equipment 519 Depreciation Expense- Photography 212 Notes Payable Equipment 213 Salaries Payable 520 Depreciation Expense-Furniture and Fixtures 521 Utilities Expense 522 Miscellaneous Expense Jim completed the following transactions during the first month of operations: 20X1 Jul. 1 Jim invested $40,000 cash and photography equipment valued at $20,000 in the business. 1 Purchased office supplies for cash, $1,300. 1 Purchased photography supplies on account, $6,700. 1 Paid July rent, $1,700. 1 Paid for a newspaper ad, $500. 2 Purchased office equipment on account, $6,750. 2 Paid property insurance for the upcoming year, $3,600. 3 Purchased a computer system and software, $3,200, by issuing a note payable. 5 Paid for promotional handouts, $150. 6 Paid miscellaneous expenses, $175. 7 Paid salaries of employees, $1,400. 7 Recorded week's cash receipts for photo work, $1,350. 21 Jul8 Paid for carpet cleaning (a miscellaneous expense), $75. Recorded photo work done for a customer on account, $855. 9 Purchased additional photography supplies on account, $3,200. v 10 Purchased additional photography equipment for cash, $3,500. 10 Entered into a contract with Southside Food Vendors to place vending machines in the waiting room. Jim is to receive 10% of all sales, with a minimum of $200 monthly. Received $200 as an advance payment 11 Purchased furniture for the lobby arca, $1,700. Paid cash in full. 12 Paid cash for the installation of overhead lighting fixtures, $900. V15 Recorded second week's cash receipts for photo work, $2,170. 15 Paid weekly salaries, $1,400. 17 Jim withdrew cash for personal use, $800. V18 Paid for TV ad, $710. 19 Paid for repair to equipment, $80. 19 Collected $500 for the photo work done on account on July 9 22 Recorded third week's cash receipts for photo work, $2,045. 22 Paid weekly salaries, $1,400. 23 Did a special wedding photo session for a customer on credit 28 Recorded fourth week's cash receipts for photo work, $1,995 29 Paid salaries of employees, $1,400. 30 Paid water bill for July, $75. 30 Paid electric bill for July, $1,095. 31 Made a $500 payment on the note for computer pur July 3. 31 Made a payment for the office equipment purchased on account. $2,000. 31 Made a payment on the photography supplies purchased on account, $1,000. 31 Wrote a business check to pay for Jim's home phone bill, $310. V 31 Southside Food Vendors reported a total of $2,800 of vending machine sales for July. Ten percent of these sales is $280. Since $200 had already been received and recorded in July, Jim was owed $80. Received the $80 check. Directions: 1. Open an account in the ledger for each account shown in the chart of accounts. 2. Journalize each of the transactions for July, beginning on page 1 of the general journal 3. Post the journal entries to the ledger. 4. Prepare a trial balance of the ledger in the first two columns of a 10-column work sheet. 5. Complete the 10-column work sheet. Assume for the purposes of this problem that Jim has a one-month accounting period. Data for adjustments are as follows: a) Office supplies on hand $850. (b) Photography supplies on hand, $5,550. (c) Insurance (d) Salaries unpaid, two days of a five-day week; weekly salaries are $1,400. (e) Depreciation of office equipment, $190. (A Deci Depreciation of furniture and fixtures, $75, of photography equipment, $275. Prepare income statement for the month ended July 31. 7. Prepare a statement of owner's equity for the month ended July 31. 8. Prepare a balance sheet of July 31. 9. Journalize adjusting entries from the completed work sheet. 10. Journalize closing entries. 11. Post adjusting and closing entries to the ledger. 12. Prepare a post-closing trial balance. 6. 214 PART II Accounting for the Service Business Comprehensive Review Probleia P O Jim Arnold's Photography Studio You have reached the end of the first section of this book. The following problem is designed to review and reinforce your knowledge of accounting for a service business. Jim Arnold has been a photographer since his graduation from high school several years ago. On July 1, 20x1, he decided to open his own photography firm, called Arnold's Photos. To start his accounting system, Jim developed the chart of accounts shown below. Arnold's Photos Chart of Accounts Assets Owner's Equity 111 Cash 311 Jim Arnold, Capital 112 Accounts Receivable 312 Jim Arnold, Drawing 113 Office Supplies 313 Income Summary 114 Photography Supplies 115 Prepaid Insurance Ravenue 121 Office Equipment 411 Photography Revenue 121.1 Accumulated Depreciation 412 Vending Machine Revenue Equipment 122 Photography Equipes Accumulated Deprem Salaries Expense 122.1 Advertising Expense Photography Eque 52 Sol Expense 123 Furniture and Fixus pairs Expense 123.1 Accumulated De Insurance Expense and Fixtures 516 Difice Supplies Expense 517 Photography Supplies Expense Liabilities 211 Accounts Payable 518 Depreciation Expense-Office Equipment 519 Depreciation Expense- Photography 212 Notes Payable Equipment 213 Salaries Payable 520 Depreciation Expense-Furniture and Fixtures 521 Utilities Expense 522 Miscellaneous Expense Jim completed the following transactions during the first month of operations: 20X1 Jul. 1 Jim invested $40,000 cash and photography equipment valued at $20,000 in the business. 1 Purchased office supplies for cash, $1,300. 1 Purchased photography supplies on account, $6,700. 1 Paid July rent, $1,700. 1 Paid for a newspaper ad, $500. 2 Purchased office equipment on account, $6,750. 2 Paid property insurance for the upcoming year, $3,600. 3 Purchased a computer system and software, $3,200, by issuing a note payable. 5 Paid for promotional handouts, $150. 6 Paid miscellaneous expenses, $175. 7 Paid salaries of employees, $1,400. 7 Recorded week's cash receipts for photo work, $1,350. 21 Jul8 Paid for carpet cleaning (a miscellaneous expense), $75. Recorded photo work done for a customer on account, $855. 9 Purchased additional photography supplies on account, $3,200. v 10 Purchased additional photography equipment for cash, $3,500. 10 Entered into a contract with Southside Food Vendors to place vending machines in the waiting room. Jim is to receive 10% of all sales, with a minimum of $200 monthly. Received $200 as an advance payment 11 Purchased furniture for the lobby arca, $1,700. Paid cash in full. 12 Paid cash for the installation of overhead lighting fixtures, $900. V15 Recorded second week's cash receipts for photo work, $2,170. 15 Paid weekly salaries, $1,400. 17 Jim withdrew cash for personal use, $800. V18 Paid for TV ad, $710. 19 Paid for repair to equipment, $80. 19 Collected $500 for the photo work done on account on July 9 22 Recorded third week's cash receipts for photo work, $2,045. 22 Paid weekly salaries, $1,400. 23 Did a special wedding photo session for a customer on credit 28 Recorded fourth week's cash receipts for photo work, $1,995 29 Paid salaries of employees, $1,400. 30 Paid water bill for July, $75. 30 Paid electric bill for July, $1,095. 31 Made a $500 payment on the note for computer pur July 3. 31 Made a payment for the office equipment purchased on account. $2,000. 31 Made a payment on the photography supplies purchased on account, $1,000. 31 Wrote a business check to pay for Jim's home phone bill, $310. V 31 Southside Food Vendors reported a total of $2,800 of vending machine sales for July. Ten percent of these sales is $280. Since $200 had already been received and recorded in July, Jim was owed $80. Received the $80 check. Directions: 1. Open an account in the ledger for each account shown in the chart of accounts. 2. Journalize each of the transactions for July, beginning on page 1 of the general journal 3. Post the journal entries to the ledger. 4. Prepare a trial balance of the ledger in the first two columns of a 10-column work sheet. 5. Complete the 10-column work sheet. Assume for the purposes of this problem that Jim has a one-month accounting period. Data for adjustments are as follows: a) Office supplies on hand $850. (b) Photography supplies on hand, $5,550. (c) Insurance (d) Salaries unpaid, two days of a five-day week; weekly salaries are $1,400. (e) Depreciation of office equipment, $190. (A Deci Depreciation of furniture and fixtures, $75, of photography equipment, $275. Prepare income statement for the month ended July 31. 7. Prepare a statement of owner's equity for the month ended July 31. 8. Prepare a balance sheet of July 31. 9. Journalize adjusting entries from the completed work sheet. 10. Journalize closing entries. 11. Post adjusting and closing entries to the ledger. 12. Prepare a post-closing trial balance. 6. 214 PART II Accounting for the Service Business