Please help with this:

The Assessment

Please complete the full accounting cycle for:

"Cityscape Photography Studio" is a small photography business located in a metropolitan

area. The studio offers a range of services, including professional photography for events

$($such as weddings, corporate events, and portraits$),$ photo editing, and printing services.

$$ Services:

o Event photography, portrait sessions, photo editing, and custom printing.

$$ Sales:

o Photography$-$related products like albums, frames, and basic photography

gear.

$$ Customers:

o Individuals, businesses, and organizations.

$$ Employees:

o The studio has a small team consisting of a photographer $($owner$),$ an assistant

photographer, a receptionist, and a part$-$time accountant.

Below is a comprehensive set of transactions for the "Cityscape Photography Studio". Assuming the opening balance at

beginning of the quarter for Inventory is $3,600,$ Capital $9,000,$ Short term Loan $2,000($cr$)$

and the Equipment is $7,400$

Transactions for One Quarter

$1.$ Revenue and Sales Transactions:

$1.$ January $5$: Provided wedding photography services to a client for $$5,000.$ The client

paid $$3,000$ in cash and the remaining $$2,000$ will be paid later.

o Accounts Involved: Cash, Accounts Receivable, Service Revenue

$2.$ January $10$: Sold custom photo albums and frames for $$2,500($cost of goods sold is

$$1,200).$ The sale was made on credit.

o Accounts Involved: Accounts Receivable, Sales Revenue, Inventory, Cost of

Goods Sold

$3.$ January $15$: Received a $$1,500$ deposit for a corporate event scheduled in February.

o Accounts Involved: Cash, Unearned Revenue

$4.$ January $20$: Completed a portrait session for a client and received $$800$ in cash.

o Accounts Involved: Cash, Service Revenue

$5.$ January $25$: Sold photography camera lenses for $$3,000($cost of goods sold is

$$1,800).$ The sale was made on credit.

o Accounts Involved: Accounts Receivable, Sales Revenue, Inventory, Cost of

Goods Sold

$2.$ Expense Transactions:

$6.$ January $7$: Paid $$2,000$ for the rent of the studio space.

o Accounts Involved: Rent Expense, Cash

$7.$ January $12$: Purchased photography supplies $($e$.$g$.,$ printing paper, ink$)$ for $$600$ on

credit.

o Accounts Involved: Supplies, Accounts Payable

$8.$ January $18$: Paid $$3,000$ in salaries to employees for the first half of January.

o Accounts Involved: Salaries Expense, Cash

$9.$ January $22$: Paid $$400$ for utility bills $($electricity and internet$).$

o Accounts Involved: Utilities Expense, Cash

$10.$ January $28$: Paid $$1,200$ for advertising and marketing expenses.

o Accounts Involved: Advertising Expense, Cash

$11.$ January $30$: Paid $$1,500$ for a new photography camera purchased earlier on credit.

o Accounts Involved: Accounts Payable, Cash

$3.$ Inventory and Purchase Transactions:

$12.$ February $2$: Purchased photo frames and custom albums for resale at $$2,800.$ Paid

half in cash, the rest on credit.

o Accounts Involved: Inventory, Cash, Accounts Payable

$13.$ February $5$: Returned $$300$ worth of defective photo frames to the supplier, which

had been purchased on credit.

o Accounts Involved: Accounts Payable, Inventory

$14.$ February $10$: Sold custom photo albums and frames for $$1,800($cost of goods sold is

$$1,100).$ The sale was made in cash.

o Accounts Involved: Cash, Sales Revenue, Inventory, Cost of Goods Sold

$4.$ Financial Transactions:

$15.$ February $7$: Owner contributed an additional $$10,000$ in cash to the business.

o Accounts Involved: Cash, Owner's Equity

$16.$ February $15$: Paid $$1,000$ for the instalment of a short$-$term loan.

o Accounts Involved: Short$-$term Loan, Cash

$17.$ February $20$: Received payment of $$2,000$ from the client for the wedding

photography services provided in January.

o Accounts Involved: Cash, Accounts Receivable

$18.$ February $25$: Paid $$3,000$ in salaries for the second half of February.

o Accounts Involved: Salaries Expense, Cash

$5.$ Adjusting Entries $($As of March $31)$:

$19.$ March $31$: Record depreciation on photography equipment of $$1,200$ for the quarter.

o Accounts Involved: Depreciation Expense, Accumulated Depreciation

$20.$ March $31$: Accrue $$500$ for utilities expense for March $($to be paid in April$).$

o Accounts Involved: Utilities Expense, Accrued Liabilities

$21.$ March $31$: Recognize $$1,500$ of unearned revenue from the corporate event held in

February.

o Accounts Involved: Unearned Revenue, Service Revenue

$22.$ March $31$: Estimate and record bad debt expense of $$200$ based on accounts

receivable.

o Accounts Involved: Bad Debt Expense, Allowance for Doubtful Accounts

Requirements:

$1.$ Record all the main transaction in the journal entries

$2.$ Post all journal entries to the general ledger.

$3.$ Prepare a trial balance.

$4.$ Record adjusting entries and post them to the ledger.

$5.$ Prepare an adjusted trial balance.

$6.$ Record closing entries to reset revenue, expense, and withdrawal accounts.

$7.$ Create the financial statements:

o Income Statement: Summarizing revenue, expenses, and net income for the

quarter.

o Statement of Changes in Equity: Reflecting changes in owner$$s equity,

including additional contributions and net income.

o Balance Sheet: Showing the business$$s financial position as of March $31$