Record these 3$3$ months ($($quarter of a fiscal year)$)$ of transactions using your Excel Accounting Workbook. Be sure to add accounts and adjust your workbook to accommodate Studio 16$16$s records.

8/1−$8/1-$ Sarah Smiles, the owner of a small photography business, is getting bigger and needs to hire a bookkeeper. She has been keeping her accounting records herself and has provided you with her last balance sheet. It is as follows...

***$***$Hint: Create a compound journal entry to record the balances of these accounts.

8/1$8/1$ Bought a small store front for $100,000$100,000$ with no money down. The entire amount was financed.

8/2−$8/2-$ Bought $7,000$7,000$ of equipment from Furniture Superstore with her store credit card.

8/3−$8/3-$ Bought $2,000$2,000$ worth of supplies on account.

8/4−$8/4-$ Bought $3,000$3,000$ photo paper, frames, and materials for photo books to be sold from Photo Supplies R Us.$.$ She charges $220$220$ per hour for the service she provides. Sarah includes sales tax in the sale price.

8/5−$8/5-$ Bought a 6−$6-$Month insurance policy from All State for $850.$850.$

8/6−$8/6-$ Was hired to be the photographer for Stacy Chapburn$$s wedding. Stacy gave $$Studio 16$16$ a deposit of $1,000$1,000$ to hold the date.

8/7$8/7$ Amy Fackler, a previous cash customer, came back and bought 2$2$ photo books from $$Studio 16$16$ for $100$100$ a piece, but only paid $50.$50.$ Those books cost $$Studio 16$16$ $15$15$ a piece.

8/13$8/13$ Hired an assistant, Marty Costello, for the Chapburn wedding and paid him $400.$400.$

8/20−$8/20-$ Paid utility bills to PSE&G totaling $500.$500.$

8/22−$8/22-$ Was paid $4,000$4,000$ up front from Christine Zimmer for her engagement photos and upcoming wedding.

9/1$9/1$ Paid mortgage of $1,000.($1,000.($$300$300$ went towards principal, $250$250$ went towards interest, and $450$450$ went towards realestate taxes)$)$

9/15−$9/15-$ Took senior pictures all last week (40$(40$ hours)$)$ for Triton High School seniors totaling $8,800,$8,800,$ but did not get paid immediately.

9/15−$9/15-$ Paid off our bill from $$Photo Supplies R Us$$

9/15−$9/15-$ Made payment to the Furniture Superstore Credit Card for $500($500($$400$400$ went to principal; $100$100$ went to interest)$)$

10/1−$10/1-$ Received payment of $5,000$5,000$ from Triton High School.

10/1−$10/1-$ Paid mortgage of $1,000.($1,000.($$300$300$ went towards principal, $250$250$ went towards interest, and $450$450$ went towards realestate taxes)$)$

10/5−$10/5-$ You complete Chirstine$$s engagement photos and wedding that was paid in full up front. Her total order included 2$2$ days of photographing (12$(12$ hours)$)$ a photo book for $1,360$1,360$ that cost $$Studio 16$16$ $350.$350.$

10/28−$10/28-$ Performed Stacy$$s wedding for a total of $3,500$3,500$ Less the deposit. ($($Included in that $3,500$3,500$ was the sale of a photo book for $1,000$1,000$ and frame pictures sold for $800.$800.$ The inventory sold cost Studio 16$16$ $300)$300)$

10/30−$10/30-$ End of the quarter you realize some of your insurance has expired.

10/30−$10/30-$ End of the quarter you realize you only have $300$300$ worth of supplies left.

10/30−$10/30-$ We realize we owe $600$600$ to our employees from previous job worked.

10/30$10/30$ Sarah includes sales tax in all sale prices charged to the customer. She is still responsible to pay the 7%$7\%$ sales tax on her sales for this quater to be paid 12/1.$12/1.$

10/30$10/30$ Sarah realizes she can depreciate her camera at a rate of $700$700$ per year.

10/30−$10/30-$ The owner withdrew $2,500$2,500$ from the business.

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