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No. How accurate does the color need to be in your images? 9. 32,500 of photography equipment in the business. Debit Credit Cash $ 22,500 Accounts Receivable 17,350 Allowance for Doubtful Accounts $ 600 Inventory, December 31 70,350 Prepaid Insurance 5,200 Prepaid Rent 15,000 Equipment 60,000 Accumulated Depreciation- Eqpuipment 22,500 Accounts Payable 17,000 Notes Payable 25,000 Common Stock 10,000 Retained Earnings 92,450 Sales Revenue 397,300 Cost of Goods Sold 207,400 Salaries Expense (sales) 59,850 Advertising Expense 26,700 Salaries Expense (administration) 76,300 Supplies Expense 4,200 Total $ 564,850 $ 564,850, Financial Accounting: The Impact on Decision Makers. It has an estimated residual value of 12,000 and an estimated life of eight years. If the two totals are not equal, check the addition and subtraction. Prepare general journal entries for the following transactions of a business called Photo by Lily for the month of December 2021: Dec. 1: The owner, invested 80,980 cash and 30,500 of photography equipment in the business. Well, sometimes the best gifts come in the smallest of packages. Prepare closing entries in the general journal. Opened a business bank account with a deposit of 50,000 in exchange for common stock. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. To do this, please follow these steps: In order to take 179 depreciation on an asset it has to be placed in service during the current tax year. 2001. c. Bought supplies for cash, 362, Ck. I understand how to remove the asset/accumulated depreciation accounts, but from there I am lost. Paid garage 450 for miscellaneous repairs to the truck. Pat completed the following transactions, A:Accounting equation may be defined as the equational form to represent the balance sheet in which, A:Increase in assets should be debited and decrease in assets should be credited. 5. Credit. Copyright 2021 CreativeLive, Inc. All rights reserved. For additional information on the 179 deduction, please see the following FAQ: Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement. By clicking "Continue", you will leave the community and be taken to that site instead. 4.Paid rent for period of October 4 to end of month, 3,000. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Scenario 1: allocating the amount to Other Income. AUG 1 1006. adding business information, continue through the screens to enter the No. Loan Journal Entry Dec. 31. Chapter 3: Journal entries 2: Purchased office supplies for 1,400.Dec. Instructions 1. LO 1, 2, 3, 4, 5, 6. Journal entry to record the purchase of equipment February 9, 2018 accta [Q1] The entity purchased new equipment and paid $150,000 in cash. 3. Scenario 2: offsetting the amount to Expenses. Please resubmit the question and, Q:Wunderkind Photography entered into the following transactions during February 2020. Journal entry Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 2016 July 1. Purchased a new truck for 50,000, paying cash. You are required to, A:Introduction: In every journal entry that is recorded, the debits and credits must be equal to ensure that the accounting equation (Assets = Liabilities + Shareholders Equity) Briefly explain why issuing common stock and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Prepare an income statement for April, a statement of owners equity for April, and a balance sheet as of April 30. journal entry (Record depreciation to date in 2015 for the truck.) The loan will offset the Accounts Payable and you will monitor the balance owing through the loan liability account, not through the accounts payable account. Learn more. During July, the following, A:Trial Balance is a statement which contains Balances of all the Ledger. No. Determine the balances of the accounts affected by the adjusting entries and preparean adjusted trial balance. 180,000 Learn more. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Please resubmit the question, Q:These are the transactions of Magical Printing Press for the month of September 2021. Select Journal entry. Computer. No. This was a question that was emailed to me on how to account for a PPP Loan Forgiveness. Dec. 3: Cash paid 500 and remaining outstanding. No. When choosing the best camera and camera gear for you, decide on your needs and the needs of your idealpotential clients. (Income Summary is account #33 in the chart of accounts.) Small things like cleaning supplies, straps, a tripod, and extra batteries can often be overlooked. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Once youve looked into these things, you might find that you need a faster machine, ahigh-endlaptop, or a new monitor with a calibration solution for better color reproduction and the use ofediting softwarelikelightroomorphotoshopon the go. Paid gas, oil, and repairs on automobile for April, 550. 1209. Two accounts are debited on this loan journal entry: Debit: Accounts Payable(assetaccount) , Debit: Administration Costs(expenseaccount) - shows on the Profit and Loss report Credit: Vehicle Loan Account(liability account). The estimated useful life of the truck is four years, with a residual value of 5,000 for the truck. Thank you for the question, As per the honor code, we are allowed to answer three, A:Note ;- Dear student, Paid 5,000 on note payable. Supplies on hand at January 31 are 2,850. b. It covers the period from January 1, 2018 thru December 31, 2019. Systems, A:Note: Write the account totals from the right side of the equals sign and add them. Amount of total expenses recorded in the ledger. If you are unable to get a schedule from the bank you may be able to see the amount of interest in the online bank transactions or off your loan statement for the current or previous months. Instructions 1. It has an estimated residual value of 12,000 and an estimated useful life of eight years. That will give you more options to control the depth of field. In addition, the company incurred in an obligation to pay $400 after 30 days. Premier investment & rental property taxes. k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). CREDIT Paid cash to creditors on account, 4,500. j. Credit, Q:OrioleClark openedOrioles Cleaning Service on July 1, 2022. Identify the account affected when the transaction involves revenues or expenses. Here the owner of the firm has invested his personal equipment into his business which from the business' point of view is an increase in assets and a capital During July, the following, Q:During the period January to December 2020 the company completed the following transactions: 1 Madison Harris, the owner,, A:The company named Pose-for-Pics have the some transaction. This is almost always due to the sensor an expensive piece of technology that takes in the light from the lens. If you're just starting out as a portrait or wedding photographer, it's probably better to invest in a couple high-quality lenses and then get additional lenses as you start Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. Using AdobeLightroom, you can sort your entire catalog by focal length in the library module. Can we also transfer smaller items like office supplies I bought personally before the incorporation date? And just record them on the first day of No. Oct. 29. = P2,000, A:Calculation of impairment loss 6. Using the straight-line depreciation method, analyze the necessary adjusting entry as of December 31 (one month) using T accounts, and then formally enter this adjustment in the general journal. If the two totals are not equal, check the addition and subtraction. 4. 8. Been part of TTLive, Full Service TTL, was part of Accuracy guaran How to transfer personal assets to business asset? The interest that has accrued on the loan is $1,850, but has not been paid or recorded as of December 21, 2018. 7. Cash is decreased by $800, the amount paid. (g)Unearned storage revenue as of December 31, 1,950. A:A worksheet is a multi-column form used in financial statement preparation and adjustment. (f)Depreciation expense on the store equipment for 20--, 3,600. The income tax rate is 30% on current income and will be paid in the first quarter of next year. Its always good to make sure you have plenty of these things to keep your camera gear in good working order. Advertising was paid in advance on November 1, 2018. 27.Paid utilities expense, 2,240. Prepare a statement of owners equity for July 31, 20--. WebSince this is a personal transaction, the only entry Acorn needs to make is to record the transfer of partner interest from Dale to Remi on its books. Depreciation of building for the year, 6,400. b. 15.Paid annual premiums on property and casualty insurance, 3,600. WebQuestion: Journal Entries: Journalize the following transactions for a new business Jan 1 - Owner transferred cash from personal bank account to new business account, $25,000 Jan 2 - Paid rent for office and equipment for the month of January, $2,800 Jan 5 - Purchased supplies for future use on account, $1,200 Jan 6 - Paid by check marketing Camera lenses are expensive, but they are also the pieces of equipment that will stay with you. No. a. Gervais deposited 25,000 in a bank account in the name of the business. Using the Accounts Payable account in the above journal entry means that the invoice has not been paid with your bank funds. Debit:Designer Doors Loan Receivable(asset * account) Credit: Bank(assetaccount). Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. The third journal adds the loan interest to the loan. Adjustment info as of Sept 30, 2019: Fixed-Asset Accounting No. Record the transactions and the balance after each transaction. Q:Prepare general journal entries on December 31, 2015 to record the following Equipment is depreciated based on a 8-year life. 3: Cash paid 500 and remaining outstanding.Dec. cost of equipment = 30000 A business license, a marketing plan and a full calendar of waiting clients won't help you at all if you don't have the tools you need to take exceptional photos. All of this equipment was purchased before the business was formed and over a period of multiple years. A. A fixed asset post code of blank. 4. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. If you want any. a., A:Closing entries: The company plans to do a large spread, magazine advertisement on January 15, 2019. How much high ISO power do you really need? Journal entry: Asset - Debit Record the adjusting entries on Page 26 of the journal. You sell your boardroom table for $20,000. I. If the two totals are not equal, check the addition and subtraction. Rent unearned at July 31, 300. Q:Hi, I need help with adjusting entries. The purchase price is 85,000, pays 25,000 cash and signs a note for the balance. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. This type of cost is a deductible business expense. Sold the used truck for 15,000. 2003. f. Sold professional services for cash, 4,600. g. Paid on account to Rehab Equipment Company, 700, Ck. No. Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. You can ask a new questionor browse more Fundamental of abmquestions. Apr. Maria completed the following transactions during the month of April: a. A car is an asset so the journal entry for it will be similar for the purchase-via-loan of other assets like workshop equipment. 25 Things You Need to Start a Photography Business - Small 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). 3: The client immediately pays 8,000 for services to be performed at a later date.Dec. No. 9. Your computer is actually one of the most important pieces of equipment when starting your photography business. A fixed asset is a tangible piece of property, plant or equipment (PP&E); a fixed asset is also known as a non-current asset. Solved Q3. Vic Kostro opened a photography and portrait 1 Madison Harris, the, A:Solution: Purchased a new truck for 58,500, paying cash. If you still cannot find the error, re-analyze each transaction. 7. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid 300 on note payable. An account that is within the FX range of accounts that you set up in the AAIs. That same inexperienced staff accountant had charged the full $4,200 to expense even though all of the supplies had not been used at December 31. Instructions 1. In this case, perhaps you might want to look into a 50mm f/1.8 prime lens. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. Determine the net income or net loss for April. Required journal, Q:Prepare general journal entries for the following transactions of Valdez Services. 506 (Salary Expense). They use the percentage of sales method allowed by GAAP. When thinking aboutwhich lenses to invest in first for yourphotography business, looking back is one great way to start. A. Ken Jones, an architect, opened an office on April 1, 2019. Journal entry works on the double entry principle. WebTherefore, the journal entry is a two part entry as follows: Debit: Cost of goods sold (cost value) Credit: Inventory (cost value) Debit: Receivable / cash / bank (sales value) Credit: Sales (sales value) As you can see, the above journal ensures that the books are balanced and the gross profit earned is incorporated in the books correctly. Looking to buy a new camera? Required 1. The list of, Q:The following transactions took place in May 2021. Adjusting Entries are the entries that make the accrual principle work for the, Q:The following information is available as of year-end Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: A. Purchased a new truck for 48,000, paying cash. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. For rectification of errors ,adjustment entries are, Q:Prepare the adjusting entries of the additional information given If you still cannot find the error, re-analyze each transaction. Paid garage 675 for miscellaneous repairs to the truck. No. Please resubmit the question, Q:Journalize the adjusting entries needed on December 31, 2019 for Rockman Industries using the, A:Adjusting entries are prepared by management to ensure the accrual basis accounting system. We'll help you get started or pick up where you left off. If, Q:After 5 years of operations Svensons tutoring clinic showed the following post-closing balances at, A:Hi student a. Wallace deposited 24,000 in a bank account in the name of the business. B : entering in the appropriate ledger account the date, journal page, and credit amount shown in Credit: Cash $50,000.00. 2. transferred to the business personal photography equipment journal entry Debit. May 1-5C's began the business by investing P, A:Note: The equipment is expected to yield the following amounts per year for the equipment's four-year useful life: Cash revenues $ 60,000 Cash expenses (32,000) Depreciation expenses. Dec. 5: The business acquires photography equipment. look into new cameralenses and make sure youre buying the right ones, equipment needed to start a photography business, Last-Minute Stocking Stuffers for Photography Fanatics, Tips For Photographing Holiday Lights From A Photojournalist. b. 5. Journal Entries - Journal Entries are the recording of transactions of the organization. Get the best equipment you can afford. Unless youve been doing this for some time already, I do not recommend investing heavily into lighting right away. WebTransfer Entries. The rent was paid in advance, for the full year, on January 1, 2018. additional, A:Adjustment journals are the journal entries passed at the end of the reporting period to record the, Q:Prepare adjusting journal entries, as needed, considering the account Journal entry to record the purchase of equipment This positioning clearly shows which account is debited and which is credited. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Loans usually come with some kind of administration cost so this has been included in the journal. (e)Depreciation expense on the building for 20--, 4,000. b. Add the accounts listed in part (3) as needed. Old vehicle: Original cost $243,70 24.Recorded jobs completed on account and sent invoices to customers, 14,150. It was purchased on January 1, 2015. Financial Accounting: The Impact on Decision Make Intermediate Accounting: Reporting And Analysis. Consider yourpotential client. I currently own a sole proprietorship business and Im making payments on a credit card with the business checking account. The figures from the above examples are based on the figures in the Loan Amortization image in the next Hi! 3. No. A:Net income is calculated after analysing the revenue and expenses of the organisation. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Although your camera and your computer may come with free image processing software, and though there are less expensive options on the market, the standard is still Adobe's products, Lightroom and Photoshop. (c)Supplies remaining at the end of the year, 2,400. Light is our raw material, and thus should certainly be included in your list of photography equipment for starting yoursuccessfulphotography business. Your first few jobs are not likely to behigh-endclients. 4. 7,500.00 Likewise, there is no impact on the total assets of the balance sheet as the net book value of the fully depreciated equipment here is zero. The pretax income of the company before adjustments is 18,270. Required 1. Amount of total revenue recorded in the ledger. If the two totals are not equal, check the addition and subtraction. 4. This way you can test different types, like wide angle, before making a financial commitment on theright toolsfor you. I am using this article by Stambaughness.Com for the basis of a PPP loan forgiveness, but these examples will work with most any type of loan forgiveness. 5. I am having trouble figuring out how to complete the necessary journal entries to record the sale of a fixed asset (vehicle) that's outstanding loan was paid by the dealership, but had negative equity.