Answered: a. Journalize all the transactions of…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 4SEB: EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first...

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Instructions : a. Journalize all the transactions of Joy Photo and make the necessary adjustments b. Submit Statement of Profit or Loss, Statement of Changes in Equity, and Statement of Financial Position (set the rounding option to off and for the Statement of Financial Position the layout is Assets = Liabilities + Equity. c. Journalize the closing entries d. Submit the post-closing trial balance

Transcribed Image Text:FINANCIAL STATEMENTS, CLOSING ENTRIES, AND REVERSING ENTRIES Joy Photo is a new business that is operates in photography field. Joy Photo started its business in July 2021. The following were the transaction data for July 2021: | Jul-01 The owner invested $3,000 worth of money, $920 worth of computer, and $1,200 worth of a Nikon D750 camera into the business Jul-01 Paid $2,100 for 6 months building rent in advance Jul-01 To get additional funds for business purpose, Joy Photo borrowed $4,000 from Bank Sinar Jaya Jul-01 Purchased a Canon EOS 200D camera for $2,500 with half of this amount paid in cash and the rest on account Jul-01 Hired 2 workers at a salary of $180 per person per month Jul-01 Purchased office supplies of $500 Jul-01 Purchased a photographic flash for $220 in cash Jul-01 Purchased a tripod for $100 in cash Jul-01 Purchased 2 Kodak 305 Photo Printer (@$400) Jul-02 Paid $420 for 6 months prepaid advertising to the local newspaper Jul-09 Received a $1,000 in advance payment for a product photo collaboration with a local cosmetic brand called "Kirana" Jul-16 Received $200 for the photo editing service Jul-17 Received $400 for photo taking service Jul-19 Received $350 for photo taking service Jul-23 Performed photo taking service at the graduation party at SMA 5 worth $250, but not yet received the payment Jul-25 Performed photo taking service worth $300, 30% paid in cash and 70% of which will be paid on July 28 Jul-26 Received $500 for photo taking service Jul-28 Received payment for the previous transaction made on July 23 Jul-28 Received payment for the previous transaction made on July 25 DANENDRA – MARGARETA – TITAN – WINONA FATA 2018 LATIHAN KELAS PRAKTIKUM PENGANTAR AKUNTANSI FATA 2018 Jul-29 Received a bill from Blue Electronic for computer maintenance at amount $100, paid 50% in cash and the remaining was on account Jul-31 Paid miscellaneous expense for $10 Jul-31 Made payment for utilities expense at the amount $50 Jul-31 Paid workers' July salaries Additional information: 1) At the end of July, there were $400 worth of supplies left 2) Rent expense was one-sixth of the prepaid rent 3) Advertising expense for July was one-sixth of the prepaid advertising 4) Interest expense for July was $20 and needed to be recognized 5) A quarter of the unearned service revenue could already be recognized as revenue 6) The depreciation expenses for the computer, Nikon D750 Camera, Canon EOS 200D Camera, Kodak 305 Photo Printer, photographic flash, and tripod were $7, $10, $12, $11, $4, and $2, respectively

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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