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    Seatwork 03 - Dingcong

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    Jheilson S. Dingcong
    JM Photography recorded various business transactions during October 2018 including purchasing photography equipment, paying rent and suppliers, receiving revenue from services, and withdrawing funds. The company ended the month with $355,700 in cash, $213,000 in accounts receivable, and total assets of $888,200. JM Photography earned a profit of $313,200 for the month from $330,900 in service revenue.

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    Seatwork 03 - Dingcong

    Uploaded by

    Jheilson S. Dingcong
    223 views8 pages
    JM Photography recorded various business transactions during October 2018 including purchasing photography equipment, paying rent and suppliers, receiving revenue from services, and withdrawing funds. The company ended the month with $355,700 in cash, $213,000 in accounts receivable, and total assets of $888,200. JM Photography earned a profit of $313,200 for the month from $330,900 in service revenue.

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    Seatwork 03_Dingcong

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    JM Photography recorded various business transactions during October 2018 including purchasing photography equipment, paying rent and suppliers, receiving revenue from services, and withdrawing funds. The company ended the month with $355,700 in cash, $213,000 in accounts receivable, and total assets of $888,200. JM Photography earned a profit of $313,200 for the month from $330,900 in service revenue.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    223 views8 pages

    Seatwork 03 - Dingcong

    Uploaded by

    Jheilson S. Dingcong
    JM Photography recorded various business transactions during October 2018 including purchasing photography equipment, paying rent and suppliers, receiving revenue from services, and withdrawing funds. The company ended the month with $355,700 in cash, $213,000 in accounts receivable, and total assets of $888,200. JM Photography earned a profit of $313,200 for the month from $330,900 in service revenue.

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    You are on page 1of 8

    2018 Particulars Debit

    Oct 1 Cash 450,000


    JM Photography, Capital
    #

    3 Prepaid Rent 40,500


    Cash
    #

    5 Photography Equipment 129,000


    JM Photography, Capital
    #

    8 Office Equipment 54,000


    Cash
    #

    10 Photography Equipment 75,000


    Cash
    Received and paid for photography equipment ordered on Oct 7

    12 Photography Supplies 21,000


    Accounts Payable
    #

    13 Cash 110,400
    Service Revenue
    #

    17 Accounts Receivable 220,500


    Service Revenue
    #

    19 Accounts Payable 10,500


    Cash
    #

    25 Utility Expense 3,600


    Cash
    #

    26 Utility Expense 2,100


    Cash
    #

    28 Cash 7,500
    Accounts Receivable
    #

    29 Salaries Expense 12,000


    Cash
    #

    30 Cash 1,500
    Unearned Income
    #

    31 JM Photography, Withdrawal 16,000


    Cash
    #
    Credit

    450,000

    40,500

    129,000

    54,000

    75,000

    21,000

    110,400

    220,500

    10,500

    3,600

    2,100
    7,500

    12,000

    1,500

    16,000
    CASH JM Photography, Capital
    Oct. 1 450,000 40,500 Oct.3 450,000 Oct.1
    Oct.13 110,400 54,000 Oct.8 129,000 Oct.5
    Oct.28 7,500 75,000 Oct.10 Bal. 579,000
    Oct.30 1,500 10,500 Oct.19
    3,600 Oct.25
    2,100 Oct.26
    12,000 Oct.29
    16,000 Oct 31
    Bal. 355,700

    Prepaid Rent Photography Equipment


    Oct.3 40,500 Oct. 5 129,000
    Bal. 40,500 Oct. 10 75,000
    Bal. 204,000

    Office Equipment Photography Supplies


    Oct. 8 54,000 Oct. 12 21,000
    Bal. 54,000 Bal. 21,000

    Accounts Payable Service Revenue


    Oct.19 10,500 21,000 Oct 12. 110,400 Oct.13
    Bal. 10,500 220,500 Oct.17
    Bal. 330,900

    Utility Expense Accounts Receivable


    Oct. 25 3,600 Oct. 17 220,500 7,500 Oct.28
    Oct. 26 2,100 Bal. 213,000
    Bal. 5,700

    Salaries Expense Unearned Income


    Oct. 29 12,000 1,500 Oct.30
    Bal. 12,000 Bal. 1,500

    JM Photography, Withdrawal
    Oct. 31 16,000
    Bal. 16,000
    INCOME STATEMENT
    For the Month Ending Oct 31, 2018
    Service Revenue: 330,900
    Gross Profit 330,900
    Operating Expenses
    Utility Expense 5,700
    Salary Expense 12,000
    Total Expenses 17,700
    PROFIT 313,200
    JM Photography
    Trial Balance
    31-Oct-18
    Page No. Account Titles Debit Credit
    1 Cash 355,700
    2 Accounts Receivable 213,000
    3 Prepaid Rent 40,500
    4 Photography Equipment 204,000
    5 Office Equipment 54,000
    6 Photography Supplies 21,000
    7 JM Photography, Capital 579,000
    8 JM Photography, Withdrawal 16,000
    9 Accounts Payable 10,500
    10 Service Revenue 330,900
    11 Unearned Income 1,500
    12 Utility Expense 5,700
    13 Salaries Expense 12,000
    921,900 921,900
    JM Photography
    Balance Sheet
    As of 31 October 2018
    ASSETS
    Current Assets:
    Cash 355,700
    Accounts Receivable 213,000
    Photography Supplies 21,000
    Prepaid Rent 40,500
    Total Current Assets 630,200

    Non-Current Assets:
    Equipment:
    Photography Equipment 204,000
    Office Equipment 54,000
    Total Equipment: 258,000

    Total Assets 888,200

    Liabilities and Owner's Equity


    Liability
    Current Liability:
    Accounts Payable 10,500
    Unearned Income 1,500
    Total Current Liability 12,000

    Owner's Equity
    JM Photography, Capital 876,200
    Total Liabilities and Owner's Equity 888,200

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