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Accent Photography Income Statement For the year ended December 31, 2011 Service Revenue Less: Expenses Insurance expense Advertising expense Salary expense Total Expenses Net Income $81,000 $8,000 $1,000 $27,000 $36,000 $45,000 Accent Photography Statement of Owner Investment For the year ended December 31, 2011 Balance in capital at December 31, 2010 Add: Owner investment Add: Net Income Less: Owner withdrawals Balance in capital at December 31, 2011 $20,000 $33,000 $45,000 ($15,000) $83,000 Accent Photography Balance Sheet As on December 31, 2011 Assets Cash Accounts Receivable Equipment Total Assets $31,000 $10,000 $60,000 $101,000 Liabilities and Equity Accounts payable Note payable Owners' equity Total Liabilities and Equity $6,000 $12,000 $83,000 $101,000 1. Journal Entries Date Account Head Apr 1 Cash Warren Smith, Capital Apr 5 Apr 9 Apr 10 Apr 19 Apr 22 Apr 30 Apr 30 Apr 30 Debit $78,000 Credit $78,000 Rent expense Cash 780 780 Land Cash 18,000 18,000 Supplies Accounts payable 1,200 1,200 Cash Notes payable 20,000 20,000 Accounts payable Cash 800 800 Cash Accounts receivable Service revenue 5,900 4,900 Salary expense Rent expense Utilities expense Cash 2,000 1,800 420 10,800 4,220 Warren Smith, Withdrawals Cash $9,000 $9,000 2. Posting in the ledger accounts Cash Date Apr 1 Apr 19 Apr 30 Bal. Supplies Amt Date $78,000 Apr 5 $20,000 Apr 9 $5,900 Apr 22 Apr 30 Apr 30 $71,100 Amt $780 $18,000 $800 $4,220 $9,000 Date Apr 10 ...
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