Mar 1, 1990. Ann Hill operated a photographic business in her home on a part time basis. On Mar 1, 1990 She decided to move
Mar 1, 1990. Ann Hill operated a photographic business in her home on a part time basis. On Mar 1, 1990 She decided to move to rented quarters as of March 1 and to devote full time the business which was to be known as Hill photographic studio. The following assets were invested in the enterprise; cash, 3500, accounts Receivable 950 supplies 1200; and photographic equipment 15000. There were no liabilities transferred to the business. March 1. Paid 2400 on for 3 moths office rent March 4. Purchased photographic equipment on account for 2500 March 5. Received 850 from credit customers March 6. Paid 125 for advertisement( Miscell.exp) March 10. Paid 500 to settle March 4 debt March 13. Paid 575 for two weeks salary March 16. Received 1,980 from sale of service March 20. Paid 650 for supplies purchase March 27. Paid 575 for two weeks salary March 31. Paid 69 for telephone bill for the month March 31. Paid 175 for electric bill for the month March 31. Received 1870 from sales of service March 31. Make sales on account for 1,675. March 31. Hill withdrew 1500 for her personal use March 31. Recorded depreciation on photographic equipment @ 1% NOTE: Advertising expense, Electric expense, and telephone expense are classified as miscellaneous expense Based on the above information, answer the questions below. Journalize transactions Post transaction Prepare trial Balance Pass Adjusting entry Prepare financial statements Journalize closing entry Prepare post-closing trial balance
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