Posted: February 6th, 2022

Accent photography works weddings and prom-type parties. the balance

Accent Photography works weddings and prom-type parties. The balance of capital was $20,000 at December 31, 2010. At December 31, 2011, the business’ accounting records show these balances:

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Insurance expense         $8,000 

Cash                               $31,000 

Accounts payable            $6,000 

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Advertising Expense       $1,000

Service revenue              $81,000 

Owner withdrawal          $15,000 

Accounts receivable       $10,000 

Note payable                  $12,000 

Owner equity                    ? 

Salary expense                 $27,000 

Equipment                          $60,000 

Owner Investment         $33,000

 

 

Prepare the following statements for Accent Photography for the year end December 31, 2011:

 

 

A.  Income statement

B.  Statement of owner’s equity

C.  Balance sheet

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