Income Statement for Isabella Photography for the Month Ended July 31, 2021
Revenue:
Photography Service Revenue 365,000
Interest Income 5,250
Total Revenue 370,250
Expenses:
Rent Expense 5,000
Salaries Expense 2,903
Advertising Expense 5,500
Utilities Expense 23,000
Repair and Maintenance Expense 2,500
Total Expenses 39,903
Net Income 330,347
Statement of Financial Position for Isabella Photography as of July 31, 2021
Assets:
Cash 141,000
Accounts Receivable 4,500
Notes Receivable 138,750
Photography Equipment 40,000
Prepaid Rent Expense 30,000
Total Assets 354,250
Liabilities:
Accounts Payable 12,260
Notes Payable 32,000
Advances from Clients 60,000
Total Liabilities 104,260
Owner's Equity:
Isabella, Capital 412,000
Total Owner's Equity 742,347
Total Liabilities and Owner's Equity 846,607
Trial Balance for Isabella Photography as of July 31, 2021
Account No. Account Title Debit Credit
101 Cash 141,000
102 Accounts Receivable 4,500
103 Notes Receivable 138,750
105 Advances to Employees
106 Photography Equipment 40,000
107 Prepaid Rent Expense 30,000
108 Photography Equipment
109 Furniture and Fixtures
110 Office Equipment Expenses
111 Delivery Vehicle
201 Accounts Payable 12,260
202 Notes Payable 32,000
203 Accrued Salaries
204 Accrued Rent
205 Advances from Clients 60,000
206 Loan Payable
301 Isabella, Capital 412,000
302 Isabella, Drawing
303 Income Summary
401 Photography Service Revenue 365,000
402 Interest Income 5,250
403 Other Income
501 Salaries Expense 9,097
502 Rent Expense 5,000
503 Advertising Expense 5,500
504 Representation Expense
505 Utilities Expense 23,000
506 Communication Expense
507 Repair and Maintenance Expense 2,500
508 Other Expenses
Total 465,807
Photography Service Revenue = P365,000
Interest Income = P5,250
Total Revenue = P370,250
Rent Expense = P5,000
Salaries Expense = P2,903
Advertising Expense = P5,500
Utilities Expense = P23,000
Repair and Maintenance Expense = P2,500
Total Expenses = P39,903
Net Income = P330,347
Cash = P141,000
Accounts Receivable = P4,500
Notes Receivable = P138,750
Photography Equipment = P40,000
Prepaid Rent Expense = P30,000
Total Assets = P354,250
Accounts Payable = P12,260
Notes Payable = P32,000
Advances from Clients = P60,000
Total Liabilities = P104,260
Isabella, Capital = P412,000
Isabella, Drawing =
Total Owner's Equity = P742,347
Total Liabilities and Owner's Equity = P846,607
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Answers & Comments
Income Statement for Isabella Photography for the Month Ended July 31, 2021
Revenue:
Photography Service Revenue 365,000
Interest Income 5,250
Total Revenue 370,250
Expenses:
Rent Expense 5,000
Salaries Expense 2,903
Advertising Expense 5,500
Utilities Expense 23,000
Repair and Maintenance Expense 2,500
Total Expenses 39,903
Net Income 330,347
Statement of Financial Position for Isabella Photography as of July 31, 2021
Assets:
Cash 141,000
Accounts Receivable 4,500
Notes Receivable 138,750
Photography Equipment 40,000
Prepaid Rent Expense 30,000
Total Assets 354,250
Liabilities:
Accounts Payable 12,260
Notes Payable 32,000
Advances from Clients 60,000
Total Liabilities 104,260
Owner's Equity:
Isabella, Capital 412,000
Net Income 330,347
Total Owner's Equity 742,347
Total Liabilities and Owner's Equity 846,607
Trial Balance for Isabella Photography as of July 31, 2021
Account No. Account Title Debit Credit
101 Cash 141,000
102 Accounts Receivable 4,500
103 Notes Receivable 138,750
105 Advances to Employees
106 Photography Equipment 40,000
107 Prepaid Rent Expense 30,000
108 Photography Equipment
109 Furniture and Fixtures
110 Office Equipment Expenses
111 Delivery Vehicle
201 Accounts Payable 12,260
202 Notes Payable 32,000
203 Accrued Salaries
204 Accrued Rent
205 Advances from Clients 60,000
206 Loan Payable
301 Isabella, Capital 412,000
302 Isabella, Drawing
303 Income Summary
401 Photography Service Revenue 365,000
402 Interest Income 5,250
403 Other Income
501 Salaries Expense 9,097
502 Rent Expense 5,000
503 Advertising Expense 5,500
504 Representation Expense
505 Utilities Expense 23,000
506 Communication Expense
507 Repair and Maintenance Expense 2,500
508 Other Expenses
Total 465,807
Income Statement for Isabella Photography for the Month Ended July 31, 2021
Revenue:
Photography Service Revenue = P365,000
Interest Income = P5,250
Total Revenue = P370,250
Expenses:
Rent Expense = P5,000
Salaries Expense = P2,903
Advertising Expense = P5,500
Utilities Expense = P23,000
Repair and Maintenance Expense = P2,500
Total Expenses = P39,903
Net Income = P330,347
Statement of Financial Position for Isabella Photography as of July 31, 2021
Assets:
Cash = P141,000
Accounts Receivable = P4,500
Notes Receivable = P138,750
Photography Equipment = P40,000
Prepaid Rent Expense = P30,000
Total Assets = P354,250
Liabilities:
Accounts Payable = P12,260
Notes Payable = P32,000
Advances from Clients = P60,000
Total Liabilities = P104,260
Owner's Equity:
Isabella, Capital = P412,000
Isabella, Drawing =
Net Income = P330,347
Total Owner's Equity = P742,347
Total Liabilities and Owner's Equity = P846,607
Trial Balance for Isabella Photography as of July 31, 2021
Account No. Account Title Debit Credit
101 Cash 141,000
102 Accounts Receivable 4,500
103 Notes Receivable 138,750
105 Advances to Employees
106 Photography Equipment 40,000
107 Prepaid Rent Expense 30,000
108 Photography Equipment
109 Furniture and Fixtures
110 Office Equipment Expenses
111 Delivery Vehicle
201 Accounts Payable 12,260
202 Notes Payable 32,000
203 Accrued Salaries
204 Accrued Rent
205 Advances from Clients 60,000
206 Loan Payable
301 Isabella, Capital 412,000
302 Isabella, Drawing
303 Income Summary
401 Photography Service Revenue 365,000
402 Interest Income 5,250
403 Other Income
501 Salaries Expense 9,097
502 Rent Expense 5,000
503 Advertising Expense 5,500
504 Representation Expense
505 Utilities Expense 23,000
506 Communication Expense
507 Repair and Maintenance Expense 2,500
508 Other Expenses
Total 465,807