Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aug. 1 Madison Harris, the owner, invested 57,100 cash and 534,100 of photography equipment in the company in exchange for common stock. 2 The company

image text in transcribed
image text in transcribed
Aug. 1 Madison Harris, the owner, invested 57,100 cash and 534,100 of photography equipment in the company in exchange for common stock. 2 The company paid $2,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $940 cash. 20 The company received $3,931 cash in photography fees earned. 31 The company paid 5735 cash for August utilities. Required: 1. Post the transactions to the T-accounts 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the transactions to the Taccounts. Cash Office Supplies Balance Balance Prepaid Insurance Photography Equipment Balance Balance Common Stock Photography Fees Earned Balance Balance Utilities Expense Aug. 1 Madison Harris, the owner, invested 57,100 cash and $34,109 of photography equipment in the company in exchange for common stock. 2 The company paid $2,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $940 cash. 20 The company received 53,931 cash in photography fees earned 31 The company paid $735 cash for August utilities. Required: 1. Post the transactions to the T-accounts 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-pics. Credit POSE-FOR-PICS Trial Balance August 31 Debit Cash Office supplies Prepaid insurance Photography equipment Common stock Photography fees earned Utilities expense Totals $ 0$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

16th Edition

78110939, 978-0078110931

More Books

Students also viewed these Accounting questions

Question

plan and structure your literature review;

Answered: 1 week ago

Question

establish an effective note-taking and recording system;

Answered: 1 week ago

Question

identify what you need to read and where to find it;

Answered: 1 week ago