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Christina Reis is a photographer who owns Lola Lemon Photography. This is the first month of operations. The following are the transactions for the month
Christina Reis is a photographer who owns Lola Lemon Photography. This is the first month of operations. The following are the transactions for the month of September. a. On September 1, Reis invested $15,000 cash into her new business. b. On September 12, purchased $2,000 of equipment (cameras) on credit. c. On September 13, purchased $500 of equipment (lighting), paying cash. d. On September 18, photographed an engagement session for $1,000; collected cash. e. On September 21, photographed a family session for $700 on credit. f. On September 26, paid $1,000 regarding (b). g. On September 29, collected $300 regarding (e). The journal entries for the month of September. Date a. Sept 01 General Journal Cash Christina Reis, Capital Debit Credit 15,000 15,000 b. Sept 12 Equipment Accounts Payable 2,000 2,000 500 c. Sept 13 Equipment Cash 500 d. Sept 18 Cash Revenue 1,000 1,000 Sept 21 Accounts receivable Revenue 700 700 f. Sept 26 Accounts payable Cash 1,000 1,000 300 g. Sept 29 Cash Accounts receivable 300 1&2. Post the journal entries to the general ledger using T-accounts. Select the letter of each transaction next to your posting and calculate the balance in each T-account. 101:Cash 106:Accounts Receivable End, bal. End, bal. 161:Equipment 201:Accounts Payable End. bal. End. bal. 301:Christina Reis, Capital 403:Revenue End. bal. End. bal. 3. Prove the accounting equation (Assets = Liabilities + Equity). Assets = Liabilities + Equity
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