Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,000 cash and $35,000 of photography equipment in

image text in transcribed

image text in transcribed

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,000 cash and $35,000 of photography equipment in the company. 2 The company paid $3,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,030 cash. 20 The company received $4,831 cash in photography fees earned. 31 The company paid $825 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 T-accounts. Cash Office Supplies Balance Balance Prepaid Insurance Photography Equipment Balance Balance M. Harris, Capital Photography Fees Earned Balance Balance Utilities Expense Balance Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,000 cash and $35,000 of photography equipment in the company. 2 The company paid $3,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,030 cash. 20 The company received $4,831 cash in photography fees earned. 31 The company paid $825 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 M. Harris, Capital Photography fees earned Utilities expense Totals

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

Step: 3

blur-text-image

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

Financial Accounting Objective Questions And Explanations

Authors: Irvin N. Gleim

6th Edition

0917537718, 978-0917537714

More Books

Students also viewed these Accounting questions