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Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $12,750 cash and $54,825 of photography equipment in

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Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $12,750 cash and $54,825 of photography equipment in the company in exchange for common stock. 2 The company paid $2,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,423 cash. 20 The company received $3,650 cash in photography fees earned. 31 The company paid $879 cash for August utilities. Prepare general journal entries for the above transactions. ***** View transaction list View journal entry worksheet No Date General Journal Dobit Credit 1 Aug 01 14,250 61,275 Cash Photography fees earned Common stock Prepaid insurance Cash 75,525 3,300 3 Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. $ Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 25,370 Dividends 22,370 Consulting fees earned 5,260 Rent expense 44,010 Salaries expense 20,020 Telephone expense 10,540 Miscellaneous expenses 102, 100 $ 6,020 27,010 9,570 5,620 880 530 Use the above information to prepare an August income statement for the business. HELP TODAY Income Statement 0 Required information [The following information applies to the questions displayed below) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. $ Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 25,378 Dividends 22,370 Consulting fees earned 5,260 Rent expense 44,010 Salaries expense 20,020 Telephone expense 10,540 Miscellaneous expenses 102,100 $ 6,020 27,010 9,570 5,620 880 530 Use the above information to prepare an August statement of retained earnings for Help Today. The Retained Earnings account balance at August 1 was $0.Hint: Net income for August is $10.410. HELP TODAY Statement of Retained Earnings 0 $ 0 [The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following selected accounts and amounts for the month of August. $ Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock 25, 370 Dividends 22,37Consulting fees earned 5,260 Rent expense 44,010 Salaries expense 20,020 Telephone expense 10,540 Miscellaneous expenses 102,100 $ 6,020 27,010 9,570 5,620 880 530 Use the above information to prepare an August 31 balance sheet for Help Today HELP TODAY Balance Sheet ces Total equity 0 $ $ 0 Company Dreamworks Pixar Universal Expenses Total Assets $24,000 $ 45,000 70,000 151,000 13,000 70,000 Net Income Total Liabilities $21,000 $ 31,500 30,000 147,200 5,200 15,840 a. Compute the debt ratio for each of the three companies. (Round your answers to 2 decimal places.) Debt Ratio Company Dreamworks Pixar Universal es b. Which company has the most financial leverage? Largest financial leverage June 1 T. James, owner, invested $17,500 cash in Sustain Company in exchange for common stock. 2 The company purchased $10,500 of furniture made from reclaimed wood on credit. 3 The company paid $1,900 cash for a 12-month insurance policy on the reclaimed furniture. 4 The company billed a customer $9,500 in fees earned from preparing a sustainability report. 12 The company paid $10,500 cash toward the payable from the June 2 furniture purchase. 20 The company collected $9,500 cash for fees billed on June 4. 21 T. James invested an additional $16,500 cash in Sustain Company in exchange for common stock. 30 The company received $11,500 cash from a client for sustainability services for the next 3 months. d Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 2 3 4 5 6 1 7 8 ces T. James, owner, invested $17,500 cash in Sustain Company in exchange for common stock. Note: Enter debits before credits. General Journal Debit Credit Date June 01 Record entry Clear entry View general Journal

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