Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

HO Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,400 cash and $35,480 of photography equipment

image text in transcribed
image text in transcribed
image text in transcribed
HO Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,400 cash and $35,480 of photography equipment in the company. 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,070 cash. 20 The company received $5,231 cash in photography fees earned. 31 The company paid $865 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 0 Balance 0 Prepaid Insurance Photography Equipment Balance Balance 0 M. Harris, Capital Photography Fees Earned Required 1 Required 2 Post the transactions to the T-accounts. Cash Office Supplies Balance Balance Prepaid Insurance Photography Equipment Balance 0 Balance o M. Harris, Capital Photography Fees Earned Balance Balance 0 Utilities Expense Balance 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. POSE-FOR-PICS Trial Balance August 31 Debit Credit Cash Office supplies Prepaid insurance Photography equipment M Harris, Capital Photography fees earned Utilities expense Totals $ 0 S 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

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

Analytical Corporate Finance

Authors: Angelo Corelli

1st Edition

3319395483, 9783319395487

More Books

Students also viewed these Accounting questions