only exercise 2-7

only exercise 2-7

Chapter 2 Accounting for Business Transactions 71 ments. The October 31 Cash balance wa close of business on September 30. Company had $102,500 of cash receipts and $103.150 of cash disburse- ctober 31 Cash balance was $18.600. Determine how much cash the company had at the te general journal entries for the following transactions of a new company called Pose-for-Pics. Use ollowing (partial) chart of accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; Common Stock; Photography Fees Earned; and Utilities Expense. Aug. Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities. Exercise 2-7 Preparing general journal entries P1 e the information in Exercise 2-7 to prepare a trial balance for Pose-for-Pics. Begin by opening these accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; Common Stock; otography Fees Earned; and Utilities Expense. Then, (1) post the general journal entries to these ccounts (which will serve as the ledger) and (2) prepare the August 31 trial balance. Exercise 2-8 Preparing T-accounts (ledger) and a trial balance P2 are general journal entries to record the transactions below for Spade Company by using the follow- Exercise 2-9 accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Recording effects of mon Stock; Dividends; Fees Earned; and Rent Expense. Use the letters beside each transaction to transactions in T-aco ify entries. After recording the transactions, post them to T-accounts, which serve as the general r for this assignment. Determine the ending balance of each T-account. A1 Ex.2-7 0 Analyze transactions (source documents) 2 Prepare general journal entries Dute PR Debit A Post the Prepare journal entries to the general ledger (T unadjusted trial balance Accounts) in Cash DR CR Office Supplies Prepark Training DR/CR Photography Squipaent Common Stock Reveque DR CR Utilities Expense DR OR Pose for Pics, Inc. Unachutida balance August 31 201 Debit Credit Lash Difice Supplies Prepaid Triurance Photography Equipment Common Stock Rekenhoes Expense