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Required information (The following information applies to the questions displayed below.) Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris,
Required information (The following information applies to the questions displayed below.) Following are the transactions of a new company called Pose-for-Pics. Aug. 1 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 supplies for $880 cash. 20 The company received $3,331 cash from taking photos for customers. 31 The company paid $675 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. Post the transactions to the T-accounts. Supplies 880 2,100 Aug. 5 Aug. 1 Aug. 20 Cash 6,500 Aug. 2 3,331 Aug. 5 Aug. 31 6,176 880 675 Balance Balance 880 Prepaid Insurance 2,100 Equipment 33,500 Aug. 2 Aug. 1 Balance 2,100 Balance 33,500 Common Stock Aug. 1 Services Revenue Aug. 20 3,331 Balance 0 Balance 3,331 Utilities Expense 675 Aug. 31 Balance 675 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 Supplies Prepaid insurance Equipment Common stock Services revenue Utilities expense Totals o $ 0
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