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[The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner,
[The following information applies to the questions displayed below.]
Following are the transactions of a new company called Pose-for-Pics.
August 1 | M. Harris, the owner, invested $10,250 cash and $44,075 of photography equipment in the company in exchange for common stock. |
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August 2 | The company paid $2,400 cash for an insurance policy covering the next 24 months. |
August 5 | The company purchased supplies for $1,948 cash. |
August 20 | The company received $3,100 cash from taking photos for customers. |
August 31 | The company paid $882 cash for August utilities. |
Required:
- Post the transactions to the T-accounts.
- Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.
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