Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner,...

  

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Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,400 cash and $34,400 of photography equipment in the company in exchange for common stock. 2 The company paid $3,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $970 cash. 20 The company received $4,231 cash in photography fees earned. 31 The company paid $765 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. Aug. 1 Aug 20 Balance Aug 2 Balance Aug 1 Cash 7,400 4,231 11,631 Prepaid Insurance 3,000 3,000 Common Stock 41,800 Aug 5 Balance Aug 1 Balance Aug 20 Office Supplies 970 970 Photography Equipment 34,400 34,400 Photography Fees Earned 4,231 Required 1 Required 2 Post the transactions to the T-accounts. Aug 1 Aug 20 Balance Aug 2 > Balance Aug. 1 Balance Aug 31 Balance Cash 7,400 4,231 11,631 Prepaid Insurance 3,000 3,000 Common Stock 41,800 41,800 Utilities Expense 765 765 Aug. 5 Balance Aug 1 Balance Aug. 20 Balance Office Supplies 970 970 Photography Equipment 34,400 34,400 Photography Fees Earned. 4,231 4,231 Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,400 cash and $34,400 of photography equipment in the company in exchange for common stock. 2 The company paid $3,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $970 cash. 20 The company received $4,231 cash in photography fees earned. 31 The company paid $765 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. Aug. 1 Aug 20 Balance Aug 2 Balance Aug 1 Cash 7,400 4,231 11,631 Prepaid Insurance 3,000 3,000 Common Stock 41,800 Aug 5 Balance Aug 1 Balance Aug 20 Office Supplies 970 970 Photography Equipment 34,400 34,400 Photography Fees Earned 4,231 Required 1 Required 2 Post the transactions to the T-accounts. Aug 1 Aug 20 Balance Aug 2 > Balance Aug. 1 Balance Aug 31 Balance Cash 7,400 4,231 11,631 Prepaid Insurance 3,000 3,000 Common Stock 41,800 41,800 Utilities Expense 765 765 Aug. 5 Balance Aug 1 Balance Aug. 20 Balance Office Supplies 970 970 Photography Equipment 34,400 34,400 Photography Fees Earned. 4,231 4,231

Answer rating: 100% (QA)

Aug 1 Aug 20 Balance Aug 1 Balance Aug 31 Balance Cash ... View the full answer