Required information

Use the following information for Exercise 2-9 through Exercise 2-12 below. (Algo)

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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, invested $5,250 cash and $22,575 of photography equipment in the company in exchange for common stock.

August 2

The company paid $3,300 cash for an insurance policy covering the next 24 months.

August 5

The company purchased supplies for $998 cash.

August 20

The company received $2,750 cash from taking photos for customers.

August 31

The company paid $869 cash for August utilities.

Exercise 2-12 (Algo) Preparing T-accounts (ledger) and a trial balance LO P1

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.