1. Prepare the journal entries for the following transactions of a new Company called Pose for Pics. a. Aug 1- Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.b. Aug 2 - The company paid $2,100 cash for insurance policy covering the next 24 months.c. Aug 5- The company purchased office supplies for $880 cash.d. Aug 20 – The company received $3,331 cash in photograph fees earned.e. Aug 31- The company paid $675 cash for August utilities.Instructions:After you prepare journal entries, prepare an August 31 trial balance for Pose for Pic. (Use the working papers Template in canvas to setup the trial balance)2. Carmen Camry operates a consulting firm called Help Today, which begin operations on August 1. On August 31, the company records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement, Statement of Owner’s Equity, and Balance sheet for the business. The owner invested $102,000 in the company on August 1st.Cash$25,360C. Camry, Withdrawals$6,000Accounts Receivables22,360Consulting Fee Earned27,000Office Supplies5,250Rent Expense9,550Land44,000Salaries Expense5,600Office Equipment20,000Telephone Expense860Accounts Payable10,500Miscellaneous Expenses520
1. Prepare the
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