Föllowing are the transactions of a hew company called Pose-for-Pics. 1 Madison Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company. 2 The company paid $3,300 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,043 cash. 20 The company received $3,450 cash in photography fees earned. 31 The company paid $881 cash for August utilities. Aug. Prepare general journal entries for the above transactions.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...
icon
Related questions
Topic Video
Question
Following are the transactions of a new company called Pose-for-Pics.
1 Madison Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company.
2 The company paid $3,300 cash for an insurance policy covering the next 24 months.
5 The company purchased office supplies for $2,043 cash.
20 The company received $3,450 cash in photography fees earned.
31 The company paid $881 cash for August utilities.
Aug.
Prepare general journal entries for the above transactions.
View transaction list
Journal entry worksheet
1
2
4 5
The company purchased office supplies for $2,043 cash.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Aug 05
Transcribed Image Text:Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company. 2 The company paid $3,300 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,043 cash. 20 The company received $3,450 cash in photography fees earned. 31 The company paid $881 cash for August utilities. Aug. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 1 2 4 5 The company purchased office supplies for $2,043 cash. Note: Enter debits before credits. Date General Journal Debit Credit Aug 05
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College