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.

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.

Name: Following are the transactions of a new company called Pose-for-Pics.
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Description: 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 m

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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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

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