Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $6,800 cash and $33,800 of photography equipment in the company. 2 The company paid $2,400 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $910 cash. 20 The company received $3,631 cash in photography fees earned. 31 The company paid $705 cash for August utilities. Aug. 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. Cash Office Supplies Balance Balance Prepaid Insurance Photography Equipment
Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $6,800 cash and $33,800 of photography equipment in the company. 2 The company paid $2,400 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $910 cash. 20 The company received $3,631 cash in photography fees earned. 31 The company paid $705 cash for August utilities. Aug. 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. Cash Office Supplies Balance Balance Prepaid Insurance Photography Equipment
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepaid Insurance
Photography Equipment
Balance
Balance
M. Harris, Capital
Photography Fees Earned
Balance
Balance
Utilities Expense
Balance
Transcribed Image Text:Following are the transactions of a new company called Pose-for-Pics.
1 Madison Harris, the owner, invested $6,800 cash and $33,800 of photography equipment in the company.
2 The company paid $2,400 cash for an insurance policy covering the next 24 months.
5 The company purchased office supplies for $910 cash.
20 The company received $3,631 cash in photography fees earned.
31 The company paid $705 cash for August utilities.
Aug.
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.
Cash
Office Supplies
Balance
Balance
Prepaid Insurance
Photography Equipment
Expert Solution
Step 1 Introduction
Ledgers: It is the main book or principal book of account. It is recording and totaling economic transaction measures in terms of a monetary unit of account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account.
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