Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company. 2 The company paid $2,900 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,710 cash. 20 The company received $3,050 cash in photography fees earned. 31 The company paid $869 cash for August utilities. Aug. Prepare general journal entries for the above transactions.
Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company. 2 The company paid $2,900 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,710 cash. 20 The company received $3,050 cash in photography fees earned. 31 The company paid $869 cash for August utilities. Aug. Prepare general journal entries for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![# Transactions of Pose-for-Pics
Following are the transactions of a new company called Pose-for-Pics.
**August 1**
- Madison Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company.
**August 2**
- The company paid $2,900 cash for an insurance policy covering the next 24 months.
**August 5**
- The company purchased office supplies for $1,710 cash.
**August 20**
- The company received $3,050 cash in photography fees earned.
**August 31**
- The company paid $869 cash for August utilities.
Prepare general journal entries for the above transactions.
---
## Journal Entry Worksheet
**Transaction Details**
1. *August 1*: Madison Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company.
**[Note: Enter debits before credits.]**
---
**Journal Entry Example for August 1**:
| Date | General Journal | Debit | Credit |
|--------|---------------------------------------------|---------|---------|
| Aug 01 | Cash | $9,000 | |
| | Photography Equipment | $38,700 | |
| | Owner's Equity - Madison Harris | | $47,700 |
---
**Buttons for User Interaction:**
- **View transaction list**
- **Record entry**
- **Clear entry**
- **View general journal**
The above form allows the user to input the details of each transaction in a general journal format by specifying the date, account titles, and amounts for debit and credit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb034729f-db63-4235-9b33-79c3c77be50a%2Fc3275609-abc1-43ba-b1fd-f80642cf25d0%2Fajgx3cd_processed.png&w=3840&q=75)
Transcribed Image Text:# Transactions of Pose-for-Pics
Following are the transactions of a new company called Pose-for-Pics.
**August 1**
- Madison Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company.
**August 2**
- The company paid $2,900 cash for an insurance policy covering the next 24 months.
**August 5**
- The company purchased office supplies for $1,710 cash.
**August 20**
- The company received $3,050 cash in photography fees earned.
**August 31**
- The company paid $869 cash for August utilities.
Prepare general journal entries for the above transactions.
---
## Journal Entry Worksheet
**Transaction Details**
1. *August 1*: Madison Harris, the owner, invested $9,000 cash and $38,700 of photography equipment in the company.
**[Note: Enter debits before credits.]**
---
**Journal Entry Example for August 1**:
| Date | General Journal | Debit | Credit |
|--------|---------------------------------------------|---------|---------|
| Aug 01 | Cash | $9,000 | |
| | Photography Equipment | $38,700 | |
| | Owner's Equity - Madison Harris | | $47,700 |
---
**Buttons for User Interaction:**
- **View transaction list**
- **Record entry**
- **Clear entry**
- **View general journal**
The above form allows the user to input the details of each transaction in a general journal format by specifying the date, account titles, and amounts for debit and credit.
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