# Transactions of Pose-for-PicsFollowing 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.

Increase in assets should be debited and decrease in assets should be credited. Increase in expenses…

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.

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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