Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,300 cash and $34,300 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 $960 cash. 20 The company received $4,131 cash in photography fees earned. 31 The company paid $755 cash for August utilities. 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.

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,300 cash and $34,300 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 $960 cash. 20 The company received $4,131 cash in photography fees earned. 31 The company paid $755 cash for August utilities. 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.

Name: Required 1 Required 2Use the amounts from the T-accounts in Requireme
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Required 1 Required 2Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.POSE-FOR-PICSTrial BalanceAugust 31CreditCashOffice suppliesPrepaid insurancePhotography equipmentM. Harris, CapitalP

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...

See similar textbooks

Related questions

Q: Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: Boilermaker House Painting Company incurs the following transactions for September.1. September 3…

A: 1.

Q: Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash…

A: Introduction Journal entries is the modern method of recording of a business transactions in a…

Q: Prepare journal entries for the above transactions, which occurred during a recent month.

A: Given: Cash received = $ 10,000 Accounts Receivable = $ 1,450 Equipment cost = $ 40,000 Accounts…

Q: The following transactions were completed by the company: a. The company completed consulting work…

A: Accounting Equation: According to the accounting equation, the total assets of a corporation are…

Q: George Smyth opened a computer repair business on Apr. 1, 20--. During the first month of…

A: Journal Entries: Journal entries are recorded for all the transactions that occur during the…

Q: Can you please check my work, I was supposes to record all of the transactions in green for the…

Q: New Wave Images is a graphics design firm that prepares its financial statements using a calendar…

A: 1.Mannyy is not behaving ethically by reporting loan to Tom as a trade account receivable.The trade…

Q: Bob Sample opened the Campus Laundromat on September 1, 2022. During the first month of operations,…

A: The objective of the question is to prepare the Statement of Financial Position (Balance Sheet) for…

Q: Boilermaker House Painting Company incurs the following transactions for September.1. Paint houses…

A: Given transactions are: Boilermaker House Painting Company incurs the following transactions for…

Q: 6 Remington purchased $5,800 of supplies from Technology Associates on account. 10 Remington paid…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: Patty Stone started a new store to sell backpacks in January. The following events occurred in the…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash…

A: Petty cash is the amount of cash which is kept aside for the employee to make small purchases on the…

Q: Please help

A: 1.Prepare journal entry to record the establishment of the petty cash fund on September 4.

Q: The following transactions were completed by the company. a. The company completed consulting work…

A: Accounting Equation: According to the accounting equation, the total assets of a corporation are…

Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash…

A: Petty cash is a small sum of money kept on hand to cover unexpected expenses such as reimbursements…

Q: Karla Tanner opened a Web consulting business called Linkworks and completed the following…

A: please like the answer your response matters LINKWORKS…

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

Topic Video

Question

Required 1 Required 2
Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.
POSE-FOR-PICS
Trial Balance
August 31
Credit
Cash
Office supplies
Prepaid insurance
Photography equipment
M. Harris, Capital
Photography fees earned
Utilities expense
Totals
Debit

Following are the transactions of a new company called Pose-for-Pics.
Aug.
1 Madison Harris, the owner, invested $7,300 cash and $34,300 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 $960 cash.
20 The company
received $4,131 cash in photography fees earned.
31 The company paid $755 cash for August utilities.
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.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Pose For Pics ( Trail Balance)

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Javier Jimenez operates a delivery service. During the month of April, the firm had the following transactions. April 1 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. April 2 Javier made an additional investment of cash in amount of $11,200. April 4 Performed services for $715 in cash. April 6 Sent a check in the amount of $410 to the utility company to pay the monthly bill. April 7 Purchased supplies in the amount of $870 on credit. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Date April 01 Issued a check in the amount of $4,800 to pay the monthly rent for the next 3 months. Note: Enter debits before credits. 5 General Journal Debit Credit >
Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $11,500 cash and $49,450 of photography equipnent in the company. 2 The company paid $3, ee0 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,185 cash. 20 The company received $2,950 cash in photography fees earned. 31 The company paid $883 cash for August utilities. Prepare general journal entries for the above transactions. No Date General Journal Debit Credit 1. Aug 01 Cash Photography equipment M. Harris, Capital 2. Aug 02 Prepaid insurance Cash 3 Aug 05 Office supplies Cash 4 Aug 20 Cash Photography fees earned Aug 31 Utilities expense Cash
Vikrambhai
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2020, its first month of operations: July 1 The owner, Manny Gill, invested $5,300 cash. 10 Purchased $2,800 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $10,000 cash from the client. 14 Paid for expenses; $3,800. 15 Completed security services for a graduation event and sent the client a bill for $1,650. 31 The owner withdrew $280 cash for personal use. Required: Record the journal entries for the month of July. Post the July journal entries into your general ledger accounts. Include the date next to each number posted. Determine the balances. Prepare a trial balance using the balances in your general ledger accounts. Prepare an income statement, statement of changes in equity, and…
please give me answer with enough explanation
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations: July 1 The owner, Manny Gill, invested $4,600 cash. 10 Purchased $2,100 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $12,000 cash from the client. 14 Paid for expenses; $3,100. 15 Completed security services for a graduation event and sent the client a bill for $1,300. 31 The owner withdrew $210 cash for personal use. Required: 2. Record the journal entries for the month of July, View transaction list Journal entry worksheet 1 2 3 Record the Investment by owner. 5 6 4>
ogi’s Construction has a $100,000 line of credit at the Jellystone Bank. The annual percentage rate is the current prime rate plus 3%. The balance on October 1 was $22,500. On October 10, Yogi borrowed $15,000 to pay for a shipment of lumber and on October 20 he borrowed another $32,500 for equipment repairs. On October 25, Yogi made a $25,000 payment on the account. The billing cycle for October has 31 days. The current prime rate is 6%. Hint: Use the average daily method to determine the finance Charge!
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
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 2 4 > Madison Harris, the owner, invested $10,750 cash and $46,225 of photography equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01
Hello, I need help please
Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023, its first month of operations: July 1 The owner, Manny Gill, invested $5,700 cash. 10 Purchased $3,200 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $11,000 cash from the client. 14 Paid for expenses; $4,200. 15 Completed security services for a graduation event and sent the client a bill for $1,850. 31 The owner withdrew $320 cash for personal use. Required: 2. Record the journal entries for the month of July.