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.
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
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