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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company had the following transactions. 1. Issue 10,000 shares of common stock in exchange for $32,000 in cash. 2. Purchase land for $19,000. A note payable is signed for the full amount. 3. Purchase storage container equipment for $8,000 cash. 4. Hire three employees for $2,000 per month. 5. Receive cash of $12,000 in rental fees for the current month. 6. Purchase office supplies for $2,000 on account. 7. Pay employees $6,000 for the first month’s salaries. Required: For each transaction, describe the dual effect on the accounting equation. For example, in the first transaction, (1) assets increase and (2) stockholders’ equity increases.
Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $42,000 in cash. 2. January 5 Purchase land for $24,000. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $9,000 cash. 4. January 12 Hire three employees for $3,000 per month. 5. January 18 Receive cash of $13,000 in rental fees for the current month. 6. January 23 Purchase office supplies for $3,000 on account. 7. January 31 Pay employees $9,000 for the first month’s salaries. Required: 1. Record each transaction. Green Wave uses the following accounts: Cash, Supplies, Land, Equipment, Common Stock, Accounts Payable, Notes Payable, Service Revenue, and Salaries Expense. 2. Post each transaction to T-accounts and compute the ending balance of each account. Since this is the first month of operations, all T-accounts have a…
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,720. June 11 Paid $1,255 for installation of a hydraulic lift. Nov. 30 Paid $55 to change the oil and air filter. Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's…
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.
What are the six journal entries?
Ming Chen started a business and had the following transactions in June. Owner invested $66,000 cash in the company along with $10,000 of equipment. The company paid $1,100 cash for rent of office space for the month. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company completed work for a client and immediately collected $1,700 cash. The company completed work for a client and sent a bill for $8,200 to be received within 30 days. The company purchased additional equipment for $6,300 cash. The company paid an assistant $2,900 cash as wages for the month. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e. The company paid $10,000 cash to settle the liability created in transaction c. The owner withdrew $1,200 cash from the company for personal use. Required:Complete the table using additions and subtractions to show the dollar effects of the transactions on individual items of…
Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits. The amount of deposit forfeiture 10% of the total deposits. Which one of the following journal entries is correct to record deposit forfeiture? Debit Returnable deposit $900; Credit Cash $900 O Debit Returnable deposit $900; Credit Sales revenue $900 Debit Cash $450; Credit Returnable deposit $450 Debit Cash $900; Credit Returnable deposit $900
Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17. For each transaction, indicate the basic type of account debited/credited, specific account debited/credited on the account and the amount
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
After operating for several months, artist Paul Marciano completed the following transactions during the latter part of June: June 15: Borrowed $25,000 from the bank, signing a note payable. June 22: Painted a portrait for a client on account totaling $9,000. June 28: Received $5,000 cash on account from clients. June 29: Received a utility bill of $ 600, which will be paid during July. June 30: Paid monthly salary of $2,500 to gallery assistant. Journalize the transactions of Paul Marciano, Artist. Include an explanation with each journal entry.