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
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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

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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

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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.

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