Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $14,250 cash and $61,275 of photography equipment in the company in exchange. for common stock. 2 The company paid $2,300 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,708 cash. 20 The company received $2,250 cash in photography fees earned. 31 The company paid $867 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $14,250 cash and $61,275 of photography equipment in the company in exchange. for common stock. 2 The company paid $2,300 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,708 cash. 20 The company received $2,250 cash in photography fees earned. 31 The company paid $867 cash for August utilities. Prepare general journal entries for the above transactions. View transaction list

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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