Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,500 cash and $36,550 of photography equipment in the company. 2 The company paid $3,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,615 cash. 20 The company received $3,100 cash in photography fees earned. 31 The company paid $874 cash for August utilities. Prepare general journal entries for the above transactions.
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,500 cash and $36,550 of photography equipment in the company. 2 The company paid $3,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,615 cash. 20 The company received $3,100 cash in photography fees earned. 31 The company paid $874 cash for August utilities. Prepare general journal entries for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Following are the transactions of a new company called Pose-for-Pics.
| Aug. | 1 | Madison Harris, the owner, invested $8,500 cash and $36,550 of photography equipment in the company. | ||
| 2 | The company paid $3,700 cash for an insurance policy covering the next 24 months. | |||
| 5 | The company purchased office supplies for $1,615 cash. | |||
| 20 | The company received $3,100 cash in photography fees earned. | |||
| 31 | The company paid $874 cash for August utilities. |
Prepare general
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