ksheet 4 5 ested $12,500 cash and $53,750 of photography y in exchange for common stock. General Journal Clear entry Debit Credit View general journal >
ksheet 4 5 ested $12,500 cash and $53,750 of photography y in exchange for common stock. General Journal Clear entry Debit Credit View general journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
rmn.3
![Required information
[The following information applies to the questions displayed below.]
Following are the transactions of a new company called Pose-for-Pics.
August 1 M. Harris, the owner, invested $12,500 cash and $53,750 of photography equipment in the company in
exchange for common stock.
August 2 The company paid $2,400 cash for an insurance policy covering the next 24 months.
August 5 The company purchased supplies for $2,375 cash.
August 20 The company received $3,800 cash from taking photos for customers.
August 31 The company paid $873 cash for August utilities.
Prepare general journal entries for the above transactions.
View transaction list
Journal entry worksheet
2
Date
August 01
3
M. Harris, the owner, invested $12,500 cash and $53,750 of photography
equipment in the company in exchange for common stock.
Note: Enter debits before credits.
Record entry
4 5
General Journal
Clear entry
Debit
Credit
View general journal
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Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Following are the transactions of a new company called Pose-for-Pics.
August 1 M. Harris, the owner, invested $12,500 cash and $53,750 of photography equipment in the company in
exchange for common stock.
August 2 The company paid $2,400 cash for an insurance policy covering the next 24 months.
August 5 The company purchased supplies for $2,375 cash.
August 20 The company received $3,800 cash from taking photos for customers.
August 31 The company paid $873 cash for August utilities.
Prepare general journal entries for the above transactions.
View transaction list
Journal entry worksheet
2
Date
August 01
3
M. Harris, the owner, invested $12,500 cash and $53,750 of photography
equipment in the company in exchange for common stock.
Note: Enter debits before credits.
Record entry
4 5
General Journal
Clear entry
Debit
Credit
View general journal
>
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