Prepare general journal entries for the following transactions of a new company called Pose-for-Pics. Use the following (partial) chart of accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M. Harris, Capital; Photography Fees Earned; and Utilities Expense. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities
Prepare general journal entries for the following transactions of a new company called Pose-for-Pics. Use the following (partial) chart of accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M. Harris, Capital; Photography Fees Earned; and Utilities Expense. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare general
the following (partial) chart of accounts: Cash; Office Supplies; Prepaid Insurance; Photography
Equipment; M. Harris, Capital; Photography Fees Earned; and Utilities Expense.
Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the
company.
2 The company paid $2,100 cash for an insurance policy covering the next 24 months.
5 The company purchased office supplies for $880 cash.
20 The company received $3,331 cash in photography fees earned.
31 The company paid $675 cash for August utilities
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