Prepare general journal entries for the following transactions of a new company. Aug.1 MH, the owner, invested $8,500 cash and $23,500 of photography equipment in the company Aug. 2 The company paid $1,100 cash for an insurance policy covering the next 24 months. Aug. 5 The company purchased office supplies for $580 cash. Aug. 20 The company received $5,331 cash in photography fees earned. Aug. 31 The company paid $375 cash for August utilities.
Prepare general journal entries for the following transactions of a new company. Aug.1 MH, the owner, invested $8,500 cash and $23,500 of photography equipment in the company Aug. 2 The company paid $1,100 cash for an insurance policy covering the next 24 months. Aug. 5 The company purchased office supplies for $580 cash. Aug. 20 The company received $5,331 cash in photography fees earned. Aug. 31 The company paid $375 cash for August utilities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Prepare general
journal entries for the following transactions of a new company.
Aug.1 MH, the owner, invested $8,500 cash and $23,500 of photography equipment in the company
Aug. 2 The company paid $1,100 cash for an insurance policy covering the next 24 months.
Aug. 5 The company purchased office supplies for $580 cash.
Aug. 20 The company received $5,331 cash in photography fees earned.
Aug. 31 The company paid $375 cash for August utilities.
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