Prepare the journal entries for the following transactions of a new Company called Pose for Pics. a. Aug 1- Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.b. Aug 2 - The company paid $2,100 cash for insurance policy covering the next 24 months.c. Aug 5- The company purchased office supplies for $880 cash.d. Aug 20 – The company received $3,331 cash in photograph fees earned.e. Aug 31- The company paid $675 cash for August utilities.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare the journal entries for the following transactions of a new Company called Pose for Pics. a. Aug 1- Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.b. Aug 2 - The company paid $2,100 cash for insurance policy covering the next 24 months.c. Aug 5- The company purchased office supplies for $880 cash.d. Aug 20 – The company received $3,331 cash in photograph fees earned.e. Aug 31- The company paid $675 cash for August utilities.

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