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 $13,000 cash and $55,900 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 $2,470 cash. August 20 The company received $2,950 cash from taking photos for customers. August 31 The company paid $866 cash for August utilities. Prepare general journal entries for the above transactions.
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 $13,000 cash and $55,900 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 $2,470 cash. August 20 The company received $2,950 cash from taking photos for customers. August 31 The company paid $866 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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Question
am. 103
![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 $13,000 cash and $55,900 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 $2,470 cash.
August 20 The company received $2,950 cash from taking photos for customers.
August 31 The company paid $866 cash for August utilities.
Prepare general journal entries for the above transactions.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ff1bbb9-dc52-487d-935e-e860c5e182f7%2F6d14ab8d-f3a0-41a3-881d-797bedc51224%2Fv09ftoi_processed.png&w=3840&q=75)
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 $13,000 cash and $55,900 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 $2,470 cash.
August 20 The company received $2,950 cash from taking photos for customers.
August 31 The company paid $866 cash for August utilities.
Prepare general journal entries for the above transactions.
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