Required informationM[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 $9,500 cash and $40,850 of photography equipment in the company in exchangefor common stock.August 2 The company paid $3,800 cash for an insurance policy covering the next 24 months.August 5 The company purchased supplies for $1,805 cash.August 20 The company received $3,200 cash from taking photos for customers.August 31 The company paid $877 cash for August utilities.Required:1. Post the transactions to the T-accounts.2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.Complete this question by entering your answers in the tabs below.Required 1 Required 2Post the transactions to the T-accounts.BalanceBalanceCash0Prepaid InsuranceR0BalanceBalance03Supplies20Equipment Required informationM[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 $9,500 cash and $40,850 of photography equipment in the company in exchangefor common stock.August 2 The company paid $3,800 cash for an insurance policy covering the next 24 months.August 5 The company purchased supplies for $1,805 cash.August 20 The company received $3,200 cash from taking photos for customers.August 31 The company paid $877 cash for August utilities.Required:1. Post the transactions to the T-accounts.2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.Complete this question by entering your answers in the tabs below.Required 1 Required 2Post the transactions to the T-accounts.BalanceBalanceCash0Prepaid InsuranceR0BalanceBalance03Supplies20Equipment

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Description: Required informationM[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 $9,500 cash and $40,850 of photography equipment i

The accounting cycle is the process of recording, classifying, and summarizing financial…

Business

Accounting

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 $9,500 cash and $40,850 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,800 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,805 cash. August 20 The company received $3,200 cash from taking photos for customers. August 31 The company paid $877 cash for August utilities. Required: 1. Post the transactions to the T-accounts. 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

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 $9,500 cash and $40,850 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,800 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,805 cash. August 20 The company received $3,200 cash from taking photos for customers. August 31 The company paid $877 cash for August utilities. Required: 1. Post the transactions to the T-accounts. 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginni Debit Beginning Balance Ending Balance Debit F Cash Equipment Credit Credit Debit Beginning Balance Ending Balance Debit Supplies Accounts Payable
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Assume the following: Lomo Engineering Company had the following transactions: Jan-01 Issued capital stock for $965,000. Jan-01 Purchased a Packaging Equipment for $20,000. Jan-01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan-05 Purchased $28,000 of inventory on account. Jan-07 Sold inventory costing $6,000 for $50,000 on account. Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05). Jan-15 Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17 Paid utility bills totaling $1,500. Jan-23 Paid wages for $13,000. Jan-25 Collect $8,000 in bank interest. Jan-30 Paid $12,590 due to income taxes. Required: Record the above transactions in General Journal (Journal Entries). Record the transactions in General Ledger format (T-Accounts). Prepare a…
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[The following information applies to the questions displayed below.]RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. RHC was formed with an investment of $11,900 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $2,300 cash and signing an $9,600 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,800 each, but no cash was collected yet. Of the six events, four were completed between January 10 and 20. On January 22, cash was collected for three of the four events. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,800 fee for one of them. On January 27, RHC paid $3,440 cash for the band’s travel-related costs. On January 28, RHC paid its band members a total of $2,490 cash for salaries and wages for the first…
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