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: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.15MCE: Journal Entries Following is a list of transactions entered into during the first month of...
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![Required information
M
[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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the transactions to the T-accounts.
Balance
Balance
Cash
0
Prepaid Insurance
R
0
Balance
Balance
0
3
Supplies
2
0
Equipment](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfbc4ba1-e0ed-49af-a997-602aa39b0c1c%2F8f3b82ba-a019-47f3-a7a4-13bfa46b29ec%2F1ujma0e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
M
[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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the transactions to the T-accounts.
Balance
Balance
Cash
0
Prepaid Insurance
R
0
Balance
Balance
0
3
Supplies
2
0
Equipment
![Required information
M
[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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the transactions to the T-accounts.
Balance
Balance
Cash
0
Prepaid Insurance
R
0
Balance
Balance
0
3
Supplies
2
0
Equipment](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdfbc4ba1-e0ed-49af-a997-602aa39b0c1c%2F8f3b82ba-a019-47f3-a7a4-13bfa46b29ec%2Ffcwwar_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
M
[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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the transactions to the T-accounts.
Balance
Balance
Cash
0
Prepaid Insurance
R
0
Balance
Balance
0
3
Supplies
2
0
Equipment
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