Sllowing are the transactions of a new company called Pose-for-Pics. g. 1 Madison Harris, the owner, invested $11,500 cash and $49,450 of photography equipnent in the company. 2 The company paid $3,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,185 cash. 20 The company received $2,950 cash in photography fees earned. 31 The company paid $883 cash for August utilities. epare general journal entries for the above transactions. No Date General Journal Debit Credit Aug 01 Cash Photography equipment M. Harris, Capital Aug 02 Prepaid insurance Cash Aug 05 Office supplies Cash Aug 20 Cash Photography fees earned Aug 31 Utilities expense Cash

Sllowing are the transactions of a new company called Pose-for-Pics. g. 1 Madison Harris, the owner, invested $11,500 cash and $49,450 of photography equipnent in the company. 2 The company paid $3,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,185 cash. 20 The company received $2,950 cash in photography fees earned. 31 The company paid $883 cash for August utilities. epare general journal entries for the above transactions. No Date General Journal Debit Credit Aug 01 Cash Photography equipment M. Harris, Capital Aug 02 Prepaid insurance Cash Aug 05 Office supplies Cash Aug 20 Cash Photography fees earned Aug 31 Utilities expense Cash

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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