[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 $14,500 cash and $62,350 of photography equipment in the company. August 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,755 cash. August 20 The company received $2,950 cash from taking photos for customers. August 31 The company paid $885 cash for August utilities. Required: 1. Post the above 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.
[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 $14,500 cash and $62,350 of photography equipment in the company. August 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,755 cash. August 20 The company received $2,950 cash from taking photos for customers. August 31 The company paid $885 cash for August utilities. Required: 1. Post the above 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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