[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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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### Connect Assignment 1: Accounting for a New Company

#### 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 $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 15**: The company received $7,250 cash from taking photos for customers.
- **August 31**: The company paid $885 cash for August utilities.

#### Instructions:
1. **Required 1**: Post the above transactions to the T-accounts.
2. **Required 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.

##### Tab Navigation:

- **Required 1**
- **Required 2**

**End of Assignment**
Transcribed Image Text:### Connect Assignment 1: Accounting for a New Company #### 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 $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 15**: The company received $7,250 cash from taking photos for customers. - **August 31**: The company paid $885 cash for August utilities. #### Instructions: 1. **Required 1**: Post the above transactions to the T-accounts. 2. **Required 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. ##### Tab Navigation: - **Required 1** - **Required 2** **End of Assignment**
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