The following information applies to the questions displayed below.]Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $880 cash. 20 The company received $3,331 cash from taking photos for customers. 31 The company paid $675 cash for August utilities.Analyze each transaction above by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; Common Stock; Services Revenue; and Utilities Expense.
[The following information applies to the questions displayed below.]Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $880 cash. 20 The company received $3,331 cash from taking photos for customers. 31 The company paid $675 cash for August utilities.Analyze each transaction above by showing its effects on the
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