Question

Credit POSE-FOR-PICS Trial Balance August 31 Debit Cash Office supplies Prepaid insurance Photography equipment M. Harris, Capital Photography fees earned Utilities expense Totals

Answer 1

Solution

(1) Ledger Accounts are as follows,

Cash
To M. Harris, Capital	$   8,200.00	By Prepaid Insurance	$   3,800.00
To Photograph Fees earned	$   5,031.00	By Office Supplies	$   1,050.00
		By Utilities Expenses	$       845.00
		By Balance c/d	$   7,536.00
Balance	$ 13,231.00	Balance	$ 13,231.00
Office Supplies
To Cash	$   1,050.00	By Balance c/d	$   1,050.00
Balance	$   1,050.00	Balance	$   1,050.00
Prepaid Insurance
To Cash	$   3,800.00	By Balance c/d	$   3,800.00
Balance	$   3,800.00	Balance	$   3,800.00
Photography Equipment
To M. Harris, Capital	$ 35,200.00	By Balance c/d	$ 35,200.00
Balance	$ 35,200.00	Balance	$ 35,200.00
M. Harris Capital
		By Cash	$   8,200.00
To Balance c/d	$ 43,400.00	By Photographic Equipment	$ 35,200.00
Balance	$ 43,400.00	Balance	$ 43,400.00
Photography Fees Earned
To Balance c/d	$   5,031.00	By Cash	$   5,031.00
Balance	$   5,031.00	Balance	$   5,031.00
Utilities Expenses
To Cash	$       845.00	By Balance c/d	$       845.00
Balance	$       845.00	Balance	$       845.00

(2) Trial Balance furnished below,

POSE FOR PICS
Trial Balance
August 31
	Debit	Credit
Cash	$   7,536.00
Office Supplies	$   1,050.00
Prepaid Insurance	$   3,800.00
Photography Equipment	$ 35,200.00
M. Harris Capital		$ 43,400.00
Photography fees earned		$   5,031.00
Utilities Expenses	$       845.00
Total	$ 48,431.00	$ 48,431.00