Question

Help Aug. 1 Madison Harris, the owner, invested $6,800 cash and $33,800 of photography equipment in the company in exchange for common stock. 2 The company paid $2,400 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $910 cash. 20 The company received $3,631 cash in photography fees earned 31 The company paid $705 cash for August utilities. Required: 1. Post the 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the transactions to the T-accounts. Cash Office Supplies Balance Balance Prepaid Insurance Photography Equipment < Prev 2 of 14 !!! Next > COM

Answer 1

1.

Office supplies 910 Aug. 5 Aug. 1 Aug. 20 Cash 6,800 Aug. 2 3631 Aug. 5 Aug. 31 6,416 2400 910 Balance 910 Prepaid insurance 2400 Photography Equipment 33,800 Aug. 2 Aug. 1 Balance 2400 Balance 33800 Common stock Aug. 1 Photography Fees earned Aug. 20 40600 3631 Balance 40600 Balance 3631 Utilities expense 705 Aug. 31 Balance 705

2.

Trial balance At August 31 Cash 6,416 Office supplies 1 910 Prepaid insurance 2400 Photography equipment 33800 Common stock Photography fees earned Utilities expense 705 Totals 44,231 40600 3631 44,231