Question

Instagram ll LTE * 5:12 PM @ @ 67% 0 Chapter 2 Following are the transactions of a new company called Pose-for-Pics. Aug, 1Fahmy Amin, the owner, invested $9,250 cash and $39,775 of photography equipment in the company. 2 The company paid $2,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,758 cash. 20 The company received $3,400 cash in photography fees earned. 31 The company paid $872 cash for August utilities. Required Prepare general journal entries for the above transactions.

Answer 1

Credit Date Aug. 1 Debit $ 9,250 $ 39,775 Account Titles and Explanation Cash Photography equipment Common stock (To record the photography equipment and cash invested) $ 49,025 Aug. 2 $ 2,800 Prepaid insurance Cash (To record the prepaid insurance) $ 2,800 Aug. 5 Office supplies $ 1,758 Cash (To record the purchase of office supplies) $ 1,758 Aug. 20 Cash $ 3,400 Photography fees earned (To record the photography fees earned) $ 3,400 Aug.31 $ 872 Utilities expense Cash (To record the utilities expense) $ 872