Answer | |||
Required journal entries are: | |||
Date | Description | Debit | Credit |
Aug-01 | Cash | $ 12,750 | |
Photography equipment | $ 54,825 | ||
Madison Harris' capital account | $ 67,575 | ||
(To record capital & equipment invested in the company) | |||
Aug-02 | Prepaid insurance | $ 2,200 | |
Cash | $ 2,200 | ||
(To record insurance paid for next 24 months) | |||
Aug-05 | Office supplies | $ 2,423 | |
Cash | $ 2,423 | ||
( To record office supplies purchased) | |||
Aug-20 | Cash | $ 3,450 | |
Fees revenue | $ 3,450 | ||
(To record fees revenue received) | |||
Aug-31 | Utilities | $ 867 | |
Cash | $ 867 | ||
(To record August utilities purchased) | |||
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