Journal
Date | Account Titles | Debit | Credit |
Aug-01 | Cash | $ 20,000 | |
Equipment | $ 42,000 | ||
Joseph Eagle, Capital | $ 62,000 | ||
(Invested cash and equipment in business) | |||
Aug-01 | Prepaid Rent | $ 12,000 | |
Cash | $ 12,000 | ||
(Paid rent for 3 months in advance) | |||
Aug-05 | Office Supplies | $ 1,800 | |
Cash | $ 1,800 | ||
(Purchase supplies for cash) | |||
Aug-20 | Cash | $ 9,200 | |
Photography Revenue | $ 9,200 | ||
(Received photography revenue) | |||
Aug-31 | Utilities Expense | $ 1,400 | |
Cash | $ 1,400 | ||
(Paid for utilities) |
Cash | ||||
Date | Explanation | Debit | Credit | Balance |
Aug-01 | Joseph Eagle, Capital (Investment) | $ 20,000 | $ 20,000 | |
Aug-01 | Paid rent in advance | $ 12,000 | $ 8,000 | |
Aug-05 | Paid for office Supplies | $ 1,800 | $ 6,200 | |
Aug-20 | Collected for photography revenue | $ 9,200 | $ 15,400 | |
Aug-31 | Paid for utilities | $ 1,400 | $ 14,000 | |
Photograhy Equipment | ||||
Date | Explanation | Debit | Credit | Balance |
Aug-01 | Joseph Eagle, Capital (Investment) | $ 42,000 | $ 42,000 | |
Office Supplies | ||||
Date | Explanation | Debit | Credit | Balance |
Aug-05 | Paid for office Supplies | $ 1,800 | $ 1,800 | |
Prepaid Rent | ||||
Date | Explanation | Debit | Credit | Balance |
Aug-01 | Paid rent in advance | $ 12,000 | $ 12,000 | |
Joseph Eagle, Capital | ||||
Date | Explanation | Debit | Credit | Balance |
Aug-01 | Cash | $ 20,000 | $ 20,000 | |
Aug-01 | Photography Equipment | $ 42,000 | $ 42,000 | |
Photography Revenue | ||||
Date | Explanation | Debit | Credit | Balance |
Aug-20 | Collected for photography revenue | $ 9,200 | $ 9,200 | |
Prepaid Rent | ||||
Date | Explanation | Debit | Credit | Balance |
Aug-31 | Paid for utilities | $ 1,400 | $ 1,400 |
Trial Balance | ||
Account Titles | Debit | Credit |
Cash | $ 14,000 | |
Photography Equipment | $ 42,000 | |
Prepaid Rent | $ 12,000 | |
Office Supplies | $ 1,800 | |
Joseph Eagle, Capital | $ 62,000 | |
Photography Revenue | $ 9,200 | |
Utilities Expense | $ 1,400 | |
Total | $ 71,200 | $ 71,200 |
real entries to record the following August 2020 transactions of a new business called for the...
Following are the transactions of a new company called Pose-for-Pics. Aug 1 Madison Harris, the owner, invested $7,300 cash and $34,300 of photography equipment in the company in exchange for common stock. 2 The company paid $2,900 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $960 cash. 20 The company received $4,131 cash in photography fees earned. 31 The company paid $755 cash for August utilities. Required: 1. Post the transactions...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,900 cash and $34,900 of photography equipment in the company in exchange for common stock. 2 The company paid $3,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,020 cash. 20 The company received $4,731 cash in photography fees earned. 31 The company paid $815 cash for August utilities. Required: 1. Post the transactions...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,400 cash and $35,400 of photography equipment in the company in exchange for common stock. 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,070 cash. 20 The company received $5,231 cash in photography fees earned. 31 The company paid $865 cash for August utilities. Required: 1. Post the transactions...
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 office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities. Required: 1. Post the transactions...
Following are the transactions of a new company called Pose-for-Pics. I Madison Harris, the owner, invested $7,500 cash and $34,500 of photography equipment in the company in exchange for Aug. common stock. 2 The company paid $3,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $980 cash. 20 The company received $4,331 cash in photography fees camed. 31 The company paid S775 cash for August utilities. Required: 1. Post the transactions...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March March 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. 6 The...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $175,000 cash along with $27,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,500. 3 The company made credit purchases of office equipment for $4,600 and office supplies for $1,300. Payment is due within 10 days. 6 The...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,100 cash and $35,100 of photography equipment in the company. 2 The company paid $3,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,040 cash. 20 The company received $4,931 cash in photography fees earned. 31 The company paid $835 cash for August utilities. Required: 1. Post the transactions to the T-accounts. 2. Use...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1Madison Harris, the owner, invested $6,500 cash and $33,s00 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $880 cash 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities. Required: 1. Post the transactions to the T-accounts. 2. Use the...
Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,100 cash and $34,100 of photography equipment in the company in exchange for common stock. 2 The company paid $2,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $940 cash. 20 The company received $3,931 cash in photography fees earned. 31 The company paid $735 cash for August utilities. Required: 1. Post the transactions...