Question

real entries to record the following August 2020 transactions of a new business called for the Low led For the Love of Pixels
Credit PR Debit te Account Titles & Explanation
GENERAL LEDGER Explanation ACCOUNT NO. DEBIT CREDIT BALANCE Date Explanation Photography Equipment PR DEBIT CREDIT ACCOUNT NO
Trial Balance Debit Credit T Totals
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Answer #1

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
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