Question

all University Exam 1 - Ch. 1, 2, 3 Upload Assignment CEO P... Solved: Classily the follow balance sheet - Coc - Ch. 1, 2, 3 Saved Help Save & Exit Subm Required information [The following information applies to the questions displayed below.] 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 in exchange for common stock. 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. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 1 2 3 4 5 Madison Harris, the owner, invested $8,100 cash and $35,100 of photography equipment in the company in exchange for common stock. Note: Enter debits before credits. Date General Journal Debit Credit < Prev 42 43 of 63 Next > 958 m®'WX? NO FEE

Answer 1

Journal Entry-Pose-for-Pics
Date	AccontTittle	Debit	Credit
1-Aug	Cash	$8,100.00
	Photography Equipment	$35,100.00
	Common Stock		$43,200.00
	TO invested capital by Owner
2-Aug	Prepaid Insurance	$3,700.00
	Cash		$3,700.00
	To Record Insurance paid
5-Aug	Office Supplies	$1,040.00
	Cash		$1,040.00
	TO Record Purchase Office Supplies
20-Aug	Cash	$4,931.00
	Servcie Revenue		$4,931.00
	TO Record Photography Fees Earned
31-Aug	Utilities Expense	$835.00
	Cash		$835.00
	TO Recording Utilities Expense