Question

it says my answers were incomplete

Exercise 2-8 Preparing T-accounts (ledger) and a trial balance LO P2 Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,200 cash and $34,200 of photography equipment in the company in exchange for cormon stock. 2 The company paid $2,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $950 cash. 20 The company received 14,031 cash in photography fees carned. 31 The company paid $745 cash for August utilities Required: 1. Post the transactions to the T-accounts 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics

Answer 1

1,                                                                           Cash Account

Date	Particulars	Amount	Date	Particulars	Amount
Aug 1	To, Common Stock A/c	$7,200	Aug 2	By, Prepaid Insurance A/c	$2,800
Aug 20	To, Photography Fees Earned A/c	$4.031	Aug 5	By, Office Supplies A/c	$950
			Aug 31	By, utility Expense A/c	$745
			Aug 31	By Balance c/d	$6,736
	Total	$11,231	Total		$11,231
Sep 1	To, Balance b/d	$6,736

Photography Equipment Account

Date	Particulars	Amount	Date	Particulars	Amount
Aug 1	To, Common Stock A/C	$34,200	Aug 31	By Balance c/d	$34,200
	Total	$34,200		Total	$34,200
Sep 1	To, Balance b/d	$34,200

Common Stock Account

Date	Particulars	Amount	Date	Particulars	Amount
			Aug 1	By, cash A/C	$7,200
Aug 31	By Balance c/d	$41,400	Aug 1	By, Photography Equipment A/c	$34,200
	Total	$41,400		Total	$41,400
			Sep 1	To, Balance b/d	$41,400

Office supplies Account

Date	Particulars	Amount	Date	Particulars	Amount
Aug 5	To, Cash A/C	$950	Aug 31	By Balance c/d	$950
	Total	$950		Total	$950
Sep 1	To, Balance b/d	$950

Prepaid Insurance account

Date	Particulars	Amount	Date	Particulars	Amount
Aug 2	To, Cash A/C	$2,800	Aug 31	By Balance c/d	$2,800
	Total	$2,800		Total	$2,800
Sep 1	To, Balance b/d	$2,800

Utilities Expense Account

Date	Particulars	Amount	Date	Particulars	Amount
Aug 31	To, Cash A/c	$745	Aug 31	By Balance c/d	$745
	Total	$745		Total	$745
Sep 1	To, Balance b/d	$745

Photography Fees Earned Account

Date	Particulars	Amount	Date	Particulars	Amount
Aug 31	By Balance c/d	$4,031	Aug 20	By, Cash A/c	$4,031
	Total	$4,031		Total	$4,031
			Sep 1	To, Balance b/d	$4,031

2,

Pose -for -Pics

Trial Balance

August 31

Particulars	Debit	Credit
Cash Account	$6,736
Photography Equipment Account	$34,200
Office supplies Account	$950
Prepaid Insurance account	$2,800
Utilities Expense Account	$745
Common Stock Account		$41,400
Photography Fees Earned Account		$4,031
Total	45,431	45,431