Question

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 the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. Credit POSE-FOR-PICS Trial Balance August 31 Debit Cash Office supplies Prepaid insurance Photography equipment M. Harris, Capital Photography fees earned Utilities expense Totals

Answer 1

2) Trial Balance :-
Particulars	Debit	Credit
Cash	$7,456.00
Photography Equipment	$35,100.00
Prepaid Insurance	$3,700.00
Office supplies	$1,040.00
Utilities	$835.00
M Hari Capital		$43,200.00
Photography Fees Earned		$4,931.00
Total	$48,131.00	$48,131.00

Cash Account :-
Date	Debit	Date	Credit
1-Aug	8100	2-Aug	3700
20-Aug	4931	5-Aug	1040
		31-Aug	835
		31-Aug	7456
	13031		13031
Photography Equipment A/c
Date	Debit	Date	Credit
1-Aug	35100	31-Aug	35100
	35100		35100
M Haris Capital
Date	Debit	Date	Credit
		1-Aug	8100
31-Aug	43200	1-Aug	35100
	43200		43200
Prepaid Insurence A/c
Date	Debit	Date	Credit
2-Aug	3700	31-Aug	3700
	3700		3700
Office Supplies A/c
Date	Debit	Date	Credit
5-Aug	1040	31-Aug	1040
	1040		1040
Photography Fees Earned A/c
Date	Debit	Date	Credit
31-Aug	4931	20-Aug	4931
	4931		4931
Utilities A/c
Date	Debit	Date	Credit
31-Aug	835	31-Aug	835
	835		835