Question

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 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. Post the transactions to the T-accounts. Cash Office Supplies Aug. 1 Aug. 1 Balance Balance Prepaid Insurance Photography Equipment Balance Balance Common Stock Photography Fees Eamed Aug. 1 Balance 7,500 Balance Utlties Expense Balance Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. POSE-FOR-PICS Trial Balance August 31 Debit Credit Cash Office supplies Prepaid insurance Photography equipment Common stock Photography fees eamed Ublities expense Totals $0

Answer 1

* ANSWERK (1) Post the transactions to the To accounts. Cash DATE Augi Aug 20 PARTICULARS To Common Stock To Photography fees earned 3100 AMOUNT / DATE PARTICULARS AMOUNT (6) 1500 Aug 2 By brepaid Insurance ! 14331 Aug 5 By Office Supplies 980 Aug 31 By blilities a re 1775 Expense Aug 31 | By Baleld 6976 11831 1931 Supplies DATE PARTICULARS AMOUNT DATE PARTICULARS AMOUNT To Cash 1980 Aug 31 | By Bal elf to Income statement 980 980 980 Prepaid Insurance DATE PARTICULARS (3) AMOUNT | DATE PARTICULARS AMOUNTO Aug 2 To Cash 13100 Auga | By Bal c/o 3100 3100 3100

Photography Equipment DATE PARTICULARS 0 C$ AMOUNT Aug 1 To AMOUNTDATIE DATIEI PARTICULARS Common Common Stockale Busool Aug 31 Stoc 34,500 By Bal eld 34500 34500 Common Stock are DATE PARTICULARS AMOUNT DATE AMOUNT (8) 1 To Bal cld 7500 42000 Augi Aug PARTICULARS By Cash By Photography Equipment 34500 4200u 42000 Photography fees carned DATEL PARTICULARS ( AMDUNG AMOUNT DATE I PARTICULARS 4331 Aug 31 | To Bal elf 431 Aug2o By Cash 4331 4331 Utilities Expense cake DATE PARTICULARS PARTICULARS AMOUNT DATE AMOUNT Aug 31 To Cash 7 Aug 31 | By Bal cld 775 775

Irial balance of Pos- for- Pics on August 31st POSE - FOR – PICS. Trial balance as on August 31 PARTICULARS DEBIT ($) I CREDIT (6) 6976 980 3100 Cash Office supplies Prepaid Insurance Photography Equipment Common stock Photography fees Earned Atilities Expense 3450o 42000 633 1 775 46331 4633 1 TOTAL