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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 Madi son Harris, the owner, snwested 56,99 cash and 33,800 of photography equigment in the company in exchange f stock 2 The company paid $2,400 cash for an insurance policy covering the next 24 months S The company purchased office supplies for $918 cash. 20 The conpany received $3,631 cash in photography fees earned 31 The company paid $705 cash for August utilitles. Required: 1. Post the transactions to the T-accounts 2. Use the amounts from the T-accounts in Requirement () 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 Post the transactions to the T-accounts. Balance Balance Balance Balance 1 of 4E Next acer
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Aug. 1 Madison Harris, the ouner, invested $6,868 cash and $33, 809 of photography equi stock. 2 The company paid $2,400 cash for an insurance policy covering the next 24 month 5 The company purchased office supplies for $910 cash. 20 The company received $3,631 cash in photography fees earned. 1 The company paid $795 cash for August utilities. ts 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 ba Complete this question by entering your answers in the tabs below eBook | Required 1 Required 2 Hint Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balane POSE-FOR PICS Trial Balance August 31 Print eferences Debit Credit Cash Office supplies Prepaid insurance Photography equipment Common stock Photography fees earned Utilities expense Totals KRequired 1
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Answer #1

Answer 1:

T Accounts with entries posted:

Cash Office Supplies $6,800 $2,400 Aug.2 $3,631 $910 Aug. 5 $910 Aug. 1 Aug. 20 Aug. 5 $705 Aug. 31 Balance $6,416 Balance $910 Prepaid Insurance Photography Equipment Aug. 2 $2,400 Aug. 1 $33,800 Balance $2,400 Balance $33,800 Common Stock Photography fees earn ed $40,600 Aug.1 $3,631 Aug.20 $40,600 Balance $3,631 Balance Utilities Expenses Aug. 31 $705 Balance $705

Answer 2:

Trail Balance:

POSE-FOR-PICS Trial Balance Aug-31 Debit Credit $6,416 Cash Office Supplies Prepaid Insurance $2,400 Photography Equipment$33,800 Common Stock $40,600 $3,631 Photography fees earned Utilities Expenses Total $44,231 $44,231

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