Problem

Prepare general journal entries for the following transactions of a new business called...

Prepare general journal entries for the following transactions of a new business called Pose-for-Pics.

Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the business.

2 Paid $2,100 cash for an insurance policy covering the next 24 months.

5 Purchased office supplies for $880 cash.

20 Received $3,000 cash in photography fees earned.

29 Paid $675 cash for August utilities.

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Solutions For Problems in Chapter 4