Use the information in Exercise 4-1 to prepare an August 31 trial balance for Pose-for-P...

Use the information in Exercise 4-1 to prepare an August 31 trial balance for Pose-for-Pics. Open these

T- ccounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M. Harris, Capital; Photography Fees Earned; and Utilities Expense. Post the general journal entries to these T-accounts (which will serve as the ledger), and prepare a trial balance.

Exercise 4-1

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.