Following are the transactions of a new company called Pose -for - Pics. August 1 M. Harris, the owner, invested $ 13,000 cash and $55,900 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,800 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,470 cash. August 20 The company received $2,400 cash from taking photos for customers. August 31 The company paid $876 cash for August utilities. Required: Quesion 1 - Post the transactions to the T - accounts. Question 2 -Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose - for - Pics.

Following are the transactions of a new company called Pose -for - Pics. August 1 M. Harris, the owner, invested $ 13,000 cash and $55,900 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,800 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,470 cash. August 20 The company received $2,400 cash from taking photos for customers. August 31 The company paid $876 cash for August utilities. Required: Quesion 1 - Post the transactions to the T - accounts. Question 2 -Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose - for - Pics.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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