contestada

A. Following are the transactions of a new company called Pose-for-Pics.
1. Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock.
2. The company paid $2,100 cash for an insurance policy covering the next 24 months.
3. The company purchased office supplies for $880 cash.
4. The company received $3,331 cash in photography fees earned.
5. The company paid $675 cash for August utilities.
B. Prepare an August 31 trial balance for Pose-for-Pics.
1. Debit Credit.
2. Cash.
3. Offices.
4. Prepaid insurance.
5. Photography equipment.
6. Common stock.
7. Photography fees earned.
8. Utilities expense.

Respuesta :

Nonicorp1

Answer:

The August 31 trial balance is a debit and credit amount of $16,986

Explanation:

The journal entries for the following transactions is as follows;

  General Journal                          Debit                              Credit

1. Cash                                            $6,500

  Photography equipment            $33,500

  Common stock                                                                 $40,000

2. Prepaid insurance                       $2,100

   Cash                                                                                   $2,100

3. Office supplies                             $880

   Cash                                                                                    $880

4. Cash                                              $3,331

   Photography fees                                                              $3,331

5. Utilities expense                           $675

   Cash                                                                                     $675

August 31 trial balance                     $16,986                         $16,986  

The August 31 trial balance is a debit and credit amount of $16,986

Otras preguntas