Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,400 cash and $34,400 of photography equipment in the company in exchange for common stock. 2 The company paid $3,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $970 cash. 20 The company received $4,231 cash in photography fees earned. 31 The company paid $765 cash for August utilities. 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 balance for Pose-for-Pics.

Question

01-02-2021
Business

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Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,400 cash and $34,400 of photography equipment in the company in exchange for common stock. 2 The company paid $3,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $970 cash. 20 The company received $4,231 cash in photography fees earned. 31 The company paid $765 cash for August utilities. 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 balance for Pose-for-Pics.

Sagot :

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anthougo anthougo · Answer 1 · 2021-02-04T19:35:12-05:00

Answer:

Pose-for-Pics

1. T-accounts:

Cash

Date Account Title Debit Credit

Aug. 1 Common stock $7,400

Aug. 2 Prepaid insurance $3,000

Aug. 5 Office supplies 970

Aug. 20 Photography Fees 4,231

Aug. 31 Utilities 765

Aug. 31 Balance $6,896

Common Stock

Date Account Title Debit Credit

Aug. 1 Cash $7,400

Aug. 1 Photography equipment 34,400

Aug. 31 Balance $41,800

Photography Equipment

Date Account Title Debit Credit

Aug. 1 Common stock $34,400

Prepaid Insurance

Date Account Title Debit Credit

Aug. 1 Cash $3,000

Office Supplies

Date Account Title Debit Credit

Aug. 1 Cash $970

Photography Fees

Date Account Title Debit Credit

Aug. 20 Cash $4,231

Utilities Expense

Date Account Title Debit Credit

Aug. 31 Cash $765

2. Trial Balance

As of August 31

Account Title Debit Credit

Cash $6,896

Common stock $41,800

Equipment 34,400

Prepaid insurance 3,000

Office supplies 970

Photography fees 4,231

Utilities expense 765

Totals $46,031 $46,031

Explanation:

Before transactions are posted to the T-accounts (General Ledger) they are recorded in the General Journal. The T-accounts summarize the transactions into various ledger accounts. Periodically, the accounts are balanced and a trial balance is extracted to check if the posting is error-free.

Sagot :

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