Following are the transactions of a new company called Pose-for-Pics.1 Madison Harris, the owner, invested $7,800 cash and $34,800 of photography equipment in the company.2 The company paid $3,400 cash for an insurance policy covering the next 24 months.5 The company purchased office supplies for $1,010 cash.20 The company received $4,631 cash in photography fees earned.31 The company paid $805 cash for August utilities.Aug.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. Required 1Required 2Use the amounts from the T-accounts in Requirement (1) to prepaPOSE-FOR-PICSTrial BalanceAugust 31DebitCreditCashOffice suppliesPrepaid insurancePhotography equipmentM. Harris, CapitalPhotography fees earnedUtilities expenseTotals

The financial transaction from the journal entries are transferred to T Accounts for each account.

Answered: Following are the transactions of a new…

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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In June 2021, Wanda Fonda organized a corporation to provide drone photography services. The company, called Drone Queen Ic., began operations immediately. Transactions during the month of June were as follows: The corporation issued 60,000 shares of capital stock to Wanda Fonda in exchange for $60,000 cash. June 1 Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash down payment and issued a note payable for the remaining balance. June 2 June 4 Paid Piarco Airport $2,500 to rent office and hangar space for the month. June 15 Billed customers $8,320 for aerial photographs taken during the first half of June. June 15 Paid $5,880 in salaries earned by employees during the first half of June. June 18 Paid Henry's Hangar $1,890 for maintenance and repair services on the company plane. June 25 Collected $4,910 of the amounts billed to customers on June 15. June 30 Billed customers $16,450 for aerial photographs taken during the second half of the month. June 30 Paid…

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