Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $9,500 cash and $40,850 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,800 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,805 cash. August 20 The company received $3,200 cash from taking photos for customers. August 31 The company paid $877 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.

Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $9,500 cash and $40,850 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,800 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,805 cash. August 20 The company received $3,200 cash from taking photos for customers. August 31 The company paid $877 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.

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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