Financial Accounting

Following are transactions of a new company called Pose-for-Pics.

Aug. 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.5  The company purchased office supplies for $880 cash.20  The company received $3,331 cash in photography fees earned.31  The company paid $675 cash for August utilities.

Prepare general journal entries for the above transactions.

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    lenny
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    ANSWER
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    *****

    *******

    Journal ******

    *******

    ***

    **

    *****

    6500

    Photography equipment

    33500

    ******

    stock

    ******

    ***

    2

    *******

    **********

    ***** *****

    *****

    Aug

    **

    Office

    *********

    ****

    Cash ****

    ***

    20

    Cash

    3331

    ***********

    fees

    *******

    *****

    ***

    ***

    ********* ********

    ****

    ***** ***

    Buy

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