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QUESTION

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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ANSWER

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$15.00

*****

*******

Journal ******

*******

***

**

*****

6500

Photography equipment

33500

******

stock

******

***

2

*******

**********

***** *****

*****

Aug

**

Office

*********

****

Cash ****

***

20

Cash

3331

***********

fees

*******

*****

***

***

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

****

***** ***

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