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:

  • *****
    General
    ******** ******
    *******
    ***
    **
    Cash
    *****
    Photography **********
    ******
    ******
    stock
    40000
    ***
    **
    *******
    **********
    ***** Cash
    2100
    Aug
    **
    ******
    supplies
    ****
    Cash ****
    ***
    ***
    Cash
    *****
    Photography
    ****
    earned
    3331
    ***
    ***
    ********* ********
    ****
    ***** ***

    $15.00

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