nThis page i n Order Cont Quiz 2 x The New tab+ a https/ Help Save & Exls Follow

Question

nThis page i n Order Cont Quiz 2 x The New tab+ a https/ Help Save & Exls Following are the transactions of a new company called Pose-for-Pics Aug. 1Madison Harris, the owner, invested $6, 500 cash and $33,500 of photography equipment in the company 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. 81 The company paid $675 cash for August utilities. Prepare genera

Explanation / Answer

Date Title Debit Credit Aug-01 Cash $   6,500 Photography Equipment $33,500 Owners Equity $40,000 (To record capital intorduced by owner) Aug-02 Prepaid insurance $   2,100 Cash $   2,100 (To record payment of insurance policy for 24 months) Aug-05 Office supplies $      880 Cash $      880 (To record purchase of office supplies) Aug-20 Cash $   3,331 Photography fee   $   3,331 (To record receipt of photography fee earned) Aug-31 Utilities expenses $      675 Cash $      675 (To record payment of utilities expenses for the month)

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