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Q1) Make general journal entries for following transactions of new business called Pose for Pics. Aug. 1 Hashim Paris, owner, invested $7,500 cash and $32,500 of photography equipment in business.

1 Paid $3,000 cash for insurance policy covering next 24 months.
5 Purchased office supplies for $1,400 cash.
20 Received $2,650 cash in photography fees earned.
31 Paid $875 cash for August utilities.

Use information in above exercise to make August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris,Capital; Photography Fees Earned; and Utilities Expense. Post general journal entries to these.
T-accounts (that will serve as ledger), and create a trial balance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919632

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