Prepare journal entries to record the following August 2020
transactions of a new business called For the Love of Pixels. Aug.
1 Joseph Eagle, the owner, invested $17,000 cash and photography
equipment with a fair value of $50,000. 1 Rented a studio, paying
$14,400 for the next three months in advance. 5 Purchased office
supplies for $2,200 cash. 20 Received $9,600 in photography
revenue. 31 Paid $1,480 for August utilities.
QUESTION TWO
MY Autobody’s adjusted trial balance on December 31, 2020,
appears in the work sheet as follows: No. Account Debit Credit 101
Cash $ 27,100 124 Shop supplies 1,350 128 Prepaid insurance 3,300
167 Equipment 83,500 168 Accumulated depreciation, equipment $
6,600 201 Accounts payable 18,100 210 Wages payable 7,960 301 Mike
Yang, capital 131,000 302 Mike Yang, withdrawals 31,500 401 Repair
revenue 149,530 612 Depreciation expense, equipment 7,600 623 Wages
expense 103,600 637 Insurance expense 1,450 640 Rent expense 47,850
650 Office supplies expense 3,900 690 Utilities expense 2,040
Totals $ 313,190 $ 313,190 Required 1. Prepare closing entries. 2.
Prepare the post-closing trial balance at December 31, 2020. please
answer asap!! will give thumbs up, thank you
