Answer Happy

Following are the transactions of a new company called
Pose-for-Pics. August 1 M. Harris, the owner, invested $15,000 cash
and $64,500 of photography equipment in the company in exchange for
common stock. August 2 The company paid $3,400 cash for an
insurance policy covering the next 24 months. August 5 The company
purchased supplies for $2,850 cash. August 20 The company received
$2,250 cash from taking photos for customers. August 31 The company
paid $866 cash for August utilities.
Required:
1. Post the transactions to the
T-accounts.
2. Use the amounts from the T-accounts in
Requirement (1) to prepare an August 31 trial balance for
Pose-for-Pics.
Requirement 1:
Requirement 2:
Required 1 Required 2 Post the transactions to the T-accounts. Cash August 1 15,000 August 2 August 20 2,250 August 5 August 31 Balance 10,134 Prepaid Insurance August 2 3,400 Balance 3,400 Common Stock August 1 Balance Utilities Expense 866 August 31 Balance 866 August 5 Balance August 1 Balance 79,500 79,500 Balance 3,400 2,850 866 Supplies 2,850 2,850 Equipment 64,500 64,500 Services Revenue August 20 2,250 2,250
Required 1 Required 2 Use the amounts from the T-accounts in Requirement (1) to POSE-FOR-PICS Trial Balance August 31 Credit Cash $ Supplies Prepaid insurance Equipment Common stock Services revenue Utilities expense Totals $ Debit 15,000 2,850 3,400 64,500 866 86,616 $ 69 79,500 2,250 81,750