Answered Essay: ries for the above transactions. Madison Harris, the owner, invested $9, 500 cash and $40, 850 of photography equipment in the company. Expert Answer

dit View History Bookmarks Window Help ezto.mheducation.com Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $9,500 cash and $40,850 of photography equipment in the company. 2 The company paid $3,900 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,805 cash. 20 The company received $3,900 cash in photography fees eamed 31 The company paid $877 cash for August utilities. Prepare general journal entries for the above transactions View transaction list Journal entry worksheet 3 Madison Harris, the owner, invested $9,500 cash and $40,850 of photography equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01 Accounts payable Accounts receivable Advertising expense

Following are the transactions of a new company called Pose-for-Pics. Prepare general journal entries for the above transactions. Madison Harris, the owner, invested $9, 500 cash and $40, 850 of photography equipment in the company.

Expert Answer

 

Date General Journal Debit Credit
Aug. 1 Cash $9,500
Photography equipment $40,850
Common stock $50,350
Aug. 2 Prepaid insurance $3,900
Cash $3,900
Aug. 5 Office supplies $1,805
Cash $1,805
Aug. 20 Cash $3,900
Photography fees earned $3,900
Aug. 31 Utilities expense $877
Cash $877
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