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Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner,...

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $10,500 cash and $45,150 of photography equipment in the company in exchange for common stock. 2 The company paid $2,300 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,995 cash. 20 The company received $3,850 cash in photography fees earned. 31 The company paid $875 cash for August utilities. Prepare general journal entries for the above tr

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Answer #1
Date Account title and Explanation Debit Credit
Aug, 1 Cash 10500
Photography Equipment 45150
Common Stock 55650
(To record investment in own business)
Aug, 2 Prepaid Insurance 2300
Cash 2300
(To record payment for Insurance)
Aug, 5 Office Supplies 1995
Cash 1995
(To record purchase of office supplies)
Aug, 20 Cash 3850
Service Revenue 3850
(To record fees earned)
Aug, 31 Utilities Expense 875
Cash 875
(To record Payment for Utilities)
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