M Ino subject)- jannatma X MIDTERM ? ? d) ezto.rnheducation.com/hm.tpx Accountin
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M Ino subject)- jannatma X MIDTERM ? ? d) ezto.rnheducation.com/hm.tpx Accountin MIDTERM Question 5 5. Following are the transactions of a new company called Pose for Pics Aug. 1 Madison Harris, the owner, invested $12,500 cash and $53,750 of photography equipment in the company in exchange for common stock 2 The company paid $2,500 cash for an insurance policy covering the next 24 months 5 The company purchased office supplies for $2,375 cash. 20 The company received $3,350 cash in photography fees earned 31 The company paid $870 cash for August utilties Prepare general journal entries for the above transactions View transaction list Journal entry worksheet Madison Harris, the owner, invested $12,500 cash and $53,750 of photography equipment in the company. Note: Enter debits before credits. General Journal Aug. 1 Record entry Clear entry View general journalExplanation / Answer
Answer.
General Journal Entry Worksheet for Pose for Pics 1. Madison Harris, the owner, invested $12,500 cash and $53,750 of photography equipment in the company in exchange for common stock Date General Journal Debit Credit Aug 1 Cash $12,500 Photography Equipment $53,750 Common Stock $66,250 2. The company paid $2,500 cash for an insurance policy covering the next 24 months. Date General Journal Debit Credit Aug 2 Prepaid Insurance $2,500 Cash $2,500 3. The company purchased office supplies for $2,375 cash. Date General Journal Debit Credit Aug 5 Office Supplies $2,375 Cash $2,375 4. The company received $3,350 cash in photography fees earned. Date General Journal Debit Credit Aug 20 Cash $3,350 Photography Fees Earned $3,350 5. The company paid $870 cash for August utilities. Date General Journal Debit Credit Aug 31 August Utilities $870 Cash $870Related Questions
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