All categories

3 years ago

Preparing T-accounts (ledger) and a trial balance LO P2 Following are the transactions of a new company called Pose-for-Pics.

Business

1 answer:

Taya2010 [7]3 years ago

3 0

Answer:

a) T-Accounts:

Date Description Debit Credit

Common Stock

Aug. 1 Cash $6,500

Photography Equipment 33,500

Aug. 31 Balance $40,000

Date Description Debit Credit

Cash Account

Aug. 1 Common Stock $6,500

Aug. 2 Prepaid Insurance $2,100

Aug. 5 Office Supplies $880

Aug. 20 Fees Earned $3,331

Aug. 31 Utilities $675

Aug. 31 Balance $6,176

Date Description Debit Credit

Photography Equipment

Aug. 1 Common Stock $33,500

Date Description Debit Credit

Prepaid Insurance Account

Aug. 2 Cash $2,100

Date Description Debit Credit

Office Supplies

Aug. 5 Cash $880

Date Description Debit Credit

Fees Revenue

Aug. 20 Cash $3,331

Date Description Debit Credit

Utilities Expense

Aug. 31 Cash $675

b) Trial Balance as of August 31:

Accounts Debit Credit

Cash $6,176

Photography Equip 33,500

Prepaid Insurance 2,100

Office Supplies 880

Utilities Expense 675

Common Stock $40,000

Fees Revenue 3,331

Total $43,331 $43,331

Explanation:

a) The Common Stock equals the cash and equipment contribution made by Madison Harris, the owner of Pose-for-Pics.

b) Pose-for-Pics' T-accounts are the general ledger accounts of the company. They record the individual accounts' transactions for the accounting period, usually a month, which are summarized by the preparation of the trial balance as of month-end.

You might be interested in

Complete the following table by indicating whether or not each scenario is an example of price discrimination.

Monica [59]

Answer: yes; no

Explanation:

Price discrimination is an exploitative selling strategy that sellers use to try to charge their customers on different prices for the same product or service.

Last-minute "rush" tickets can be purchased for most Broadway theater shows at a discounted price. They are typically distributed via lottery or on a first-come, first-served basis a few hours before the show. Assume that the theater in question does not hold seats in reserve for this purpose, but rather offers rush tickets only for seats not sold before the day of the performance......... YES PRICE DISCRIMINATION OCCURS

---.>In this case, the groups are segmented into those who paid earlier at normal price and those who paid in relation to the rush at discounted price, A case price discrimination arises because the people who have paid more than others for a same show, would not be reserved seats which means that the product was same for the two type of consumers but not the same price

Horizon Wireless offers various features "à la carte" that a customer may add to his or her calling plan, such as a text messaging package, a data package, and an Internet package. NO PRICE DISCRIMINATION

---->This is because Because Horizon Wireless is offering the different features with a la carte pricing, where every customer is subject to the same pricing irrespective of his or her calling plan.

If the price of a data package or internet were different for a customer with a more expensive calling plan, then Horizon Wireless might be attempting to identify thier different consumer types and try to exploit the differences in their willingness to pay.

8 0

3 years ago

What is a balance sheet? How does it support business?

exis [7]

A balance sheet is a summary of all of your business assets (what the business owns) and liabilities (what the business owes). At any particular moment, it shows you how much money you would have left over if you sold all your assets and paid off all your debts (i.e. it also shows 'owner's equity').

6 0

2 years ago

Janet is forecasting how much money her department needs to support a new project. She estimates that two people and $25,000 in

hammer [34]

Answer:

Padding estimates.

Explanation:

Padding the budget means making the budget proposal larger than the actual estimates for the project. This is done either by increasing a project's expenses or decreasing its expected revenue.

3 0

3 years ago

Beachware, Inc., wants to issue stock of $4 million in a single offering. The corporation must provide disclosure documents that

Nesterboy [21]

The corporation must provide disclosure documents that generally are the same as those used in registered offerings to any unaccredited investors.

<h3>What is unaccredited investors?</h3>

Any investor who does not meet the Securities and Exchange Commission's income or net worth requirements is considered a non-accredited investor (SEC).

Because of the limitations described above, many companies discover that raising funds from non-accredited investors often results in incremental professional fees equal to or greater than the amount raised from these investors.

The Securities and Exchange Commission's rules distinguish between "accredited investors" and "non-accredited investors." "Accredited investors" may purchase securities that have not been registered with regulatory authorities, whereas "non-accredited" investors have fewer investment options.

To know more about unaccredited investors follow the link:

brainly.com/question/25300925

#SPJ4

5 0

1 year ago

If the exercise price of an M-tel warrant is $48 and the stock splits 2 for 1, what will be the post-split exercise price of the

mariarad [96]

Answer: $60

Explanation:

4 0

3 years ago