Answer:
<h2>Pose-for-Pics</h2>
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.
