1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kolbaska11 [484]
3 years ago
6

Exercise 2-8 Preparing T-accounts (ledger) and a trial balance LO P2 Following are the transactions of a new company called Pose

-for-Pics Aug. 1 Madison Harris, the owner, invested $6,see cash and $33,509 of photog company paid $2,100 cash for an insurance policy covering the next 24 month:s s The company purchased office supplies for $888 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities.
Required:
1. Post the transactions to the T-accounts.
2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Post the transactions to the T-accounts Cash ies Balance
Business
1 answer:
pishuonlain [190]3 years ago
5 0

Answer:

Pose-for-Pics

1. T-accounts:

Cash Account

Date      Accounts Titles          Debit      Credit

Aug. 1    Common Stock         $6,500

Aug. 1    Prepaid Insurance                  $2,100

Aug. 1    Supplies                                       888

Aug. 20 Service Revenue        3,331

Aug. 31  Utilities Expense                        675

Aug. 30 Ending balance                     $6,168

Common Stock

Date      Accounts Titles       Debit      Credit

Aug. 1    Cash                                     $6,500

Aug. 1    Equipment                            33,509

Aug. 30 Ending Balance   $40,009

Photography Equipment

Date     Accounts Titles       Debit      Credit

Aug. 1   Common Stock  $33,509

Prepaid Insurance

Date     Accounts Titles       Debit      Credit

Aug. 1   Cash                       $2,100

Supplies

Date     Accounts Titles       Debit      Credit

Aug. 1   Cash                       $888

Service Revenue

Date     Accounts Titles       Debit      Credit

Aug. 20   Cash                                  $3,331

Utilities Expense

Date     Accounts Titles       Debit      Credit

Aug. 31   Cash                     $675

2. Pose-for-Pics

TRIAL BALANCE

As of August 31

Accounts Titles                   Debit        Credit

Cash                                  $6,168

Common Stock                              $40,009

Photography Equipment 33,509

Prepaid Insurance              2,100

Supplies                                888

Service Revenue                                 3,331

Utilities Expense                  675

Totals                             $43,340  $43,340

Explanation:

Correctly posting the transactions of Pose-for-Pics to the general ledger ensures that the two sides of the Trial Balance are equal as of August 31.  The balanced Trial Balance assures the arithmetical accuracy of the entries and postings in the general ledger.  This trial balance will then form the basis for preparing the financial statements after effecting the necessary adjusting entries.

You might be interested in
what is the total amount of final goods and service produced in a country that people, businesses, governments, and foreigners p
Bas_tet [7]

The total amount of final goods and service produced in a country that people, businesses, governments, and foreigners plan to buy is Gross domestic product (GDP).

<h3>What is Gross domestic product (GDP)?</h3>
  • GDP is a metric for a country's economic output. GDP is a measure of the overall economic output of new products and services in a particular year.
  • The circular flow diagram can be used to illustrate GDP as a flow of income moving in one direction and expenditures on resources, products, and services moving in the opposite way.
  • According to this model, households purchase goods and services from businesses, and vice versa.
  • The circular flow figure shows how the national income calculation methods of using income and expenditures are equivalent.
  • Money (revenue from the sale of the commodities, services, and resources) travels counterclockwise in this picture while goods, services, and resources go clockwise.

Learn more about the Gross domestic product (GDP) with the help of the given link:

brainly.com/question/15682765

#SPJ4

5 0
1 year ago
Geneva needs additional capital to launch her business but does not want to share management responsibility with partners. Neith
Talja [164]

Answer:

The answer is: C) S corporation

Explanation:

Geneva should choose an S Corporation. In my opinion she should do it because corporate income, losses, deductions, and credits are passed through to its shareholders, while it can be managed like a normal corporation.

If she chooses a Limited Liability Partnership she would still have to share management responsibility with her partners and C Corporations are heavily taxed. If she had enough money she could start a sole proprietorship business, but she doesn't have enough money.

5 0
3 years ago
At a price of _____, books will be both supplied and demanded. $10 $20 $30
dezoksy [38]

well if im right it should be 20$.

4 0
3 years ago
Networks are proven to be relevant in the context of innovation and entrepreneurship. Explain
kolbaska11 [484]

Answer:

Accommodation

Engagement Refinement

Explanation:

In the entrepreneurial ecosystem, networks still remain a popular and important aspect which is often thought and seen as a stepping stone to achieving entrepreneurial greatness. This network simply entails the creation of a circle or set of skilled individuals usually in different strategic areas of specialization relevant to a certain business line or sector. This way embarking on projects tends to be much easier as these networks of people can offer help, tips or together engage in to proffer solution on time. Networks are created usually through meetups and good interpersonal relationships. Having professionals around can speed up processes and. However, networks has to be properly managed usy be being accommodating and warm when approcached; frequent engagement topics and trending issues, including the desire to learn more and measure up to new trends.

8 0
2 years ago
George, an unmarried cash basis taxpayer, received the following amounts during 2016:Interest on savings accounts$2,000Interest
madreJ [45]

Answer:

c. $3,150

Explanation:

The computation of the gross income is shown below:

= Interest on savings accounts + Interest on a State bond + Interest portion of proceeds of a 5% bank certificate of deposit + Dividends on USG common stock

= $2,000 + $600 + $250 + $300

= $3,150

We do not consider the school bonds as it would not be included in the gross income. So, we ignored it

5 0
3 years ago
Other questions:
  • Type the correct answer in the box. Spell all words correctly. Which entities offer certifications and qualifications in account
    8·1 answer
  • _____ syndication involves original shows, like inside edition and judge judy, which are produced specifically for the syndicati
    8·1 answer
  • Julius asks Rachel if she would like to sell her boat. Rachel privately has no interest in selling her boat, and believes that J
    13·1 answer
  • What is the most effective way to control chryptosporidium?
    8·1 answer
  • For the year ended December 31, Depot Max's cost of merchandise sold was $56,900. Inventory at the beginning of the year was $6,
    10·1 answer
  • Many institutional investors are aggressive in protecting and enhancing their investments. They are shifting from _________ to o
    12·1 answer
  • We use the accounting equation to identify what a company owns and owes. _____ are resources a company owns or controls, _____ a
    5·1 answer
  • Select the examples that best demonstrate likely tasks for Administration and Information Support workers. Check all that apply.
    8·2 answers
  • Jim and Evan enter into a real estate contract. The contract allows Evan to get a mortgage at 5% interest. But after due diligen
    8·1 answer
  • A shift in a ppc/ppf to the______________ illustrates growth which may be generated by better utilizing existing resources (impr
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!