Following are the transactions of a new company called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested $8,000 cash and

Question

3 years ago

13

Following are the transactions of a new company called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested $8,000 cash and

$34,400 of photography equipment in the company in exchange for common stock.2 The company paid $3,000 cash for an insurance policy covering the next 24 months.5 The company purchased office supplies for $1,520 cash.20 The company received $4,000 cash in photography fees earned.31 The company paid $884 cash for August utilities.Prepare general journal entries for the above transactions.

Business

1 answer:

Rama09 [41] · Answer 1 · 2022-04-26T01:57:23+03:00

Answer:

Aug 1

Dr cash $8,000

Dr photography equipment $34,400

Cr Common Stock $42,400

Aug 2

Dr Prepaid Insurance $3,000

Cr Cash$3,000

Aug 5

Dr Office supplies $1,520

Cr Cash$1,520

Aug 29

Dr Cash $4,000

Dr photography fees earned $4,000

Aug31

Dr Utilities expense $884

Cr Cash $884

Explanation:

Preparation of the general journal entries for the above transactions.