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katrin2010 [14]
3 years ago
11

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $11,000 cash an

d $47,300 of photography equipment in the company in exchange for common stock. 2 The company paid $3,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,090 cash. 20 The company received $2,950 cash in photography fees earned. 31 The company paid $878 cash for August utilities. Prepare general journal entries for the above transactions.
Business
1 answer:
Citrus2011 [14]3 years ago
3 0

Answer:

Aug 01

Dr Cash 11,000

Dr Photography equipment 47,300

Cr Common stock 58,300

Aug 02

Dr Prepaid insurance 3,800

Cr Cash 3,800

Aug 05

Dr Office supplies 2,090

Cr Cash 2,090

Aug 20

Dr Cash $2,950

Cr Photography fees earned $2,950

Aug 31

Dr Utilities expense $878

Cr Cash $878

Explanation:

Preparation of the general journal entries

Aug 01

Dr Cash 11,000

Dr Photography equipment 47,300

Cr Common stock 58,300

(47,300+11,000)

Aug 02

Dr Prepaid insurance 3,800

Cr Cash 3,800

Aug 05

Dr Office supplies 2,090

Cr Cash 2,090

Aug 20

Dr Cash $2,950

Cr Photography fees earned $2,950

Aug 31

Dr Utilities expense $878

Cr Cash $878

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If Buchi owns several financial instruments: stocks issued by seven different companies, plus bonds issued by four different companies, her investments are best described as a PORTFOLIO

A range of investments owned by an individual is termed a portfolio.

For instance, when an individual owns different stocks, bonds, and businesses in diverse companies, such an individual is known to have a portfolio.

Portfolios are important for long-term financial goals even though the returns on such portfolios are not immediate.

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Answer and Explanation:

a Income statement = Reports revenues and expenses

The income statement only records the revenues earned and expenses incurred

b Balance sheet = Reports Assets, liabilities and Equities

The balance sheet records the 3 items i.e assets, liabilities and stockholder equity

With the help of the accounting equation, the balance sheet should be matched

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The cash flow statement consist of operating activities, investing activities, and financing activities. It records only cash payments and cash receipts transactions

d AR Aging Report= Reflects unpaid invoices for current period

It shows the invoices which are not paid

e AP Aging Report  = Reflect unpaid bills for current period

It shows the bills which are not paid

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It shows the quantities of inventory remains on till date

g Profit and loss report = Another name for Income statement

The other name of income statement is profit and loss account or report

h To view a transaction report = Click an account on any report

For seeing the transaction report we have to just click on any report

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Answer:

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Explanation:

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Creme Bakery just paid an annual dividend of $2.20 a share and is expected to increase that amount by 2.2 percent per year. If y
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Answer:

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where,

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