Business, 21.12.2019 03:31 questions61

Following are the transactions of a new company called pose-for-pics. aug. 1 madison harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock.2 the company paid $2,100 cash for an insurance policy covering the next 24 months.5 the company purchased office supplies for $880 cash.20 the company received $3,331 cash in photography fees earned.31 the company paid $675 cash for august utilities. prepare an august 31 trial balance for pose-for-pics. a. debit creditb. cashc. officesd. prepaid insurancee. photography equipmentf. common stockg. photography fees earnedh. utilities expensei. totals

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Answer from: whitakers87

Answer and Explanation:

Journal Entries:

Cash 6500

Photography equipment 33500

Capital 40000

Prepaid Insurance 2100

Cash 2100

Office Supplies 880

Cash 880

Cash 3331

Revenue 3331

Utilities Expense 675

Cash 675

Cash account = 6500 - 2100 - 880 + 3331 - 675 = 6176

POSE-FOR-PIC

Trial Balance

Debit Credit

Cash 6176

Prepaid Insurance 2100

Supplies 880

Revenue 3331

Utilities Expense 675

Capital 40000

Photography Equipment 33500

Total 43331 43331

Answer from: Quest

Good it’s definitely option a

Answer from: Quest

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

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Following are the transactions of a new company called pose-for-pics. aug. 1 madison harris, the own...

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