Business, 01.07.2020 15:01 stephanierey075

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $10,250 cash and $44,075 of photography equipment in the company. 2 The company paid $2,200 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,948 cash. 20 The company received $2,600 cash in photography fees earned. 31 The company paid $878 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: dulce129

Trial Balance as at Aug 31

Debit Credit

Cash $7,824

Equipment $44,075

Capital $54,325

Insurance Prepaid $2,200

Offices Supplies $1,948

Revenue Earned $2,600

Utilities Expense $878

Totals $56,925 $56,925

Explanation:

The First Step is to Record the Entries

Record

Aug. 1

Cash $10,250 (debit)

Equipment $44,075 (debit)

Capital $54,325 (credit)

Aug 2.

Insurance Prepaid $2,200 (debit)

Cash $2,200 (credit)

Aug 5.

Offices Supplies $1,948 (debit)

Cash $1,948 (credit)

Aug 20

Cash $2,600 (debit)

Revenue Earned $2,600 (credit)

Aug 31

Utilities Expense $878 (debit)

Cash $878 (credit)

The second step is to determine Account Balances

Account Balances

Cash $10,250 - $2,200 - $1,948 + $2,600 - $878 = $7,824 (debit)

Equipment $44,075 (debit)

Capital $54,325 (credit)

Insurance Prepaid $2,200 (debit)

Offices Supplies $1,948 (debit)

Revenue Earned $2,600 (credit)

Utilities Expense $878 (debit)

The last and final step is to create a Trial Balance. A Trial Balance is a list of Balances extracted from Ledger Accounts.

Trial Balance as at Aug 31

Debit Credit

Cash $7,824

Equipment $44,075

Capital $54,325

Insurance Prepaid $2,200

Offices Supplies $1,948

Revenue Earned $2,600

Utilities Expense $878

Totals $56,925 $56,925

Answer from: Quest

The correct answer is b

Answer from: Quest

There are three key entities in thefederal reserve system: the board of governors, the federal reserve banks(reserve banks), and the federal open market committee (fomc). while the federal reserve has frequent communication with executive branch and congressional officials, its decisions are made independently.

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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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