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Following are the transactions of a new company called Pose-for-Pics.
Aug.
1
Madison Harris, the owner, invested $7,250 cash and $31,175 of photography equipment in the company.
2
The company paid $3,200 cash for an insurance policy covering the next 24 months.
5
The company purchased office supplies for $1,378 cash.
20
The company received $3,800 cash in photography fees earned.
31
The company paid $885 cash for August utilities.
Prepare general journal entries for the above transactions.
Compute the missing amount for each of the following separate companies in columns B through E. (Losses and amounts to be deducted should be indicated with a minus sign.)
Required information
Use the following information for Exercises 16-18 below.
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Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following accounts and amounts for the month of August.
Cash
$
25,370
C. Camry, Withdrawals
$
6,020
Accounts receivable
22,370
Consulting fees earned
27,010
Office supplies
5,260
Rent expense
9,570
Land
44,010
Salaries expense
5,620
Office equipment
20,020
Telephone expense
880
Accounts payable
10,540
Miscellaneous expenses
530
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