Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. following are the transactions of a new company ca

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the...

50.1K

Verified Solution

Question

Accounting

Following are the transactions of a new company called Pose-for-Pics.

Aug. 1 Madison Harris, the owner, invested $11,500 cash and $49,450 of photography equipment in the company in exchange for common stock.

2 The company paid $3,400 cash for an insurance policy covering the next 24 months.

5 The company purchased office supplies for $2,185 cash.

20 The company received $2,550 cash in photography fees earned.

31 The company paid $869 cash for August utilities.

Prepare general journal entries for the above transactions.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

The 1.3-m-diameter tank is initially filled with gasoline. There is a 3.2-cm-diameter orifice in the bottom....

Physics
1.2K views

If a heavy nucleus were to fission into only two product nuclei, they would be very...

General Management
1.2K views

Discuss why two restaurants in the same community might have different pay levels? Support your answer...

Physics
1.2K views

IP A ceiling fan is rotating at 1.0 rev/s. When turned off, it slows uniformly...

Accounting
1.2K views

I want an architectural rendering scene

Accounting
1.2K views

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf Dr. Carol Harris, CPA, sngle taxpayer and shelives at 674...

Accounting
1.2K views

Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:...

Accounting
1.2K views

perfect manufacturing company (Pty) ltd ,a company

Accounting
1.2K views

1. What types of cash transactions flow through each section (Operating, Financing, Investing) 2. Explain...

Finance
1.2K views

An investor in London can acquire two-year UK government bonds with an annual nominal interest...

Accounting
1.2K views

Differentiate between contract costing and service costing. Provide your answer in tabular form with three...

Finance
1.2K views

Bond A has a coupon rate of 10.19 percent, a yield-to-maturity of 14.62 percent, and...