Complete the following accounts (use the balance column format): Cash (101): Office Supplies (124); Prepaid Rent (131); Photography Equipment (167); Joseph Eagle, Capital (301); Photography Revenue (401); and Utilities Expense (690). (Record the transaction in the chronological order.) Aug. 1 Joseph Eagle, the owner, invested $20,000 cash and photography equipment with a fair value of $42,000. 1 Rented a studio, paying $12,000 for the next three months in advance. 5 Purchased office supplies for $1,800 cash. 20 Received $9, 200 in photography revenue. 31 Paid $1,400 for August utilities. Post the above transactions to the ledger. Finally, prepare the August 31, 2020, trial balance.
Complete the following accounts (use the balance column format): Cash (101): Office Supplies (124); Prepaid Rent (131); Photography Equipment (167); Joseph Eagle, Capital (301); Photography Revenue (401); and Utilities Expense (690). (Record the transaction in the chronological order.) Aug. 1 Joseph Eagle, the owner, invested $20,000 cash and photography equipment with a fair value of $42,000. 1 Rented a studio, paying $12,000 for the next three months in advance. 5 Purchased office supplies for $1,800 cash. 20 Received $9, 200 in photography revenue. 31 Paid $1,400 for August utilities. Post the above transactions to the ledger. Finally, prepare the August 31, 2020, trial balance.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter1: Business Transactions (ptrans)
Section: Chapter Questions
Problem 4R: On June 1 of the current year, Wilson Wood opened Woodys Web Services. This sole proprietorship had...
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