Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $8,500 cash and $36,550 of photography equipment in the company. 2 The company paid $3,700 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,615 cash. 20 The company received $3,100 cash in photography fees earned. 31 The company paid $874 cash for August utilities. Prepare general journal entries for the above transactions.
Q: Prepare the journal entries for the following transactions of a new Company called Pose for Pics. a.…
A: DATE PARTICULARS DEBIT CREDIT AUG 1 CASH ACCOUNT......DEBIT $40000 CAPITAL ACCOUNT... CREDIT…
Q: Sllowing are the transactions of a new company called Pose-for-Pics. g. 1 Madison Harris, the owner,…
A: A journal entry is used to record day-to-day business transactions by debiting and crediting…
Q: Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation,…
Q: The following information applies to the questions displayed below.]Following are the transactions…
A: Accounting Equation : Assets = Liabilities + Shareholder Equity it means the Assets is equal to…
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities,…
A: Formula: Net profit = Revenues - Expenses
Q: On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: On 1 March, David Tan established “David Interior Designs”. During the first month of operations,…
A: Journal entry means the entry in prime book with chronological order. Journal entry should have…
Q: On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following…
A: Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making adjustments.…
Q: 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the…
A: Given that, To prepare journal entries there are some transactions of a new company called…
Q: prepare general entries for theFollowing are the transactions of a new company called Pose-for-Pics.…
A: Journal entry means the entry in prime book with chronological order. Journal entry should have…
Q: [The following information applies to the questions displayed below] Following are the transactions…
A: T-accounts are prepared for the posting of the journal entries so as to get the balance of each…
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by…
A: Formula: Net income = Total Revenues - Total expenses
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: The company named Pose-for-Pics have the some transaction. here we have to journalize the…
Q: Required information [The following information applies to the questions displayed below.] Following…
A: T accounts are the general ledger accounts that are being used by the company for posting of…
Q: Humble Management Services opened for business and completed these transactions in September. Sep. 1…
A:
Q: [The following information applies to the questions displayed below.] Sanyu Sony started a new…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony…
A: Prepare income statement.
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: Recording of Transactions: The process of recording transactions in a business's many books of…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: The transactions are given for the month of August.
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…
Q: Prepare a post-closing trial balance.
A: Trial balance: It is the statement prepared at the end of the year to close all the accounts. The…
Q: On April 1, 2017, Juan Perez created a new travel agency, Perez Travel. The following transactions…
A: Transactions are recorded 1st in the journal entries. In the form of debit and credit entries.…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: Ledger is the second step of Accounting after Journal. After Journal Entries are posted in…
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: Required journal entries are given below:
Q: Kristin Holden started her own consulting business in July, 20--. During the first month, the…
A: The accounting equation refers to an equation that equates the total assets with the sum of total…
Q: On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by…
A: Total service revenue = Service revenue + services were performed and billed but not collected =…
Q: Lita Lopez started Biz Consulting, a new business, and completed the following transactions during…
A: According to the accounting equation, a company's total assets equal the sum of its liabilities and…
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: The financial transaction from the journal entries are transferred to T Accounts for each account.
Q: Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony…
A: Cash flow statement: A cash flow statement is a financial statement that summarizes the amount of…
Q: Sanyu Sony started a new business and completed these transactions during December. 1 Sanyu Sony…
A: The balance sheet represents the financial position of the business with assets and liabilities on a…
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: A ledger is a book containing accounts in which the classified and summarized information from the…
Q: Remy opened her ToursAFun business. During the first month, January, she completed the following…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: A trial balance is a bookkeeping spreadsheet that aggregates all ledger balances into equal debit…
Q: Prepare general journal entries for the following transactions of Valdez Services. a. The company…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Zucker Management Services opened for business and completed these transactions in November. Nov. 1…
A: Date Accounts Titles Debit amount($) Credit amount($) Nov 1. Cash A/c 30,000 Office…
Q: Required information [The following information applies to the questions displayed below.) Following…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions…
A: Introduction:- A journal entry is the act of recording or keeping track of any financial or…
Q: Following are the transactions of a new company called Pose-for-Pics. 1 Madison Harris, the owner,…
A: Ledgers: It is the main book or principal book of account. It is recording and totaling economic…
Q: Neva Nadal started a new business, Nadal Computing, and completed the following transactions during…
A: According to an accounting equation, assets = Liabilities + owner's equity
Q: On August 1, Worthy invested P3, 000 cash and P15, 000 of equipment in Expressions. On August 2,…
A: A journal entry is an act of recording or keeping track of some financial or non-financial activity.
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: Solution: Journal entries follows double entry book keeping system which ensures that every…
Q: 1 Madison Harris, the owner, invested $14,750 cash and $63,425 of photography equipment in the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: L. Martin
A: solutions;
Q: Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each…
A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is…
Q: Provide the journal entries. Post the entries to the ledger (use T-accounts). Prepare the unadjusted…
A: Given: February Transactions 1 Provided P300, 000 cash as initial investment to the…
Following are the transactions of a new company called Pose-for-Pics.
| Aug. | 1 | Madison Harris, the owner, invested $8,500 cash and $36,550 of photography equipment in the company. | ||
| 2 | The company paid $3,700 cash for an insurance policy covering the next 24 months. | |||
| 5 | The company purchased office supplies for $1,615 cash. | |||
| 20 | The company received $3,100 cash in photography fees earned. | |||
| 31 | The company paid $874 cash for August utilities. |
Prepare general
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
- S. Davis, a graphic artist, opened a studio for her professional practice on August 1. The account headings are presented below. Transactions completed during the month follow. a. Davis deposited 20,000 in a bank account in the name of the business. b. Bought office equipment on account from Starkey Equipment Company, 4,120. c. Davis invested her personal photographic equipment, 5,370, in the business. d. Paid the rent for the month, 1,500, Ck. No. 1000. e. Bought supplies for cash, 215, Ck. No. 1001. f. Bought insurance for two years, 1,840, Ck. No. 1002. g. Sold graphic services for cash, 3,616. h. Paid the salary of the part-time assistant, 982, Ck. No. 1003. i. Received and paid the bill for telephone service, 134, Ck. No. 1004. j. Paid cash for minor repairs to graphics equipment, 185, Ck. No. 1005. k. Sold graphic services for cash, 3,693. l. Paid on account to Starkey Equipment Company, 650, Ck. No. 1006. m. Davis withdrew cash for personal use, 1,800, Ck. No. 1007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $100,000 worth of common stock. B. Six months rent was paid in advance, $4,500. C. Provided services in the amount of $1,000. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $275 per week. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. G. Received the electricity bill. We will pay the $110 in thirty days. H. Paid the worker hired in D for one weeks work. I. Received $100 from a customer for services we will provide next week. J. Dividends in the amount of $1,500 were distributed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.During February of this year, H. Rose established Rose Shoe Hospital. The following asset, liability, and owners equity accounts are included in the chart of accounts: The following transactions occurred during the month of February: a. Rose deposited 25,000 cash in a bank account in the name of the business. b. Bought shop equipment for cash, 1,525, Ck. No. 1000. c. Bought advertising on account from Milland Company, 325. d. Bought store shelving on account from Inger Hardware, 750. e. Bought office equipment from Sharas Office Supply, 625, paying 225 in cash and placing the balance on account, Ck. No. 1001. f. Paid on account to Inger Hardware, 750, Ck. No. 1002. g. Rose invested his personal leather working tools with a fair market value of 800 in the business h. Sold services for the month of February for cash, 250. PART 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts. 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and owners equity accounts are included in the chart of accounts: During December, the following transactions occurred: a. Elden deposited 35,000 in a bank account in the name of the business. b. Bought exercise equipment for cash, 8,150, Ck. No. 1001. c. Bought advertising on account from Hazel Company, 105. d. Bought a display rack on account from Cyber Core, 790. e. Bought office equipment on account from Office Aids, 185. f. Elden invested her exercise equipment with a fair market value of 1,200 in the business. g. Made a payment to Cyber Core, 200, Ck. No. 1002. h. Sold services for the month of December for cash, 800. Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.S. Davis, a graphic artist, opened a studio for her professional practice on August 1. The account headings are presented below. Transactions completed during the month follow. a. Davis deposited 20,000 in a bank account in the name of the business. b. Bought office equipment on account from Starkey Equipment Company, 4,120. c. Davis invested her personal photographic equipment, 5,370. (Increase the account Photo Equipment and increase the account S. Davis, Capital.) d. Paid the rent for the month, 1,500, Ck. No. 1000 (Rent Expense). e. Bought supplies for cash, 215, Ck. No. 1001. f. Bought insurance for two years, 1,840, Ck. No. 1002. g. Sold graphic services for cash, 3,616 (Professional Fees). h. Paid the salary of the part-time assistant, 982, Ck. No. 1003 (Salary Expense). i. Received and paid the bill for telephone service, 134, Ck. No. 1004 (Telephone Expense). j. Paid cash for minor repairs to graphics equipment, 185, Ck. No. 1005 (Repair Expense). k. Sold graphic services for cash, 3,693 (Professional Fees). l. Paid on account to Starkey Equipment Company, 650, Ck. No. 1006. m. Davis withdrew cash for personal use, 1,800, Ck. No. 1007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001. c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. f. Sold professional services for cash, 3,482. g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005. i. Paid the salary of the assistant, 1,050, Ck. No. 1006. j. Sold professional services for cash, 3,295. k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001. c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600. g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005. i. Paid the salary of the assistant, 1,150, Ck. No. 2006. j. Sold professional services for cash, 3,868. k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?
