new Connect Following are the transactions of a new company

new Connect Following are the transactions of a new company called Pose-for-Pics Aug, 1 Madison Harris, the ovner, invested $7,000 cash and $34,000 of photography equipment in the conpany 2 The company paid $2,600 cash for an insurance policy covering the next 24 elook 5 The company purchased otfice supplies for $930 cash. 20 The company received $3,831 eash in photography tees earned 31 The eompany paid $725 cash tor Noguost utilities. Required 1 Post the transactions to the T-accounts 2 Use the amounts from the T-accounts in equirement t to prepare an August 31 trial balance for Pose-for-Pics Complete this question by entering your answers in the tabs below Required Requ Post the transactions to the T-accounts

Solution

Please note all values are in $.

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Cash
Balance B/d	0	insurnace policy	2600
capital a/c	7000	office supplies	930
photography fees	3831	utilities	725
		Balance	6576
	10831		10831
Prepaid Insurnace
cash	2600	Balance	2600
	2600		2600
M. harris Capital
Balance	41000	by cash	7000
		by photography equipment	34000
	41000		41000
Utilities expenses
cash	725	Balance	725
	725		725