Accounting questions?
Accounting questions?
Prepare general journal entries for the following transactions of a new business called Pose for Pics.
Aug. 1 Hashim Paris, the owner, invested $7,500 cash and $32,500 of photography equipment in
the business.
1 Paid $3,000 cash for an insurance policy covering the next 24 months.
5 Purchased office supplies for $1,400 cash.
20 Received $2,650 cash in photography fees earned.
31 Paid $875 cash for August utilities.
Answers:
Chosen Answer
itaf3can: Dr cash 7500
Dr equipment 32500
Cr Equity 40000
Dr prepaid insurance 3000
Cr cash 3000
Dr Office supplies 1400
Cr Cash 1400
Dr Cash 2650
Cr Revenue 2650
Dr Utilities Expense 875
Cr Cash 875
2007-03-10 14:52:46
itaf3can: Dr cash 7500
Dr equipment 32500
Cr Equity 40000
Dr prepaid insurance 3000
Cr cash 3000
Dr Office supplies 1400
Cr Cash 1400
Dr Cash 2650
Cr Revenue 2650
Dr Utilities Expense 875
Cr Cash 875
2007-03-10 14:52:46