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Prepare general journal entries for the transactions

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Question - Prepare general journal entries for the following transactions of a business called Pose for Pics in 2016:

Aug. 1: Harrison, the owner, invested Rs. 57,500 cash and Rs. 32,500 of photography equipment in the business.

Aug. 04: Paid Rs. 3,000 cash for an insurance policy covering the next 24 months.

Aug. 07: Services are performed and clients are billed for Rs. 10,000.

Aug. 13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and remaining outstanding.

Aug. 20: Received Rs. 2,000 cash in photography fees earned previously.

Aug. 24: The client immediately pays Rs. 15,000 for services to be performed at a later date.

Aug. 29: The business acquires photography equipment. The purchase price is Rs. 100,000, pays Rs. 25,000 cash and signs a note for the balance.

Reference no: EM132958323

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