Preparing journal entries and trial balances

Assignment Help Accounting Basics

Reference no: EM13153115

Prepare general journal entries for the following transaction of a new business called Pose for Pics. (please use Excel)

Aug. 1 -Hashim Paris, the owner, invested $7500 cash and $32500 of photography equipment in the business.

Aug. 1 -paid $3000 cash for an insurance policy covering the next 24 months.

aug 5- purchased office supplies for $1400 cash

aug 20- received $2650 cash in photography fees earned.

aug 31- paid $875 cash for August utilities.

Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and Utilities Expense. Post the general journal entries to these T-accounts (which will serve as the ledger), and prepare a trial balance. (Please use Excel)

Reference no: EM13153115

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