Question

Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months 5 The company purchased office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 3 4 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. Note: Enter debits before credits General Journal Debit Credit Date Aug 01

Answer 1

Solution:

Aug 1. Madison Haris, the owner invested $6,500 cash and $33,500 of photography equipment in the company.

Date	General Journal	Debit	Credit
Aug 1	Cash..........................................Dr Photography Equipment............Dr To M. Haris's Capital	6,500 33,500	40,000

2. The company paid $2,100 cash for an insurance policy covering the next 24 months.

Date	General Journal	Debit	Credit
Aug 2	Starting Balance.....................Dr Prepaid Insurance..................Dr To Cash	6,500 2,100	4,400

5. The company purchased office supplies for $880 cash.

Date	General Journal	Debit	Credit
Aug 5	Sartign Balance...................Dr Office Supplies....................Dr To Cash	4,400 880	3,520

20. The company received $3,331 cash in photography fees earned.

Date	General Journal	Debit	Credit
Aug 20	Cash ...................................Dr Photography Fees Earned....Dr Total Ending Balance	3,520 3,331 6,851

31. The company paid $675 cash for august utilities.

Date	General Journal	Debit	Credit
Aug 31	Starting Balance...............Dr Utilities Expenses.............Dr Cash	6,851 675	6,176

Answer 2

Trail balance

Answer 3

Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months 5 The company purchased office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 3 4 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.

Answer 4

Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months 5 The company purchased office supplies for $880 cash. 20 The company received $3,331 cash in photography fees earned. 31 The company paid $675 cash for August utilities Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 3 4 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company. for trail balance

Answer 5

Balance sheet