2-4 - business 2 Paid $2,100 cash for an insurance policy...

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Page 4 of 10 http://ezto.mhhm.mcgraw-hill.com/hm_accounting.tpx?todo=printview Requirement 2: Use the amounts in the T-accounts developed in requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. (You must record the debit and credit entries in the order of T-accounts listed above. Omit the "$" sign in your response.) POSE FOR PICS Trial Balance August 31 Debit Credit Cash $ 6,176 Office Supplies 880 Prepaid Insurance 2,100 Photography Equipment 33,500 M. Harris, Capital $ 40,000 Photography Fees Earned 3,331 Utilities Expense 675 Totals $ 43,331 $ 43,331 Exercise 2-5 Preparing T-accounts (ledger) and a trial balance L.O. C3, P2 The following are the transactions of a new business called Pose-for-Pics: Aug1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the
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Unformatted text preview: business. 2 Paid $2,100 cash for an insurance policy covering the next 24 months. 5 Purchased office supplies for $880 cash. 20Received $3,331 cash in photography fees earned. 31Paid $675 cash for August utilities. Requirement 1: Post the transactions to the T-accounts. (Record the transactions in the given order. Omit the "$" sign in your response.) Cash Aug. 1 6,500 Aug. 2 2,100 Aug. 20 3,331 Aug. 5 880 Aug. 31 675 End. Bal. 6,176 Office Supplies Aug. 5 880 Prepaid Insurance Aug. 2 2,100 Photography Equipment Aug. 1 33,500 M. Harris, Capital Aug. 1 40,000 Photography Fees Earned Aug. 20 3,331...
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