Assignmentwk2acc - 1 Assignment: Preparing Journal Entries...

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Assignment: Preparing Journal Entries and Trial Balances Preparing Journal Entries and Trial Balances NikkiVergets Acc/225 2/6/2011 Julie Goodin 1
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2-4 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. Date Description Pr Debit Credit 1-Aug Cash 7,500.00 Photo Equipment 32,500 Hashim's capital 40,000 1-Aug Prepaid Insurance 3,000 Cash 3,000 5-Aug Office Supplies 1,400 Cash 1,400 5-Aug Office Supplies 1,400 Cash 1,400 20-Aug Cash 2,650 Photo Fees 2,650 31-Aug Utilities 875 Cash 875 2-5 2
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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. Titles Debit Credit Cash 4,875 Office supplies 1,400 Prepaid Insurance 3,000 Photography Equipment 32,500 H. Paris Capital 40,000 Photography Fees Earned 2,650 Utilities Expense 875 Total 42,650 42,650
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This note was uploaded on 10/14/2011 for the course ACC 230 acc 230 taught by Professor Connie during the Summer '11 term at University of Phoenix.

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Assignmentwk2acc - 1 Assignment: Preparing Journal Entries...

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