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lanetterisbelle
6 minutes ago
Mathematics
College
Use the following information for Excercise 2-9 through Excercise 2-12 below. (Staic)
Following are the transactions of a new company called Pose-for-pics.
August 1 M. Harris, the owner, invested $6,500 cash and 33,500 of photography equipment in the company.
August 2 The company paid 2,100 cash for an insurance policy covering the next 24 months.
Aust 5 The company purchased supplies for 800 cash.
August 20 The company received 3,331 cash from taking photos for customers.
August 20 The company received 3,331 cash from taking photos for cusotmers.
August 31 The company paid $ 675 cash for August utilities.
Excercise 2-11 ( Static) Analyzing transacctions using accounting equation LO A1
Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts ( including + or -) Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense




Date Assets = Liabilities + Equity
August 1 = +
August 1 = +
August 2 = +
August 2 = +
August 5 = +
August 5 = +
August 20 = +
August 31 Cash (+) increase 6,500 = +

Sagot :

Each transaction has been an analyzed in the trial balance below by showing its effects on the accounting equation-specifically, identifying the accounts and amounts.

How to prepare a Trial Balance?

The Journal Entries are:

Cash                                                                                 6500

Photography equipment                                                33500

                  Capital                                                                       40000

Prepaid Insurance                                                           2100

                   Cash                                                                         2100

Office Supplies                                                                  880

                  Cash                                                                          880

Cash                                                                                   3331

           Revenue                                                                          3331

Utilities Expense                                                                 675

           Cash                                                                                 675

Cash account = 6500 - 2100 - 880 + 3331 - 675

Cash Account = 6176

                                                     Trial Balance

                                                                              Debit                         Credit

Cash                                                                       6176

Prepaid Insurance                                                  2100

Supplies                                                                   880

Revenue                                                                                                      3331

Utilities Expense                                                      675

Capital                                                                                                       40000

Photography Equipment                                         33500

Total                                                                         43331                       43331

Read more about Trial Balance at; https://brainly.com/question/24914390

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