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Accounting questions? |
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. Dr cash 7500 Dr equipment 32500 Cr Equity 40000 Dr prepaid insurance 3000 Cr cash 3000 Dr Office supplies 1400 Cr Cash 1400 Dr Cash 2650 Cr Revenue 2650 Dr Utilities Expense 875 Cr Cash 875 |
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