The following transactions of a new company called Pose for Pics.
Aug. 1 Kasey Madison, the owner, invested $7,500 cash and $32,500 of photography equipment in the company.
2 The company paid $3,000 cash for an insurance policy covering the next 24 months.
5 The company purchased office supplies for $1,400 cash.
20 The company received $2,650 cash in photography fees earned.
31 The company paid $875 cash for August utilities.
prepare an August 31 trial balance for Pose for Pics. Begin by opening these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; K. Madison, Capital; Photography Fees Earned; and Utilities Expense. Then, post the general journal entries to these T-accounts (which will serve as the ledger), and prepare the trial balance.