Question: Use the information in Exercise to 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.
Exercise: Prepare general journal entries for 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.