Question

Aug.		1		Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.
		2		The company paid $2,100 cash for an insurance policy covering the next 24 months.
		5		The company purchased office supplies for $880 cash.
		20		The company received $3,331 cash in photography fees earned.
		31		The company paid $675 cash for August utilities.

1. Post the transactions to the T-accounts.
2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

Answer 1

Cash Account

Date	Particulars	Amount	Date	Particulars	Amount
August 1	Madison Harris Capital Account	$6500	August 2	Prepaid Insurance	$2100
			August 5	Office Supplies	$880
August 20	Service Revenue	$3331	August 31	Utilities Expense	$675
			August 31	Balance c/d	$6176
		$9831			$9831

                                                           Madison Harris Capital Account

Date	Particulars	Amount	Date	Particulars	Amount
			August 1	Cash Account	$6500
August 31	Balance c/d	$40000	August 1	Photography Equipment	$33500
		$40000			$40000

                                                                Office Supplies Account

Date	Particulars	Amount	Date	Particulars	Amount
August 5	Cash Account	$880	August 31	Balance c/d	$880
		$880			$880

                                                                  Photo Graphy Equipment Account

Date	Particulars	Amount	Date	Particulars	Amount
August 1	Madison Harris Capital Account	$33500	August 31	Balance c/d	$33500
		$33500			$33500

                                                                          Service Revenue Account

Date	Particulars	Amount	Date	Particulars	Amount
August 31	Balance c/d	$3331	August 20	Cash Account	$3331
		$3331			$3331

                                                                      Prepaid Insurance Account

Date	Particulars	Amount	Date	Particulars	Amount
August 2	Cash Account	$2100	August 31	Balance c/d	$2100
		$2100			$2100

                                                                          Utilities Expense Account

Date	Particulars	Amount	Date	Particulars	Amount
August 31	Cash Account	$675	August 31	Balance c/d	$675
		$675			$675

TRIAL BALANCE
Particulars	Debit	Credit
Cash Account	$6176
Madison Harris Capital Account		$40000
Service Revenue		$3331
Office Supplies	$880
Photography Equipment	$33500
Utilities Expense	$675
Prepaid Insurance	$2100
Total	$43331	$43331