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Following are the transactions of a new company called Pose-for-Pics.
| Aug. | 1 | Madison Harris, the owner, invested $7,250 cash and $31,175 of photography equipment in the company. | ||
| 2 | The company paid $3,200 cash for an insurance policy covering the next 24 months. | |||
| 5 | The company purchased office supplies for $1,378 cash. | |||
| 20 | The company received $3,800 cash in photography fees earned. | |||
| 31 | The company paid $885 cash for August utilities. |
Prepare general journal entries for the above transactions.
Compute the missing amount for each of the following separate companies in columns B through E. (Losses and amounts to be deducted should be indicated with a minus sign.)
Required information
Use the following information for Exercises 16-18 below.
[The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following accounts and amounts for the month of August.
| Cash | $ | 25,370 | C. Camry, Withdrawals | $ | 6,020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts receivable | 22,370 | Consulting fees earned | 27,010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Office supplies | 5,260 | Rent expense | 9,570 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Land | 44,010 | Salaries expense | 5,620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Office equipment | 20,020 | Telephone expense | 880 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable | 10,540 | Miscellaneous expenses | 530 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Required information Use the following information for Exercises 16-18 below. [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following accounts and amounts for the month of August.
Exercise 2-17 Preparing a statement of owner’s equity LO P3 Use the above information to prepare an August statement of owner’s equity for Help Today. The owner’s capital account balance at July 31 was $0, and the owner invested $102,100 cash in the company on August 1. Required information Use the following information for Exercises 16-18 below. [The following information applies to the questions displayed below.] Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following accounts and amounts for the month of August.
Exercise 2-18 Preparing a balance sheet LO P3 Use the above information to prepare an August 31 balance sheet for Help Today. Hint: Compute the owner’s capital account balance as of August 31. QS 2-6 Analyzing transactions and preparing journal entries LO P1For each transaction, (1) analyze the transaction using the accounting equation, (2) record the transaction in journal entry form, and (3) post the entry using T-accounts to represent ledger accounts. Use the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Office Supplies (124); Trucks (153); Equipment (167); Accounts Payable (201); Unearned Landscaping Revenue (236); D. Tyler, Capital (301); D. Tyler, Withdrawals (302); Landscaping Revenue (403); Wages Expense (601), and Landscaping Expense (696). a. On May 15, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $89,000 in cash along with equipment having a $49,000 value. b. On May 21, Elegant Lawns purchases office supplies on credit for $660. c. On May 25, Elegant Lawns receives $9,700 cash for performing landscaping services. d. On May 30, Elegant Lawns receives $2,900 cash in advance of providing landscaping services to a customer. The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $13,250 cash in the company. b. The company purchased office supplies for $384 cash. c. The company purchased $7,327 of office equipment on credit. d. The company received $1,563 cash as fees for services provided to a customer. e. The company paid $7,327 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,809 as fees for services provided. g. The company paid $535 cash for the monthly rent. h. The company collected $1,180 cash as partial payment for the account receivable created in transaction f. i. Kacy Spade withdrew $1,100 cash from the company for personal use. Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; K. Spade, Capital; K. Spade, Withdrawals; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment. |
