Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 69

Use the information in Exercise 2-7 to prepare an August 31 trial balance for Pose-for-Pics. Begin by opening these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M. Harris, 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.
Reference: Exercise 2-7
Prepare general journal entries for the following transactions of a new company called Pose-for-Pics.
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.