rmn.3 Required information[The following information applies to the questions displayed below.]Following are the transactions of a new company called Pose-for-Pics.August 1 M. Harris, the owner, invested $12,500 cash and $53,750 of photography equipment in the company inexchange for common stock.August 2 The company paid $2,400 cash for an insurance policy covering the next 24 months.August 5 The company purchased supplies for $2,375 cash.August 20 The company received $3,800 cash from taking photos for customers.August 31 The company paid $873 cash for August utilities.Prepare general journal entries for the above transactions.View transaction listJournal entry worksheet2DateAugust 013M. Harris, the owner, invested $12,500 cash and $53,750 of photographyequipment in the company in exchange for common stock.Note: Enter debits before credits.Record entry4 5General JournalClear entryDebitCreditView general journal>

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: ksheet 4 5 ested $12,500 cash and…

Principles of Accounting Volume 1

19th Edition

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Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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In June 2021, Wanda Fonda organized a corporation to provide drone photography services. The company, called Drone Queen Inc., began operations immediately. Transactions during the month of June were as follows: June 1 The corporation issued 60,000 shares of capital stock to Wanda Fonda in exchange for $60,000 cash. Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash down payment and issued a note payable for the remaining balance. June 2 June 4 Paid Piarco Airport $2,500 to rent office and hangar space for the month. June 15 Billed customers $8,320 for aerial photographs taken during the first half of June. June 15 Paid $5,880 in salaries earned by employees during the first half of June. Paid Henry's Hangar $1,890 for maintenance and repair services on the company plane. June 18 June 25 Collected $4,910 of the amounts billed to customers on June 15. June 30 Billed customers $16,450 for aerial photographs taken during the second half of the month. June 30 Paid…
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ksheet 4 5 ested $12,500 cash and $53,750 of photography y in exchange for common stock. General Journal Clear entry Debit Credit View general journal >