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Following are the 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 in exchange for common stock.
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.
Prepare an August 31 trial balance for Pose-for-Pics.

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Answer:

Pose-for-Pics

Trial balance

For the month ended August 31, 202x

                                                   debit                    credit

Cash                                           $6,176

Prepaid insurance                     $2,012.50

Office supplies                          $880

Equipment                                 $33,500

Madison Harris, capital                                          $40,000

Service revenue                                                     $3,331

Insurance expense                   $87.50

Utilities expense                       $675

Total                                          $43,331                 $43,331

Explanation:

Dr Cash 6,500

Dr Equipment 33,500

    Cr Madison Harris, capital 40,000

Dr Prepaid insurance 2,100

    Cr Cash 2,100

Dr Insurance expense 87.50

    Cr Prepaid insurance 87.50

Dr Office supplies 880

    Cr Cash 880

Dr Cash 3,331

    Cr Service revenue 3,331

Dr Utilities expense 675

    Cr Cash 675

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