Help today statement of owner's equity

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.

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[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.

Skip to question

[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

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.

Skip to question

[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

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 P1
For 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).