Question 13 James Mayaguez engaged in the following activities in establishing his photography studio, Picture...
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Accounting
Question 13
James Mayaguez engaged in the following activities in establishing his photography studio, Picture This!:
1.
Opened a bank account in the name of Picture This! and deposited $8,810 of his own money into this account in exchange for common stock.
2.
Purchased photography supplies at a total cost of $2,440. The business paid $540 in cash and the balance is on account.
3.
Obtained estimates on the cost of photography equipment from three different manufacturers.
Prepare the journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No.
Account Titles and Explanation
Debit
Credit
1.
2.
3.
Answer & Explanation
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