1. Analyzing and Recording Transactions
Chapter 2 Exercises
Analyzing and Recording Transactions

2. Analyzing Transactions
In-Class Exercises:
Exercise No Page
Journal Entries

3. Analyzing Transactions
Prepare general journal entries for the following transactions of a new company called Pose for Pics.
Aug. 1 Kasey Madison, the owner, invested $7,500 cash and $32,500 of photography equipment in the company.
Aug Paid $3,000 cash for an insurance policy covering the next 24 months.
Aug Purchased office supplies for $1,400 cash.
Aug. 20 Received $2,650 cash in photography fees earned.
Aug Paid $875 cash for August utilities.

4. Analyzing Transactions

5. Analyzing Transactions
In-Class Exercises:
Exercise No Page
T-Accounts & Trial Balance

6. Analyzing Transactions
Using the journal entries from Exercise 2-7, post the general journal entries to the T-accounts (which will serve as the general ledger).
After posting entries to the T-accounts, prepare a trial balance as of August 31 for Pose for Pics.

7. Analyzing Transactions
Completed T-Accounts

8. Analyzing Transactions