[springsmama]

The question is:
Prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and Utilities Expense. Post the general journal entries to these T-accounts (which will serve as the ledger), and prepare a trial balance.
The transactions are: Aug. 1: Hashim Paris, the owner, invested $7,500 cash and $32,500 of photography equipment in the business.
1: Paid $3,000 cash for an insurance policy covering the next 24 months.
5: Purchased office supplies for $1,400 cash.
20: Received $2,650 cash in photography fees earned.
31: Paid $875 cash for August utilities.

As far as I can tell I have assets of $7500, 32500, and 2650.
And expenses of $3000, 1400, 875, and 32500.
Is that right?

I know that Trial Balances require the sum of the credits to equal the sum of the debits- I just don't know how to work it out. Please help!

[pready]

The following accounts and balances you should have:

Cash 4,875
Equipment 32,500
PrePaid Insurance 3,000
Office Supplies 1,400
Utilities Expense 875
Owner's Equity 40,000
Photography Fees Earned 2,650

Your total Debits & Credits should equal 42,650.


Nete: Your Debits must Equal your Credits.
For every transaction there is at least one Debit and at least one Credit.