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 in exchange for common stock. |
| 2 | The company paid $3,000 cash for an insurance policy covering the next 24 months. |
| 5 | The company purchased office supplies for $1,400 cash. |
| 20 | The company received $2,650 cash in photography fees earned. |
| 31 | The company paid $875 cash for August utilities. |
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