Following are the transactions of a new company called Pose for Pics.
| Aug. 1 | Kasey Madison, the owner, invested $6,000 cash and $25,800 of photography equipment in the company in exchange for common stock. |
| 2 |
The company paid $3,900 cash for an insurance policy covering the next 24 months.
|
| 5 | The company purchased office supplies for $1,140 cash. |
| 20 | The company received $3,700 cash in photography fees earned. |
| 31 | The company paid $874 cash for August utilities. |
|
Prepare general journal entries for the above transactions. (Omit the "$" sign in your response.)
|
| Date | General Journal | Debit | Credit |
| Aug. 1 | Cash | ||
| Photography equipment | |||
| Common stock | |||
| 2 | Prepaid insurance | ||
| Cash | |||
| 5 | Office supplies | ||
| Cash | |||
| 20 | Cash | ||
| Photography fees earned | |||
| 31 | Utilities expense | ||
| Cash |
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