Exercise 2-4: Preparing general journal entries L.O. A1, P1 Prepare general journal entries for the following transactions of a new business called Pose-for-Pics. (Omit the "$" sign in your response.) Aug. 1 Madison Harris, the owner, invested $6,250 cash and $26,875 of photography equipment in the business. 2 Paid $3,000 cash for an insurance policy covering the next 24 months. 5 Purchased office supplies for $1,187 cash. 20 Received $2,450 cash in photography fees earned. 31 Paid $875 cash for August utilities. Date General Journal Debit Credit Aug. 1 Cash (5%) 6250 (5%) Photography Equipment (5%) 26875 (5%) Madison Harris, Capital (5%) 33125 (5%) 2 Insurance (0%) 3000 (5%) Cash (5%) 3000 (5%) 5 Office Supplies (5%) 1187 (5%) Cash (5%) 1187 (5%) 20 Cash (5%) 2450 (5%) Photography Fees Earned (5%) 2450 (5%) 31 Utilities Expense (5%) 875 (5%) Cash (5%) 875 (5%) ________________________________________

Exercise 2-4: Preparing general journal entries L.O. A1, P1

Prepare general journal entries for the following transactions of a new business called Pose-for-Pics. (Omit the "$" sign in your response.)

Aug. 1	Madison Harris, the owner, invested $6,250 cash and $26,875 of photography equipment in the business.
2	Paid $3,000 cash for an insurance policy covering the next 24 months.
5	Purchased office supplies for $1,187 cash.
20	Received $2,450 cash in photography fees earned.
31	Paid $875 cash for August utilities.

Date	General Journal	Debit	Credit
Aug. 1	Cash (5%)	6250 (5%)
	Photography Equipment (5%)	26875 (5%)
	Madison Harris, Capital (5%)		33125 (5%)
2	Insurance   (0%)	3000 (5%)
	Cash (5%)		3000 (5%)
5	Office Supplies (5%)	1187 (5%)
	Cash (5%)		1187 (5%)
20	Cash (5%)	2450 (5%)
	Photography Fees Earned (5%)		2450 (5%)
31	Utilities Expense (5%)	875 (5%)
	Cash (5%)		875 (5%)

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