0 Required information [The following information applies to the questions displ

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0 Required information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,900 cash and $34,900 of photography equipment in the company in exchange for common stock. 2 The company paid $3,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,020 cash. 20 The company received $4,731 cash in photography fees earned. 31 The company paid $815 cash for August utilities Prepare general journal entries for the above transactions.

Explanation / Answer

Date General Journal Debit Credit Aug. 1 Cash $7,900 Photography equipment $34,900 Common stock $42,800 Aug. 2 Prepaid insurance $3,500 Cash $3,500 Aug. 5 Office supplies $1,020 Cash $1,020 Aug. 20 Cash $4,731 Photography fees earned $4,731 Aug. 31 Utilities expense $815 Cash $815

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