Phil Eubanks engaged in the following activities in establishing his photography studio, Picture This!:
1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money into this account in exchange for common stock.
2. Purchased photography supplies at a total cost of $950. The business paid $400 in cash, and the balance is on account.
3. Obtained estimates on the cost of photography equipment from three different manufacturers. In what form (type of record) should Phil record these three activities? Prepare the entries to record the transactions.