2 Following are the transactions of a new company called Pose-for-PicS Aug. 1 Madison Harris, the owner, invested $8,750 cash and 37,625 of photography equipment in the company in exchange for common stock. 2 The company pa id 3, 600 cash for an insurance policy coveng he mex1 24 months 5 The company purchascd office supplics for S1, 663 cash. 1.25 points 20 The company received S2, 400 cash in photography fees earned. 31 The company paid 8880 cash for August utilities Prepare general journal entries for the above transactions Answer is complete but not entirely correct. No Date General Journal Debit 8,750 337,625 Credit Aug 01 Cash Office equipment 46,375 Common stock 3,600 2 Aug 02 Prepaid insurance 3,600 Cash 1,663 Aug 05 Office supplies 1,663 Cash 2.4000 Aug 20 Cash License fee revenue 2,400 Aug 31 330 Utilities expense Cash 330