David Davis engaged in the following activities in establishing his photography studio, SnapShot!:

Opened a bank account in the name of SnapShot! and deposited $$8,550$ of his own money into this account in exchange for common stock.

Purchased photography supplies at a total cost of $$980.$ The business paid $$340$ in cash, and the balance is on account.

Obtained estimates on the cost of photography equipment from three different manufacturers.

Prepare the entries to record the transactions. $($If no entry is required, select $"$No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

No$.$ Account Titles and Explanation

$1.$

Common Stock

$2.$ Accounts Payable

$3.$ Accounts Receivable

Debit

Credit

$8550$

Accounts Payable

$.$ Accounts Receivable