Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $14,500 cash and $62,350 of photography equipment in the company. 2 The company paid $2,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,755 cash. 20 The company received $2,750 cash in photography fees earned. 31 The company paid $883 cash for August utilities. Prepare general journal entries for the above transactions.