Following are the transactions of a new company called Pose-for-Pics.

Aug.		1		Madison Harris, the owner, invested $11,750 cash and $50,525 of photography equipment in the company in exchange for common stock.
		2		The company paid $2,200 cash for an insurance policy covering the next 24 months.
		5		The company purchased office supplies for $2,233 cash.
		20		The company received $2,400 cash in photography fees earned.
		31		The company paid $875 cash for August utilities.

Prepare general journal entries for the above transactions.

1 Madison Harris, the owner, invested $11,750 cash and $50,525 of photography equipment in the company in exchange for common stock.

2 The company paid $2,200 cash for an insurance policy covering the next 24 months.

3 The company purchased office supplies for $2,233 cash.

4 The company received $2,400 cash in photography fees earned.

5 The company paid $875 cash for August utilities.