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Prepare journal entries to record the following August 2020 transactions of a new business called For the Love of Pivels. Aug. 1 Joseph Eagle, the owner, invested $17,000 cash and photography equipment with a fair value of $5e,eee. 1 Rented a studio, paying $14, 4ee for the next three months in advance. 5 Purchased office supplies for $2,20cash. 20 Received 59,600 in photography revenue. 31 Paid 51,480 for August utilities