Prepare journal entries to record the following August 2023 transactions of a new business called For the Love of Pixels. Aug. 1 Joseph Eagle, the owner, invested $24,000 cash and photography equipment with a fair value of $46,000. 1 Rented a studio, paying $13,200 for the next three months in advance. 5 Purchased office supplies for $2,000 cash. 20 Received $9,400 in photography revenue. 31 Paid $1,440 for August utilities.

1.Record the investment by owner.

2.Record the rent paid for studio space.

3.Record the purchased office supplies.

4.Record the collected photography revenue.

5Record the paid for August utilities.