Sage Hill Inc. was opened on August 1 by Joe Sage Hill. The following selected events and transactions occurred during August Aug. 1 Invested $57,000 cash in the business in exchange for common stock. 3 Purchased O'Brien's Tree Service for $39,000 cash. The price consists of land $25,000, building $12,000, and equipment $2,000. (Make one compound entry.) 5 Advertised the opening of the business, paying advertising expenses of $1,300 6 Paid cash $1,240 for a one-year insurance policy. 10 Purchased equipment for $2,100 from Oriole Company, payable in 30 days. 18 Received fees for services of $1,500 in cash. 25 Declared and paid a $550 cash dividend. 30 Paid wages of $1,200 30 Paid Oriole Company in full. 31 Received $600 of fees in cash. Sage Hill uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Journalize the August transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1 Aug. 3