Prepare General Journal entries to record the following August 2014 transactions of a new business called The Pixel Shop.
Aug. 1 Joseph Eetok, the owner, invested $20,000 cash and photography equipment with a fair value of $42,000.
1 Rented a studio, paying $12,000 for the next three months in advance.
5 Purchased office supplies for $1,800 cash.
20 Received $9,200 in photography fees.
31 Paid $1,400 for August utilities.