Prepare general journal entries for the following transactions of a new company called Pose for Pics.
Aug. 1 Kasey Madison, the owner, invested $7,500 cash and $32,500 of photography equipment in the company.
2 The company paid $3,000 cash for an insurance policy covering the next 24 months.
5 The company purchased office supplies for $1,400 cash.
20 The company received $2,650 cash in photography fees earned.
31 The company paid $875 cash for August utilities.