DO IT! 2.2 (LO 2) Ron Tost engaged in the following activities in establishing his photography studio, Shutter Bug:

Record business activities.

• 1. Opened a bank account in the name of Shutter Bug and deposited $6,500 of his own money into this account as his initial investment.

• 2. Purchased photography supplies at a total cost of $1,200. The business paid $400 in cash and the balance is on account.

• 3. Obtained estimates on the cost of photography equipment from three different manufacturers.

Prepare the journal entries to record the transactions. (You may omit explanations.)