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Prepare a general journal entries for the following transactions of a business called SJMA in 2020 Explain the procedure. Aug. 1: Mikaela Ramos, the owner, invested Rs. 57,500 cash and Rs. 32,500 of photography equipment in the business 04: Paid Rs. 3,000 cash for an insurance policy covering the next 24 months 07: Services are performed and clients are billed for Rs. 10,000. 13: Purchased office supplies for Rs. 1,400. Cash paid Rs. 400 and remaining outstanding. 20 Received Rs. 2,000 cash in photography fees earned previously 24: The client immediately pays Rs. 15,000 for services to be performed at a later date. The business acquires photography equipment. The purchase price is Rs. 100,000, pays Rs. 25,000 cash and signs a note for the balance. 29