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Following are the transactions of a new company called Pose-for-Pics.
Aug. 1 Madison Harris, the owner, invested $11,500 cash and $49,450 of photography equipment in the company in exchange for common stock.
2 The company paid $3,400 cash for an insurance policy covering the next 24 months.
5 The company purchased office supplies for $2,185 cash.
20 The company received $2,550 cash in photography fees earned.
31 The company paid $869 cash for August utilities.
Prepare general journal entries for the above transactions.
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