Chapter D, Problem 7E

Prepare general journal entries for the following transactions of a new company called Pose-for-Pics. Use the following (partial) chart of accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; Common Stock; Photography Fees Earned; and Utilities Expense.
Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock.
2 The company paid $2,100 cash for an insurance policy covering the next 24 months.
2 The company purchased office supplies for $880 cash.
19 The company received $3,331 cash in photography fees earned.
28 The company paid $675 cash for August utilities.
Exercise D-7 Preparing general journal Entries PI