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Prepare general journal entries for the following transactions of a new company called Pose for Pics.
Aug. 1 Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company.2 The company paid $2,100 cash for an insurance policy covering the next 24 months.5 The company purchased office supplies for $880 cash.20 The company received $3,331 cash in photography fees earned.31 The company paid $675 cash for August utilities.
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