Prepare general journal entries for the following transactions of a new business called Pose for Pics. Aug. 1 Hashim Paris, the owner, invested $7,500 cash and $32,500 of photography equipment in the business. 1 Paid $3,000 cash for an insurance policy covering the next 24 months. 5 Purchased office supplies for $1,400 cash. 20 Received $2,650 cash in photography fees earned. 31 Paid $875 cash for August utilities.