August 1 Madison Harris, the owner, invested $11,500 cash and $49,450 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,400 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,185 cash. August 20 The company received $3,450 cash from taking photos for customers. August 31 The company paid $872 cash for August utilities. Analyze each transaction above by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insuram Equipment; Common Stock; Services Revenue; and Utilities Expense. Date August 1 August 1 August 2 August 2 Accounts payable August 5 Accounts receivable August 5 Cash August 20 August 31 Common stock Assets < Prev 5 of 5 Score answer > Liabilities