Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner, invested $5,000 cash and $21,500 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,200 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $950 cash. August 20 The company received $3,500 cash from taking photos for customers. August 31 The company paid $874 cash for August utilities