Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $6,500 cash and $27,950 of photography equipment in the company. August 2 The company paid $2,600 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,235 cash. August 20 The company received $2,950 cash from taking photos for customers. August 31 The company paid $867 cash for August utilities