Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner,...

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Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner, invested $14,250 cash and $61,275 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,200 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,708 cash. August 20 The company received $2,150 cash from taking photos for customers. August 31 The company paid $868 cash for August utilities. Exercise 2-11 (Algo) Analyzing transactions using accounting equation LO A1 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 Insurance; Equipment; Common Stock; Services Revenue; and Utilities Expense. Date August 1 August 1 August 2 August 2 August 5 August 5 August 20 August 31 Assets = Liabilities + Equity = = = = = = = = + + + + + + + + Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner, invested $14,250 cash and $61,275 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,200 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,708 cash. August 20 The company received $2,150 cash from taking photos for customers. August 31 The company paid $868 cash for August utilities. Exercise 2-11 (Algo) Analyzing transactions using accounting equation LO A1 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 Insurance; Equipment; Common Stock; Services Revenue; and Utilities Expense. Date August 1 August 1 August 2 August 2 August 5 August 5 August 20 August 31 Assets = Liabilities + Equity = = = = = = = = + + + + + + + +