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Required information i [The following information applies to the questions displayed below] Following are the transactions of a new company called Pose-for-Pics August 1 H.
Required information i [The following information applies to the questions displayed below] Following are the transactions of a new company called Pose-for-Pics August 1 H. Harris, the owner, invested $14,500 cash and $62,350 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 $2,755 cash. August 20. The company received $2,600 cash from taking photos for customers. August 31 The company paid $876 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 Insurance; Equipment: Common Stock Services Revenue, and Utilities Expense Date August 11 August 1 August 2 August 2 August 5 August 5 August 201 August 31 Annets = Liabilities Equity
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