Required information [The following information applies to the questions displayed below.] Following are the transactions of...

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Required information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner, invested $11,000 cash and $47,300 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,900 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,090 cash. August 20 The company received $3,750 cash from taking photos for customers. August 31 The company paid $870 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. Assets (+) increase (+) increase 47,300 11,000 II = II (+) increase 3,900 = II (-) decrease 3,900 II (-) decrease 2,090 = (+) increase 2,090 = (+) increase 3,750 = (-) decrease 870 II Answer is not complete. Liabilities Equity + Common stock (+) increase 11,000 + + + + + + + Required information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 Madison Harris, the owner, invested $11,000 cash and $47,300 of photography equipment in the company in exchange for common stock. August 2 The company paid $3,900 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,090 cash. August 20 The company received $3,750 cash from taking photos for customers. August 31 The company paid $870 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. Assets (+) increase (+) increase 47,300 11,000 II = II (+) increase 3,900 = II (-) decrease 3,900 II (-) decrease 2,090 = (+) increase 2,090 = (+) increase 3,750 = (-) decrease 870 II Answer is not complete. Liabilities Equity + Common stock (+) increase 11,000 + + + + + + +