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 M. Harris, the owner, invested $6,500 cash and $33,500 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $880 cash. August 20 The company received $3,331 cash from taking photos for customers. August 31 The company paid $675 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. Answer is not complete. Date August 1 Assets Liabilities Cash (+) increase 6,500 Prepaid insurance (+) 2,100+ increase August 1 Equipment (+) increase 33,500 Supplies (+) 880 increase August 2 Cash (-) decrease 2,100 + August 2 = + August 5 Cash (-) decrease 880 + August 5 + August 20 Cash (+) increase 3,331 + August 31 Cash (-) decrease 675 + Equity