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[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,
[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 $10,250 cash and $44,075 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,400 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $1,948 cash. August 20 The company received $2,300 cash from taking photos for customers. August 31 The company paid $881 cash for August utilities.
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