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Use the following information for Exercise 2-9 through Exercise 2-12 below. (Algo) [The following information applies to the questions displayed below] Following are the
Use the following information for Exercise 2-9 through Exercise 2-12 below. (Algo) [The following information applies to the questions displayed below] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Barris, the owner, invested $12,500 cash and $53,750 of photography equipment in the company in exchange for common stock. August 2 The company paid $2,700 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,375 cash. August 20 The company received $3,000 cash from taking photos for customers. August 31 The company paid $878 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 201 August 31 Assets Liabilities + + + . Equity
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