Following are the transactions of a new company called Pose-for-Pics.
August 1 M. Harris, the owner, invested $6,000 cash and $25,800 of photography equipment in the company.
August 2 The company paid $3,800 cash for an insurance policy covering the next 24 months.
August 5 The company purchased supplies for $1,140 cash.
August 20 The company received $2,750 cash from taking photos for customers.
August 31 The company paid $876 cash for August utilities.
rev: 09_25_2021_QC_CS-279674
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; M. Harris, Capital; Services Revenue; and Utilities Expense