! Required information Use the following information for Exercises 9-12 below. (Algo) [The following information applies to the questions displayed below.) Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,250 cash and $26,875 of photography equipment in the company in exchange for common stock. 2 The company paid $3,100 cash for an insurance policy covering the next 24 months. 5 The company purchased supplies for $1,188 cash. 20 The company received $3,700 cash from taking photos for customers. 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. Assets Liabilities + Equity Date Aug. 1 + Ana 2 Date Assets Liabilities Equity Aug. 1 + Aug. 2 + Accounts payable + Aug. 5 + Accounts receivable Cash Aug. 20 Aug. 31 Common stock Date Assets Liabilities Equity Aug. 1 + - + Aug. 2 Aug. 5 (+) increase + (-) decrease Aug. 20 Aug. 31