Required information Use the following information for Exercise 2-9 through Exercise 2-12 below. (Static) [The...
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Accounting
Required information Use the following information for Exercise 2-9 through Exercise 2-12 below. (Static) [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 K. Harris, the orner, invested $6,500 cash and $33,500 of photography equipnent in the company. 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. Exercise 2-11 (Static) 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; M. Harris, Capital; Services Revenue; and Utilities Expense. Accounts payable Accounts receivable Cash Equipment M. Harris, Capital M. Harris, Capital Prepaid insurance Services revenue Supplies Utilities expense Assets (+) increase (-) decrease
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