Meg McKinney opened a public relations firm called Solid Gold on August 1, 2024. The following amounts summarize her business on August 31, 2024:

During September 2024, the business completed the following transactions:
a. Meg McKinney contributed $17,000 cash in exchange for capital.
b. Performed service for a client and received cash of $800.
c. Paid off the beginning balance of accounts payable.
d. Purchased office supplies from OfficeMax on account, $1,200.
e. Collected cash from a customer on account, $2,000.
f. McKinney withdrew $1,600.
g. Consulted for a new band and billed the client for services rendered, $4,500.
h. Recorded the following business expenses for the month:
Paid office rent: $1,000.
Paid advertising: $500.
Analyze the effects of the transactions on the accounting equation of Solid Gold using the format presented in Exhibit F:1-5.

In Exhibit F:1-5.

Transcribed Image Text:

ASSETS Cash + Accounts + Office + Land Receivable Supplies Bal. $1,900+ $3,200 + $0 + $15,000 LIABILITIES + Accounts + McKinney, Payable Capital $5,000+ $11,900 EQUITY McKinney, + Service Rent - Advertising Withdrawals Revenue Expense Expense + $3,200 -