1. Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018. The following amounts summarize her business on August 31, 2018: ARVITS LALITHE EQUITY Cash land A nh. Oke Raphahe S ies $1,200 . 50 Accounts Payable $5,000 McKinney, - McKinney,+ Service - Rent Capital Withdrawals Revenue Expense $11.900 + $3,200 Advertising Expense Hal $1,900 315,000 During September 2018, 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. 9. Consulted for a new band and billed the client for services rendered, $4,500. h. Recorded the following business expenses for the month: I Paid office rent: $1,000. ll. Paid advertising: $500. Requirements: R1. Analyze the effects of the transactions on the accounting equation of Solid Gold using the format presented in Exhibit 1-5. R2. Prepare the income statement of Solid Gold for the month ended August 31, 2018 R3. Prepare the entity's statement of retained earnings for the month ended August 31, 2018 R4. Prepare the balance sheet at August 31, 2018