44 chapter 1 Learning Objective 4 Cash $21,500 During September 2018, the business completed the following transactions: a. Received contribution of $17,000 cash from Meg McKinney in exchange for common stock. 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. Cash dividends of $1,600 were paid to stockholders. 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 1-6. P1-41A Using the accounting equation for transaction analysis Conner Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December: Dec. 1 Received $19,000 cash from Conner in exchange for common stock. 2 Received $3,800 cash from customers for services performed. 5 Paid $200 cash for office supplies. 9 Performed services for a customer and billed the customer for services rendered, $4,500. 10 Received $200 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $250. 20 Paid utility invoice received on December 10. 25 Collected cash in full from customer billed on December 9. 28 Paid rent for the month, $1,600. 28 Paid $1,450 to assistant for wages. 30 Received $1,400 cash from customers for services performed. 31 Cash dividends of $3,500 were paid to stockholders. Analyze the effects of the transactions on the accounting equation of Thomas Gymnastics using a format similar to Exhibit 1-6.