5, e P2-12B. Transaction Analysis and the Effect of Errors on the Trial Balanc e The following T-accounts contain numbered entries for the May transactions of Valerie Rankine who opened a consulting ser. vices business on May 1: Cash (1) 20,000 4,800(2) Common Stock 20,000(1) 3,700 810 (4) 1,950 (6) 600 (8) Accounts Receivable (5) 6,400 3,700 (9) Dividends 600 Office Supplies Office Equipment Accounts Payable Professional Fees Earned 0) 2.800 6,400(5) Rent Expense 4,800 810 Utilities Expense 1,950 2,800 (3)(7) 270 270 Required Give a description of each of the nine numbered transactions entered in the above accounts. Ex- ample: (1) Valerie Rankine invested $20.000 of her personal funds in the business in exchange for common stock h. The following trial balance, prepared for Rankine's firm as of May 31, contains several errors Itemize the errors and indicate the correct totals for the trial balance. 5, e P2-12B. Transaction Analysis and the Effect of Errors on the Trial Balanc e The following T-accounts contain numbered entries for the May transactions of Valerie Rankine who opened a consulting ser. vices business on May 1: Cash (1) 20,000 4,800(2) Common Stock 20,000(1) 3,700 810 (4) 1,950 (6) 600 (8) Accounts Receivable (5) 6,400 3,700 (9) Dividends 600 Office Supplies Office Equipment Accounts Payable Professional Fees Earned 0) 2.800 6,400(5) Rent Expense 4,800 810 Utilities Expense 1,950 2,800 (3)(7) 270 270 Required Give a description of each of the nine numbered transactions entered in the above accounts. Ex- ample: (1) Valerie Rankine invested $20.000 of her personal funds in the business in exchange for common stock h. The following trial balance, prepared for Rankine's firm as of May 31, contains several errors Itemize the errors and indicate the correct totals for the trial balance