Question: Meg McKinney opened a public relations firm called Solid Gold on August 1 , 2 0 2 4 . The following amounts summarize her business
Meg McKinney opened a public relations firm called Solid Gold on August The following amounts summarize her business on August :
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During September the business completed the following transactions:
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Analyze the effects of the transactions on the accounting equation of Solid Gold.
The beginning balances given in the question have been entered for you. Analyze the events chronologically, one transaction at a time. Beginning with transaction a calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. Complete only the necessary answer boxes for your transaction lines. Do not enter any zeros for yourr transaction lines. Carry down all balances to the "Bal." line, including zero balance accounts, entering a O for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: AP Accounts Payable; AR Accounts Receivable; Adv. Advertising: Cap. McKinney. Capital; Exp. Expense; Liab Liabilities; Rev. Revenue; Sup. Supplies; Withdr. McKinney, Withdrawals.
a Meg McKinney contributed $ cash in exchange for capital.
bPerformed service for a client and received cash of $
c Paid off the beggining balance of accounts payable.
dPurchased office supplies from OfficeMax on account, $
eCollected cash from a customer on account, $
FMckinney withdrew $
gConsulted for a new band and billed the client for services rendered, $
H Recorded the following business expenses for the month: paid office rent $Paid advertising $
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