P1-40A Using the accounting equation for transaction analysis Learning Objective 4 Meg Mckinne The following amounts summarize her business on August 31, 2018: y opened a pulblic relations firm called Solid Gold on August 1,2018 Cash $13,600 LIABILITIES+ EQUITY tLandAccounts + McKinney, McKinney, Service Rent -Advertising Capital Withdrawals Revenue Expense Expense Cash +Accounts Office Receivable Supplies Bal. $1,900$3,200 $0 +$15,000 $5,000 $11,900 $3,200 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 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 1-5. Learning Objective 4 P1-41A Using the accounting equation for transaction analysis