Question

Is this answer correct based on the following transactions?

P1-40A (book/static) Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018. The following amounts During September 2018, the business completed the following transactions summarize her business on August 31, 2018 (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Solid Gold 囲(Click the icon to view the amounts.) 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 equatio only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "O balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P-Accounts Payable, A/R·Accounts Receivable; Adv. Advertising: Com.-Common; Contr.. C Dividends. Exp.: Expense: Liab-Liabilities: Rev. = Revenue; Sup. Supplies.) ASSETS LIAB.+ EQUITY Contr Capital+ Retained Earnings Cash + A/R + Office + Land = A/P + Com. - Div. +Service Rent - Adv Sup Stock Rev Exp. Exp. Bal 1,900 3,200+ 0 + 15,000 = 5,000 + 11,900 03,200 17000 17000_ a. Bal. L89001 +[ 3200] +[ー] +[ 150001 =□ 500이 +[ 2890이 ·L 이 + 015000- 5000 28900- 2001 .

Answer 1

ASSETS LIAB. + Office Sup. + Land Div. EQUITY Retained Earnings + Service Rev. - Rent Exp. 3200 - + + Adv. Exp. A/R 3200 A/P 5000 Bal. + 15000 + Contr. Capital + + Com. Stock- + 11900 - 17000 28900 - = + 3200 15000 5000 Cash 1900 17000 18900 800 19700 -5000 14700 3200 800 4000 Bal. + 3200 15000 28900 5000 -5000 C. + Bal. 3200 O 15000 28900 4000 1200 1200 1200 Bal. 15000 1200 28900 4000 + + 14700 2000 16700 -1600 15100 3200 -2000 1200 OTO Bal. 1200 15000 = 1200 1200 + 28900 4000 1600 Bal. + 1200 15000 = 1200 28900 1600 4000 - 1200 4500 5700 4500 Bal. + + 1200 15000 1200 28900 1600 8500 15100 -1500 13600 + 1000 1000 Bal. + 5700 + 15000 = 1200 + 28900 - 1600 + 8500 - - 500