Question

pls can you solve this exercixe 40 A

> PIU Learning Objective 4 P1-40A Using the accounting equation for transaction analysis Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018. The following amounts summarize her business on August 31, 2018: Cash 513,600 EQUITY LIABILITIES + ASSETS Cash + Accounts + Office + Land Receivable Supplies Bal. $1,900 + $3,200 + $0 +$15,000 Accounts + Mckinney, - McKinney, + Service - Rent - Advertising Payable Capital withdrawals Revenue Expense Expense $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. & Consulted for a new band and billed the client for services rendered, 54,500. 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 ontvoie

Answer 1

Answer:

	ASSETS							=	LIABILITIES	+	EQUITY
Date	Cash	+	Accounts Receivable	+	Office Supplies	+	Land	=	Accounts Payable	+	McKinney, Capital	-	McKinney, Withdrawals	+	Service Revenue	-	Rent Expense	-	Advertising Expense
Bal.	$1,900	+	$3,200	+	$0	+	$15,000	=	$5,000	+	$11,900	-		+	$3,200	-		-
a	$17,000	+		+		+		=		+	$17,000	-		+		-		-
b	$800	+		+		+		=		+		-		+	$800	-		-
c	($5,000)	+		+		+		=	($5,000)	+		-		+		-		-
d		+		+	$1,200	+		=	$1,200	+		-		+		-		-
e	$2,000	+	($2,000)	+		+		=		+		-		+		-		-
f	($1,600)	+		+		+		=		+		-	$1,600	+		-		-
g		+	$4,500	+		+		=		+		-		+	$4,500	-		-
h	($1,500)	+		+		+		=		+		-		+		-	$1,000	-	$500
Total	$13,600	+	$5,700	+	$1,200	+	$15,000	=	$1,200	+	$28,900	-	$1,600	+	$8,500	-	$1,000	-	$500