a. b. Missy Mansion contributed $16,000 cash in exchange for capital. Performed service for a client and received cash of $700. Paid off the beginning balance of accounts payable. Purchased office supplies from Office Max on account, $900. Collected cash from a customer on account, $1,600. Mansion withdrew $2,000. Consulted for a new band and billed the client for services rendered, $3,500. Recorded the following business expenses for the month: 1. Paid office rent: $1,600. 2. Paid advertising: $400. 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 your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero 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; Cap. = Mansion, Capital; Exp. = Expense; Liab = Liabilities; Rev. = Revenue; Sup. = Supplies; Withdr. = Mansion, Withdrawals.) ASSETS EQUITY = = LIAB. A/P + + Cash + AIR + Land Cap. - Withdr. + Office Sup. 0 + Service Rev. 2,800 - Rent Exp. 0 - Adv. Exp. 2,100 2,800 18,000 = 4,000 16,100 0 Bal. a. + + + + + + + + + Data Table ASSETS = LIABILITIES + + + Land - Accounts Cash + Accounts Receivable Bal. $2,100 + $2,800 Office Supplies $0 + Mansion Capital + $16,100 - Mansion, Withdrawals EQUITY + Service Revenue $2,800 - Rent Expense - Advertising Expense Payable + + $18,000 = $4,000 Print [ Done Print Done