Accounting and the Business Environment 41 Problems Group A P1-40A Using the accounting equation for transaction analysis Learning Objective 4 Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018 e following amounts summarize her business on August 31, 2018: Cash $13,600 ASSETS LIABILITIES+ EQUITY Cash + AccountsOffice+ Land Receivable Supplies Accounts McKinney, McKinney, + Service Rent -Advertising Payable $5,000 $11,900 Capita Withdrawals Revenue Expense xpense Bal. $1,900+$3,200 + $0 +$15,000 + $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 payablo. 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