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Meg McKinney opened a public relations firm called Solid Gold on August 1, 2024. The following amounts summarize her business on August 31, 2024: (Click
Meg McKinney opened a public relations firm called Solid Gold on August 1, 2024. The following amounts summarize her business on August 31, 2024: (Click the icon to view the amounts.) During September 2024 , the business completed the following transactions: (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Solid Gold. Revenue; Sup. = Supplies.) More info a. Received contribution of $17,000 cash from Meg McKinney in exchange for common stock. b. Performed service for a client and received cash of $800. c. Paid off the beginning balance of accounts payable. d. Purchased supplies from OfficeMax on account, $1,200. e. Collected cash from a customer on account, $2,000. f. Cash dividends of $1,600 were paid to stockholders. g. Consulted for a new band and billed the client for services rendered, $4,500. h. Recorded the following business expenses for the month: 1. Paid office rent, $1,000. 2. Paid advertising. $500
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