P2-12B. Transaction Analysis and the Effect of Errors on the Trial Balance The following T-accounts contain numbered entries for the May transactions of Valerie Rankine who opened a consulting se vices business on May 1: Cash Common Stock (1) 20,000 4,800 (2) 20,000() 3,700 810 (4) 1,950 600 (6) (8) Accounts Receivable Dividends 6,400 3,700 (9) (8) Office Supplies Office Equipment Accounts Payable Professional Fees Earned (3) 2,800 6,400 (5) Rent Expense 4,800 810 Utilities Expense 1,950 2,800 (3) (7 270 l 270 Required a. Give a description of each of the nine numbered transactions entered in the above accounts. Ex- ample: (1) Valerie Rankine invested $20,000 of her personal funds in the business in exchange for common stock b. The following trial balance, prepared for Rankine's firm as of May 31, contains several erron Itemize the errors and indicate the correct totals for the trial balance. RANKINE CONSULTING SERVICES Unadjusted Trial Balance May 31, 2016 Debit Credit Cash $15,450 3,700 2,800 Office supplies Common stock Dividends Professional fees eaned . $ 1,120 20,000 6,400 Totals . 810