Received contribution of $9,000 cash from Missy Montana in exchange for common stock. Performed service for a client and received cash of $1,000. Paid off the beginning balance of accounts payable. Purchased supplies from Office Max on account, $300. Collected cash from a customer on account, $2,400. Cash dividends of $1,400 were paid to stockholders. Consulted for a new band and billed the client for services rendered, $4,200. Recorded the following business expenses for the month: 1. Paid office rent, $1,200. 2. Paid advertising, $750. EQUITY ASSETS = LIABILITIES + Contributed Capital Cash + Accounts + Office + Land = Accounts + Common Receivable Supplies Payable Stock Bal. $ 2,500 + $ 3,400 + $ 0 + $ 17,000 = $ 8,000 + $ 11,500 + - Dividends Retained Earnings + Service - Rent Revenue Expense + $ 3,400 - Advertising Expense Missy Montana opened a public relations firm called Pop Chart on August 1, 2018. The following amounts summarize her business on August 31, 2018: During September 2018, the business completed the following transactions: (Click the icon to view the transactions.) (Click the icon to view the amounts.) Analyze the effects of the transactions on the accounting equation of Pop Chart. 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; Com. = Common; Contr. = Contributed; Div. = Dividends; Exp. = Expense; Liab = Liabilities; Rev. = Revenue; Sup. = Supplies.) ASSETS = LIAB. + EQUITY Contr. Retained Earnings Cash + A/R + Office + Land = A/P + Sup. Capital + Com. - Div. Stock 11,500 - 9,000 - - + Service - Rent Rev. Rev. Exp. Exp. + 3,400 - 0 - Adv. Exp. - Bal. 2,500 + 3,400 + 0 + 17.000 = 0 8,000 + + + + + + Bal. + + + +