Marian Maguire opened a public relations firm called Pop Chart on August 1, 2024. The...
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Marian Maguire opened a public relations firm called Pop Chart 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 Pop Chart. The beginning balances given in the question have been entered for you. 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.) More info a. Received contribution of $12,000 cash from Marian Maguire in exchange common stock. b. Performed service for a client and received cash of $1,700. c. Paid off the beginning balance of accounts payable. d. Purchased supplies from OfficeMax on account, $400. e. Collected cash from a customer on account, $1,700. f. Cash dividends of $1,700 were paid to stockholders. g. Consulted for a new band and billed the client for services rendered, $2,700. h. Recorded the following business expenses for the month: 1. Paid office rent, $700. 2. Paid advertising, $400. Data table
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