If xsd:sequence has a minOccurs/maxOccurs, can child xsd:elements also have minOccurs/maxOccurs?

>From the spec this seems valid, but I wanted to make sure as I am
working on a schema validator :)

<xsd:element name="balance">
  <xsd:complexType>
    <xsd:sequence minOccurs="0" maxOccurs="unbounded">
      <xsd:element name="transaction"/>
      <xsd:element name="person" type="xsd:string" maxOccurs="2"/>
    </xsd:sequence>
  </xsd:complexType>
</xsd:element>

Is this valid? And if it is, then the following xml would be valid right:
<balance>
  <transaction />
  <person>Foo 1</person>
  <transaction />
  <person>Foo 1</person>
  <person>Foo 2</person>
</balance>

Thanks!