Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December:

Analyze the effects of the transactions on the accounting equation of Thomas Gymnastics using a format similar to Exhibit F:1-6. Use the following accounts: Cash, Accounts Receivable, Office Supplies, Accounts Payable, Common Stock, Dividends, Service Revenue, Rent Expense, Utilities Expense, Salaries Expense, and Advertising Expense.

Data from Exhibit F:1-6

1. Received $30,000 cash and issued common stock to Sheena Bright, stockholder
2. Paid $20,000 cash for land
3. Bought $500 of office supplies on account
4. Received $5,500 cash from clients for service revenue earned
5. Performed services for clients on account, $3,000
6. Paid cash expenses: office rent, $2,000; employee salaries, $1,200
7. Paid $300 on the accounts payable created in Transaction 3
8. Collected $2,000 on the accounts receivable created in Transaction 5
9. Paid cash dividends of $5,000 to stockholder, Sheena Bright

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Dec. 1 Received $19,000 cash from Thomas in exchange for common stock. Received $3,800 cash from customers for services performed. 2 5 Paid $300 cash for office supplies. 9 Performed services for a customer and billed the customer for services rendered, $4,500. 10 15 20 25 28 28 30 31 Received $150 invoice for utilities due in two weeks. Paid for advertising in the local paper, $350. Paid utility invoice received on Dec. 10. Collected cash in full from customer billed on Dec. 9. Paid rent for the month, $2,600. Paid $1,200 to assistant for wages. Received $1,600 cash from customers for services performed. Cash dividends of $3,000 were paid to stockholders.