2:10 GRADED Chapter 1 HW Accounting | Online (Spring 2022) Cosmo Tilton started a new business, Tilton Gymnastics, and completed the following transactions during December: (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Tilton Gymnastics. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Accounts Payable; Tilton, Capital; Tilton, Withdrawals; Service Revenue; Rent Expense; Utilities Expense; Wages Expense; and Advertising Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation. Enter each transaction from the 28th on separate lines and in the same order as presented in the problem statement. (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: Cap. Tilton, Capital; Exp. Expense; Liab. = Liabilities; Off. Sup. = Office Supplies; Serv. Rev. Service Revenue; Util. = Utilities; Wage Wages; Withdr. Tilton, Withdrawals.) ASSETS = LIAB. + Cash + A/R + Off. A/P + Cap. - With Sup. 12/1 2:10 GRADED Chapter 1 HW Accounting | Online (Spring 2022) Receivable: Office Supplies; Accounts Payable; Tilton, Capital; Tilton, Withdrawals; Service Revenue; Rent Expense; Utilities Expense; Wages Expense; and Advertising he action: ount nting the 28th ler as boxes er any /down g zero ny zero ount with ations ing: Cap. 3.= Serv. es; Wage S.) EQUITY ap. - Withdr. + Serv. - Rent - Util. - Wage - Adv. Rev. Exp. Exp. Exp. Exp. More info Part 1 of 11 Performed services for a customer and billed the customer for services rendered, $3,500 Received $700 invoice for utilities due in two weeks. Dec. 1 Tilton contributed $16,000 cash in exchange for capital. Dec. 2 Received $3,600 cash from customers for services performed Dec. 5 Paid $550 cash for office supplies Dec. 9 Dec. 10 Dec. 15 Dec. 20 Paid utility invoice received on December10 Dec. 25 Dec. 28 Paid rent for the month, $3,000 Dec. 28 Dec. 30 Dec. 31 Paid for advertising in the local paper, $400 Collected cash in full from customer billed on December 9 Paid $1,250 to assistant for wages Received $2,400 cash from customers for services performed Tilton withdrew $6,000 Print Done esolve this Etext pages Get more help COMEN Clear all