Analyze the effects of the transactions on the accounting equation of

TurnbullTurnbull

Gymnastics.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. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transactionlines.] 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 = AccountsReceivable; Adv. = Advertising; Com. = Common; Contr. = Contributed; Div. =

Dividends;

Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility.)

Assets

=

Liab.

+

Equity

Contr.

Capital

Retained Earnings

Cash

+

A/R

+

Off.

=

A/P

+

Com.

-

Div.

+

Serv.

-

Rent

-

Util.

-

Sal.

-

Adv.

Sup.

Stock

Rev.

Exp.

Exp.

Exp.

Exp.

12/1

17,000

+

0

+

0

=

0

+

17,000

-

0

+

0

-

0

-

0

-

0

-

0

Enter any number in the edit fields and then click Check Answer.

Dec. 1 Received cash from in exchange for common stock. $17,000 Christian

2 Received cash from customers for services performed. $3,600

5 Paid cash for office supplies. $350

9 Performed services for a customer and billed the customer for services rendered, . $2,000

10 Received invoice for utilities due in two weeks. $450 1

15 Paid for advertising in the local paper, . $400

20 Paid utility invoice received on 10. December

25 Collected cash in full from customer billed on 9. December

28 Paid rent for the month, . $2,800

28 Paid to assistant for wages. $1,150

30 Received cash from customers for services performed. $2,600

31 Cash dividends of were paid to stockholders. 4000