Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Christopher Tanner started a new business, Tanner Gymnastics, and completed the following transactiorns during Decomber: (Click the icon to view the transactions.) Analyze the effects

image text in transcribedimage text in transcribed

Christopher Tanner started a new business, Tanner Gymnastics, and completed the following transactiorns during Decomber: (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Tanner Gymnastics. Analyze the events chronologically, one transaction at a time. Beginning with the transaction on the 2nd, calculate the balance in each account after analyzing the effect of the transaction 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 "O 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 Tanner, Capital; Exp = Expense; Liab = Liabilities; Off. S p -Orice Supplies, Sal. = Salaries, se Rev Servic Re nue; Util = Utility; Withdr-Tanner, Withdrawal ASSETS LIAB.+ EQUITY Cash AR + Off AP Cap. - Withdr. + Serv. - Rent - Util SaAdv. Exp. Exp Exp. Sup. Rev. Exp Enter any number in the edit fields and then click Check Answer. Dec. Christopher contributed $23,000 cash in exchange for capital. 2 Received $3,000 cash from customers for services performed. Paid $500 cash for office supplies. 5 9 Performed services for a customer and billed the customer for services rendered, $3,500. Received $250 invoice for utilities due in two weeks. 10 Paid for advertising in the local paper, $275. 15 20 Paid utility invoice received on Dec. 10. 25 Collected cash in full from customer billed on Dec. 9. Paid rent for the month, $2,400. 28 Paid $1,300 to assistant for wages. 28 Received $1,800 cash from customers for services performed. 30 31 Christopher withdrew $2,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Understanding Important Terms And Principles Of Accounting

Authors: Lyndsay Sudduth

1st Edition

B0B5KV57NJ, 979-8840104033

More Books

Students also viewed these Accounting questions

Question

3. Outline the four major approaches to informative speeches

Answered: 1 week ago

Question

4. Employ strategies to make your audience hungry for information

Answered: 1 week ago