Christopher Turner started a new business, Turner 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 Turner 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 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; Com. = Common; Contr. = Contributed; Div. = Dividends; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility.) Assets Equity = Liab. 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 22000 + + = + 22000 + 2800 2800 12/2 + + + + - Bal. 30000 + 2800 + 0 + 22000 + 2800 12/5 (600) 600 2400 + + + + Bal. 29400 + + 600 = 22000 + 0 12/9 Bal. + 12/10 Next More info Dec. 1 Dec. 2 Received $22,000 cash from Christopher in exchange for common stock. Received $2,800 cash from customers for services performed. Dec. 5 Paid $600 cash for office supplies. Dec. 9 Performed services for a customer and billed the customer for services rendered, $2,400. Dec. 10 Received $600 invoice for utilities due in two weeks. Dec. 15 Paid for advertising in the local paper, $275. Dec. 20 Paid utility invoice received on December 10. Collected cash in full from customer billed on December 9. Dec. 25 Dec. 28 Paid rent for the month, $2,000. Dec. 28 Paid $1,420 to assistant for wages. Dec. 30 Received $1,600 cash from customers for services performed. Dec. 31 Cash dividends of $5,000 were paid to stockholders. Print Done