Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December: Dec. 1 2 5 9 10 15 Thomas contributed $19,000 cash in exchange for capital. Received $3,800 cash from customers for services performed. Paid $300 cash for office supplies. Performed services for a customer and billed the customer for services rendered, $4,500 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. Thomas withdrew $3,000 cash from the business. 20 25 28 28 30 31 Analyze the effects of the transactions on the accounting equation of Thomas Analyze the effects of the transactions on the accounting equation of Thomas Gym nastics. Solution: Assets LUME + Equity ACCOUNT Cash Accounts UTTIce + Receivable + Supplie Thomas, Capital Thomas, service Withdrawal + Revenu + Rent Utilities Expens - Expens Salarte S Evnen 1 2 Bal S Bal 9 Bal 10 Bal 15 Bal. 20 Bal 25 Bal 28 Bal 28 Bal 30