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Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December: Dec. 1 Thomas contributed $19,000 cash in exchange for capital.

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Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December: Dec. 1 Thomas contributed $19,000 cash in exchange for capital. 2 Received $3,800 cash from customers for services performed. 5 Paid $300 cash for office supplies. 9 Performed services for a customer and billed the customer for services rendered, $4,500. 10 Received $150 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $350. 20 Paid utility invoice received on Dec. 10. 25 Collected cash in full from customer billed on Dec. 9. 28 Paid rent for the month, $2,600. 28 Paid $1,200 to assistant for wages. 30 Received $1,600 cash from customers for services performed. 31 Thomas withdrew $3,000 cash from the business. Analyze the effects of the transactions on the accounting equation of Thomas Gymnastics using a format similar to Exhibit F:1-5. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Accounts Payable; Thomas, Capital; Thomas, Withdrawals; Service Revenue; Rent Expense; Utilities Expense; Salaries Expense; and Advertising Expense. Assets Equity Accounts Urtice Receivable + Supplie Cash Accounts Payable Thomas, Service WithdrawalRevenu Thomas, Capital Rent UTILITIES Salarie Expens - Expens - 3 Advertisin g Expense 1 2 Bal 5 Bal 9 Bal 10 Bal 15 Bal 20 Bal 25 Bal 28 Bal 28 Bal 30 Bal 31 Bal

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