Question
Dec 1 cameron contributed 21,000 cash in exchange for capital 2. received 2,400 cash from customers for services performed. 5. paid $350 cash for office
Dec 1 cameron contributed 21,000 cash in exchange for capital
2. received 2,400 cash from customers for services performed.
5. paid $350 cash for office supplies
9. performed services for a customer and billed the customer for services rendered 1,500
10, received $100 invoice for utilites due in two weeks
15. paid for advertising in the local paper $300
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, 2,800
2. paid 1,100 to assistant for wages
30. received 2,800 cash from customers for services performed
31 cameron withdrew 4,500
Analyze the effects of the transactions on the accounting equation of Turnbull 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 ''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; Cap. = Turnbull, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. = Turnbull, Withdrawals.)Step by Step Solution
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