Dec.Dec.
1
CosmoCosmo
contributed
$ 20 comma 000$20,000
cash in exchange for capital.
2
Received
$ 2 comma 600$2,600
cash from customers for services performed.
5
Paid
$ 250$250
cash for office supplies.
9
Performed services for a customer and billed the customer forservices? rendered,
$ 2 comma 500$2,500.
10
Received
$ 700$700
invoice for utilities due in two weeks.
15
Paid for advertising in the local? paper,
$ 475$475.
20
Paid utility invoice received on
Dec.Dec.
10.
25
Collected cash in full from customer billed on
Dec.Dec.
9.
28
Paid rent for the? month,
$ 1 comma 900$1,900.
28
Paid
$ 1 comma 150$1,150
to assistant for wages.
30
Received
$ 2 comma 000$2,000
cash from customers for services performed.
31
TimminsTimmins
withdrew
$ 2 comma 500$2,500.
CosmoCosmo
TimminsTimmins
started a new? business,
TimminsTimmins
?Gymnastics, and completed the following transactions during
DecemberDecember?:
LOADING...
?(Click the icon to view the?transactions.) Analyzethe effects of the transactions on the accounting equation of
TimminsTimmins
Gymnastics.Analyze the events? chronologically, one transactionat a? time, beginning with the transaction on the 1st. For eachtransaction that follows the transaction on the? 1st, calculate thebalance in each account after analyzing its effect on theaccounting equation. Enter each transaction from the 28th onseparate lines and in the same order as presented in the problemstatement. ?(Complete only the necessary answer boxes for yourtransaction lines.? [Do not enter any zeros for yourtransaction?lines.] Carry down all balances to the? "Bal." line,including zero balance? accounts, entering a? "0" for any zerobalances. Enter a decrease in an account with a minus sign orparentheses. Abbreviations? used: A/P? = Accounts? Payable; A/R? =Accounts? Receivable; Adv.? = Advertising; Cap.? =
TimminsTimmins?,
?Capital; Exp.? = Expense; Liab.? = Liabilities; Off. Sup.? =Office? Supplies; Sal.? = Salaries; Serv. Rev.? = Service? Revenue;Util.? = Utility; Withdr.? =
TimminsTimmins?,
?Withdrawals.)
| ASSETS | = | LIAB. | + | EQUITY |
| Cash | + | A/R | + | Off. | = | A/P | + | Cap. | - | Withdr. | + | Serv. | - | Rent | - | Util. | - | Sal. | - | Adv. |
| | | | | Sup. | | | | | | | | Rev. | | Exp. | | Exp. | | Exp. | | Exp. |
12/1 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/2 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/5 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/9 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/10 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/15 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/20 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/25 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/28 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/28 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/30 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
12/31 | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Bal. | | + | | + | | = | | + | | - | | + | | - | | - | | - | | - | |
Enter any number in the edit fields and then continue to thenext question.
