Question

Christopher Turner started a new business, Turner Gymnastics, and completed the following transactions during December:
Dec. 1 Christopher contributed $ 21,000 cash in exchange for common stock.
2 Received $ 3,500 cash from customers for services performed.
5 Paid $ 200 cash for office supplies.
9 Performed services for a customer and billed the customer for services rendered, $ 2,000.
10 Received $ 300 bill for utilities due in two weeks.
15 Paid for advertising in the local paper, $ 325.
20 Paid utility bill received on Dec. 10.
25 Collected cash from customer billed on Dec. 9.
28 Paid rent for the month, $ 2,000.
28 Paid $ 1,250 to assistant for wages.
30 Received $ 1,800 cash from customers for services performed.
31 Cash dividends of $ 5,000 were paid to stockholders.
Analyze the effects of the transactions on the accounting equation of Turner Gymnastics using a format similar to Exhibit.



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  • CreatedJanuary 16, 2015
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