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.