Conner Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December:
Dec. 1 Received $19,000 cash from Conner in exchange for common stock.
2 Received $3,800 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, $4,500.
10 Received $200 invoice for utilities due in two weeks.
15 Paid for advertising in the local paper, $250.
20 Paid utility invoice received on December 10.
25 Collected cash in full from customer billed on December 9.
28 Paid rent for the month, $1,600.
28 Paid $1,450 to assistant for wages.
30 Received $1,400 cash from customers for services performed.
31 Cash dividends of $3,500 were paid to stockholders.
Analyze the effects of the transactions on the accounting equation of Thomas Gymnastics using a format similar to Exhibit 1-6.