Using the accounting equation for transaction analysis 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.