Transaction Analysis} During December, Cynthiana Refrigeration Service engaged in the following transactions: a. On December 3, Cynthiana

Question:

Transaction Analysis}

During December, Cynthiana Refrigeration Service engaged in the following transactions:

a. On December 3, Cynthiana sold a one-year service contract to Cub Foods for $\$ 12 ; 000$ cash.

b. On December 10, Cynthiana repaired equipment of the A\&W Root Beer Drive-In. A\&W paid $\$ 1,100$ in cash for the service call.

c. On December 10, Cynthiana purchased a new Chevy truck for business use. The truck cost $\$ 36,500$. Cynthiana paid $\$ 5,500$ down and signed a one-year note for the balance.

d. On December 19, Cynthiana received $\$ 3,200$ worth of repair parts that it had previously ordered from Carrier Corporation. Carrier is expected to bill Cynthiana for $\$ 3,200$ in early January.

e. On December 23, Cynthiana purchased 20 turkeys from Cub Foods for $\$ 300$ cash. Cynthiana gave the turkeys to its employees as a Christmas gift.

\section*{Required:}

For each transaction described above, indicate the effects on assets, liabilities, and shareholders' equity using the format below.

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