A Using the accounting equation for transaction analysisChristopher Turner started a new business, Turner Gymnastics, and completed the following transactions during December:Dec. 1Christopher contributed $21,000 cash in exchange for capital.2Received $3,500 cash from customers for services performed.5Paid $200 cash for office supplies.9Performed services for a customer and billed the customer for services rendered, $2,000.10Received $300 bill for utilities due in two weeks.15Paid for advertising in the local paper, $325.20Paid utility bill received on Dec. 10.25Collected cash from customer billed on Dec. 9.28Paid rent for the month, $2,000.28Paid $1,250 to assistant for wages.30Received $1,800 cash from customers for services performed.31Christopher withdrew $5,000 cash from the business.

Analyze the effects of the transactions on the accounting equation of Turner Gymnastics using a format similar to Exhibit 1-4. Learning Objective 4Total Assets $19,425