Question

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14t presented on page 41. P1-41A Using the accounting equatio unting equation for transaction analysis In Turnbull started a new business, Turnbull Gymnastics, and completed the following transactions during December: Dec. 1 2 Cameron contributed $ 21.000 cash in exchange for capital. Received $2,400 cash from customers for services performed. 5 10 15 Paid $350 cash for office supplies. Performed services for a customer and billed the customer for services rendered, $150 Received $100 invoice for utilities due in two weeks. Paid for advertising in the local paper, $300. Paid utility invoice received on Dec. 10. Collected cash in full from customer billed on Dec. 9. Paid rent for the month, $2,800. Paid $1,100 to assistant for wages. Received $2,800 cash from customers for services performed. Cameron withdrew $4,500. 28 28 30 31 Analyze the effects of the transactions on the accounting equation of Turnbull Gymnastics using a format similar to Exhibit 1-5.

Answer 1

Date	Assets					=	Liabilities	+	Stockholder's Equity				Income Statement
	Cash	+	Accounts Receivable	+	Office Supplies	=	Accounts Payable	+	Turnbulls Capital	-	Turnbulls Withdrawals	+	Service Revenue	-	Rent Expenses	-	Utilities Expenses	-	Salaries Expenses	-	Advertisement Expenses
Dec-01	$21,000	+		+		=		+	$21,000	-		+		-		-		-		-
Dec-02	$2,400	+		+		=		+		-		+	$2,400	-		-		-		-
Dec-05	-$350	+		+	$350	=		+		-		+		-		-		-		-
Dec-09		+	$1,500	+		=		+		-		+	$1,500	-		-		-		-
Dec-10		+		+		=	$100	+		-		+		-		-	$100	-		-
Dec-15	-$300	+		+		=		+		-		+		-		-		-		-	$300
Dec-20	-$100	+		+		=	-$100	+		-		+		-		-		-		-
Dec-25	$1,500	+	-$1,500	+		=		+		-		+		-		-		-		-
Dec-28	-$2,800	+		+		=		+		-		+		-	$2,800	-		-		-
Dec-30	-$1,100	+		+		=		+		-		+		-		-		-	$1,100	-
Dec-31	-$4,500	+		+		=		+		-	$4,500	+		-		-		-		-
Total	$15,750	+	$0	+	$350	=	$0	+	$21,000	-	$4,500	+	$3,900	-	$2,800	-	$100	-	$1,100	-	$300