Question

ACC 201, Sec 009, Spring 2019, Miller (1) Homework: Graded MAL HW #1 [Ch. 1] Spring Save 2019 Score: 0 of 18 pts P1-41A (similar to) Cosmo Turnbull started a new business, Turnbull Gymnastics, and completed the < 5 of 14 (3 complete) HW Score: 2.23%, 4 of 179 pt EQuestion Help Cosmo Tumbull sarted a new busines, Tumbull Gymnastics, and completed thefollowing ransactions during Decembe Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Turnbull Gymnastios. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transactio that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "O" for any zero A/R Accoun Liab. - Liabilities; Off Sup. Office Supplies; Sal. Salaries; Serv. Rev. Service Revenue; Utl. - Ulility) a decrease in an account with a minus sign or parenthoses. Abbreviations used: A/P Accounts Payable; nts Receivable; Adv. Advertising: Com. Common; Contr Contributed: Div. Dividends; Exp. Expense; Assets Liab. + Equity Contr Capital Retained Earnings Cash + A/R + Of. = A/P + Corn. " Div. + Serv. -Rent- Sup Stock Rev. ExpExp.Exp. Exp. 12/1 Enter anv number in the edit fields and then click Check Answer

Answer 1

Transactions:	Assests =				Liabilities +		Equity
	Cash	Accounts Recieveable	Office Supplies		Accounts Payable		Common stock	Dividends	Service Revenue	Rent Expense	Utilties expenses	Salaries Expense	Advertising
1 Dec - Issue common stock	17,000						17,000
2 Dec - received from customers for services performed	3,600								3,600
5 Dec - Paid for office supplies			-150				-150
9 Dec - Performed services & billed customer		3,000							3,000
10 Dec - Received bill for utilities due in two weeks					450						450
15 Dec - Paid for advertising	-240												-240
20 Dec - Paid utility bill from 10 Dec	-450				-450
25 Dec - Collected cash from customer billed on 9 Dec	3,000	-3,000
28 Dec - Paid rent for month	-1,200									-1,200
28 Dec - Paid assistant wages	-1,100											-1,100
30 Dec - Received cash from customer for services performed	2,800								2,800
31 Dec - dividends	-2,400							-2,400
Totals for December	21,010	0	-150	20,860	0		16,850	-2400	9400	-1200	-450	-1100	-240	20860

$20860 is just a check i have put to tally both sides , to check if answer is correct