Question

Analyze the events​ chronologically, one transaction at a​ time, beginning with the transaction on the 1st. For each transaction 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 your transaction​lines.] Carry down all balances to the​ "Bal." line, including zero balance​ accounts, entering a​ "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations​ used: A/P​ = Accounts​ Payable; A/R​ = Accounts​Receivable; Adv.​ = Advertising; Com.​ = Common; Contr.​ = Contributed; Div.​ =

Dividends​;

Exp.​ = Expense; Liab.​ = Liabilities; Off. Sup.​ = Office​ Supplies; Sal.​ = Salaries; Serv. Rev.​ = Service​ Revenue; Util.​ = Utility.)

Dec. 1 Received cash from in exchange for common stock. $17,000 Christian 2 Received $3,600 cash from customers for services performed. 5 Paid $350 cash for office supplies. 9 Performed services for a customer and billed the customer for services rendered, $2,000. 10 Received $450 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $400. 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, $2,800. 28 Paid $1,150 to assistant for wages. 30 Received $2,600 cash from customers for services performed. 31 Cash dividends of $4,000 were paid to stockholders.

Answer 1

	Assets					=	Liab.	+	Equity
Date	Cash	+	A/R	+	Off Sup.	=	A/P	+	Cap	-	Dividends	+	Serv. Rev.	-	Rent Exp.	-	Uti Exp.	-	Sal Exp.	-	Adv Exp.
1-Dec	17,000								17,000
2-Dec	3,600												3,600
5-Dec	-350				350
9-Dec			2,000										2,000
10-Dec							450										450
15-Dec	-400																				400
20-Dec	-450						-450
25-Dec	2,000		-2,000
28-Dec	-2,800														2,800
28-Dec	-1,150																		1,150
30-Dec	2,600												2,600
31-Dec	-4,000										4,000