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) 12/1 12/2 Bal 12/5 Bal 12/9 Bal. 12/10 Bal 12/15 Bal. 12/20 Bal 12/25 Cash Assets +A/R +Off = A/P Sup + + ↓ + + + + + + + + + +1 +L + + + + + + + + + +1 + =Liab. + + W = = Contr Capital + Com. Stock + + + + + + + + + + + + Div + Serv Rev + + + + + + + + + + Equity Retained Earnings Rent Exp Util Exp Sal Exp -Adv Exp More info Dec. 1 Dec. 2 Dec. 5 Dec. 9 Dec. 10 Dec. 15 Dec. 20 Dec. 25 Dec. 28 Dec. 28 Dec. 30 Dec. 31 Received $21,000 cash from Cory in exchange for common stock Received $2,000 cash from customers for services performed Paid $500 cash for office supplies Performed services for a customer and billed the customer for services rendered, $3,000 Received $150 invoice for utilities due in two weeks Paid for advertising in the local paper, $275 Paid utility invoice received on December 10 Collected cash in full from customer billed on December 9. Paid rent for the month, $2,000 Paid $1,400 to assistant for wages Received $1,600 cash from customers for services performed Cash dividends of $5,000 were paid to stockholders Print Done -X
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) 12/1 12/2 Bal 12/5 Bal 12/9 Bal. 12/10 Bal 12/15 Bal. 12/20 Bal 12/25 Cash Assets +A/R +Off = A/P Sup + + ↓ + + + + + + + + + +1 +L + + + + + + + + + +1 + =Liab. + + W = = Contr Capital + Com. Stock + + + + + + + + + + + + Div + Serv Rev + + + + + + + + + + Equity Retained Earnings Rent Exp Util Exp Sal Exp -Adv Exp More info Dec. 1 Dec. 2 Dec. 5 Dec. 9 Dec. 10 Dec. 15 Dec. 20 Dec. 25 Dec. 28 Dec. 28 Dec. 30 Dec. 31 Received $21,000 cash from Cory in exchange for common stock Received $2,000 cash from customers for services performed Paid $500 cash for office supplies Performed services for a customer and billed the customer for services rendered, $3,000 Received $150 invoice for utilities due in two weeks Paid for advertising in the local paper, $275 Paid utility invoice received on December 10 Collected cash in full from customer billed on December 9. Paid rent for the month, $2,000 Paid $1,400 to assistant for wages Received $1,600 cash from customers for services performed Cash dividends of $5,000 were paid to stockholders Print Done -X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Cory Tinnemeyer started a new business, Tinnemeyer Gymnastics, and completed the following transactions during December
(Click the icon to view the transactions.)
Analyze the effects of the transactions on the accounting equation of Tinnemeyer Gymnastics.
12/1
12/2
Bal
12/5
Bal.
12/9
Bal.
12/10
Bal.
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)
- X
12/15
Bal
12/20
Bal.
12/25
Cash
Assets
+ A/R + Off.
Sup.
+
+
+
+
+[
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
= Liab. .
= A/P
=
=
=
=
=
Contr
Capital
+Com.
Stock
+
+
+
+
+
+
+
+
+
+
+
+
Div.
+
+
+
+
+
+
+
+
+
+
+
Serv
Rev.
Equity
Retained Earnings
Rent
Exp
Q L
Util
Exp
Sal.
Exp
aca
IEE
Adv.
Exp
hulu
More info
Dec. 1
Dec. 2
Dec. 5
This question: 5 point(s) possible
X
Received $21,000 cash from Cory in exchange for common stock
Received $2,000 cash from customers for services performed.
Paid $500 cash for office supplies
Performed services for a customer and billed the customer for services
rendered, $3,000.
Dec. 9
Dec. 10
Received $150 invoice for utilities due in two weeks.
Dec. 15
Paid for advertising in the local paper, $275.
Dec. 20
Paid utility invoice received on December 10.
Dec. 25
Collected cash in full from customer billed on December 9.
Dec. 28
Paid rent for the month, $2,000.
Dec. 28
Paid $1,400 to assistant for wages.
Dec. 30
Received $1,600 cash from customers for services performed.
Dec. 31 Cash dividends of $5,000 were paid to stockholders.
Print
Ⓒ
Done
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Transcribed Image Text:Cory Tinnemeyer started a new business, Tinnemeyer Gymnastics, and completed the following transactions during December
(Click the icon to view the transactions.)
Analyze the effects of the transactions on the accounting equation of Tinnemeyer Gymnastics.
12/1
12/2
Bal
12/5
Bal.
12/9
Bal.
12/10
Bal.
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)
- X
12/15
Bal
12/20
Bal.
12/25
Cash
Assets
+ A/R + Off.
Sup.
+
+
+
+
+[
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
= Liab. .
= A/P
=
=
=
=
=
Contr
Capital
+Com.
Stock
+
+
+
+
+
+
+
+
+
+
+
+
Div.
+
+
+
+
+
+
+
+
+
+
+
Serv
Rev.
Equity
Retained Earnings
Rent
Exp
Q L
Util
Exp
Sal.
Exp
aca
IEE
Adv.
Exp
hulu
More info
Dec. 1
Dec. 2
Dec. 5
This question: 5 point(s) possible
X
Received $21,000 cash from Cory in exchange for common stock
Received $2,000 cash from customers for services performed.
Paid $500 cash for office supplies
Performed services for a customer and billed the customer for services
rendered, $3,000.
Dec. 9
Dec. 10
Received $150 invoice for utilities due in two weeks.
Dec. 15
Paid for advertising in the local paper, $275.
Dec. 20
Paid utility invoice received on December 10.
Dec. 25
Collected cash in full from customer billed on December 9.
Dec. 28
Paid rent for the month, $2,000.
Dec. 28
Paid $1,400 to assistant for wages.
Dec. 30
Received $1,600 cash from customers for services performed.
Dec. 31 Cash dividends of $5,000 were paid to stockholders.
Print
Ⓒ
Done
Submit quiz
Next
12:53 PM
11/13/2022
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