Dec. 1 Cameron contributed $21,000 cash in exchange for capital. 2 Received $2,400 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, $1,500. 10 Received $100 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $300. 20 Paid utility invoice received on Dec. 10. 25 Collected cash in full from customer billed on Dec. 9. 28 Paid rent for the month, $2,800. 28 Paid $1,100 to assistant for wages. 30 Received $2,800 cash from customers for services performed. 31 Cameron withdrew $4,500.
Dec. 1 Cameron contributed $21,000 cash in exchange for capital. 2 Received $2,400 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, $1,500. 10 Received $100 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $300. 20 Paid utility invoice received on Dec. 10. 25 Collected cash in full from customer billed on Dec. 9. 28 Paid rent for the month, $2,800. 28 Paid $1,100 to assistant for wages. 30 Received $2,800 cash from customers for services performed. 31 Cameron withdrew $4,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![Cameron Turnbull started a new business, Turnbull Gymnastics, and completed the following transactions during December:
A(Click the icon to view the transactions.)
Analyze the effects of the transactions on the accounting equation of Turnbull Gymnastics.
Analyze the events chronologically, one transaction at a time. Beginning with the transaction on the 2nd, calculate the balance in each account after analyzing the
effect of the transaction on the accounting equation. Enter each transaction from the 28th on separate lines and in the same order as presented in the problem
statement. (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; Cap. = Turnbull, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office
Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. = Turnbull, Withdrawals.)
ASSETS
LIAB.
EQUITY
Cash
A/R
Of.
A/P
Сар.
Withdr.
Serv.
Rent
Util.
Sal.
Adv.
+
+
+
Sup.
Rev.
Exp.
Exp.
Exp.
Exp.
12/1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2192a21f-ca0e-41eb-8b3f-b4027432f647%2Fbf8bfc38-1092-4d86-a15c-e509ce37b476%2F4o10cae_processed.png&w=3840&q=75)
Transcribed Image Text:Cameron Turnbull started a new business, Turnbull Gymnastics, and completed the following transactions during December:
A(Click the icon to view the transactions.)
Analyze the effects of the transactions on the accounting equation of Turnbull Gymnastics.
Analyze the events chronologically, one transaction at a time. Beginning with the transaction on the 2nd, calculate the balance in each account after analyzing the
effect of the transaction on the accounting equation. Enter each transaction from the 28th on separate lines and in the same order as presented in the problem
statement. (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; Cap. = Turnbull, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office
Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. = Turnbull, Withdrawals.)
ASSETS
LIAB.
EQUITY
Cash
A/R
Of.
A/P
Сар.
Withdr.
Serv.
Rent
Util.
Sal.
Adv.
+
+
+
Sup.
Rev.
Exp.
Exp.
Exp.
Exp.
12/1

Transcribed Image Text:More info
Dec.
1 Cameron contributed $21,000 cash in exchange for capital.
2 Received $2,400 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, $1,500.
10 Received $100 invoice for utilities due in two weeks.
15 Paid for advertising in the local paper, $300.
20 Paid utility invoice received on Dec. 10.
25 Collected cash in full from customer billed on Dec. 9.
28 Paid rent for the month, $2,800.
28 Paid $1,100 to assistant for wages.
30 Received $2,800 cash from customers for services performed.
31 Cameron withdrew $4,500.
Print
Done
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