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 theeffect 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 problemstatement. (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. Abbreviationsused: A/P = Accounts Payable; A/R = Accounts Receivable; Adv. = Advertising; Cap. = Turnbull, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = OfficeSupplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. = Turnbull, Withdrawals.)ASSETSLIAB.EQUITYCashA/ROf.A/PСар.Withdr.Serv.RentUtil.Sal.Adv.+++Sup.Rev.Exp.Exp.Exp.Exp.12/1 More infoDec.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 forservices 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.PrintDone

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Description: 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 Gymnasti

Basic accounting equation is total assets is equals to sum of liabilities and capital .

Business

Accounting

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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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

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.
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