Dec. 1 Cosmo contributed $16,000 cash in exchange for capital. 2 Received $2,000 cash from customers for services performed. 5 Paid $600 cash for office supplies. 9 Performed services for a customer and billed the customer for services rendered, $6,500. 10 Received $550 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $425. 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, $2,600. 28 Paid $1,500 to assistant for wages. 30 Received $1,400 cash from customers for services performed. 31 Cosmo withdrew $2,500.
Dec. 1 Cosmo contributed $16,000 cash in exchange for capital. 2 Received $2,000 cash from customers for services performed. 5 Paid $600 cash for office supplies. 9 Performed services for a customer and billed the customer for services rendered, $6,500. 10 Received $550 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $425. 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, $2,600. 28 Paid $1,500 to assistant for wages. 30 Received $1,400 cash from customers for services performed. 31 Cosmo withdrew $2,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question

Transcribed Image Text:More info
Dec.
1 Cosmo contributed $16,000 cash in exchange for capital.
2 Received $2,000 cash from customers for services performed.
5 Paid $600 cash for office supplies.
9 Performed services for a customer and billed the customer for
services rendered, $6,500.
10 Received $550 invoice for utilities due in two weeks.
15 Paid for advertising in the local paper, $425.
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, $2,600.
28 Paid $1,500 to assistant for wages.
30 Received $1,400 cash from customers for services performed.
31 Cosmo withdrew $2,500.
Print
Done
![Cosmo Thomas started a new business, Thomas 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 Thomas 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. = Thomas, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office
Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. = Thomas, Withdrawals.)
ASSETS
LIAB.
EQUITY
Cash
A/R
Of.
A/P
Cap.
Withdr
Serv.
- Rent
- Util.
Sal.
- Adv.
+
Sup.
Rev.
Exp.
Exp.
Exp.
Exp.
12/1
16,000
16,000
+
12/2
2,000
2,000
+
Bal.
18,000
16,000
2,000
+
12/5
Bal.
Windows
+ + +](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2192a21f-ca0e-41eb-8b3f-b4027432f647%2Fa6e3ae5b-5d79-4693-bed7-d88eae7ecd84%2Fglg0ien_processed.png&w=3840&q=75)
Transcribed Image Text:Cosmo Thomas started a new business, Thomas 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 Thomas 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. = Thomas, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office
Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. = Thomas, Withdrawals.)
ASSETS
LIAB.
EQUITY
Cash
A/R
Of.
A/P
Cap.
Withdr
Serv.
- Rent
- Util.
Sal.
- Adv.
+
Sup.
Rev.
Exp.
Exp.
Exp.
Exp.
12/1
16,000
16,000
+
12/2
2,000
2,000
+
Bal.
18,000
16,000
2,000
+
12/5
Bal.
Windows
+ + +
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education