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
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2192a21f-ca0e-41eb-8b3f-b4027432f647%2Fa6e3ae5b-5d79-4693-bed7-d88eae7ecd84%2Fky7egu_processed.png&w=3840&q=75)
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
+ + +
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