More infoDec.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 forservices 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.PrintDone 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 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. = Thomas, Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = OfficeSupplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. = Thomas, Withdrawals.)ASSETSLIAB.EQUITYCashA/ROf.A/PCap.WithdrServ.- Rent- Util.Sal.- Adv.+Sup.Rev.Exp.Exp.Exp.Exp.12/116,00016,000+12/22,0002,000+Bal.18,00016,0002,000+12/5Bal.Windows+ + +

Name: More infoDec.1 Cosmo contributed $16,000 cash in exchange for capital
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Description: More infoDec.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 forservices rendered,

The accounting equation states that assets equal to sum of liabilities and equity.

Business

Accounting

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.

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

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

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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