Dec. 1 Received $19,000 cash from Thomas in exchange for common stock. Received $3,800 cash from customers for services performed. Paid $300 cash for office supplies. Performed services for a customer and billed the customer for services rendered, $4,500. 10 Received $150 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $350. 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 $1,200 to assistant for wages. 30 Received $1,600 cash from customers for services performed. 31 Cash dividends of $3,000 were paid to stockholders.
Dec. 1 Received $19,000 cash from Thomas in exchange for common stock. Received $3,800 cash from customers for services performed. Paid $300 cash for office supplies. Performed services for a customer and billed the customer for services rendered, $4,500. 10 Received $150 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $350. 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 $1,200 to assistant for wages. 30 Received $1,600 cash from customers for services performed. 31 Cash dividends of $3,000 were paid to stockholders.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Using the
Cosmo Thomas started a new business, Thomas Gymnastics, and Completed the following transactions during December:
Analyze the effects of the transactions on the accounting equation of Thomas Gymnastics using a format similar to Exhibit l-6.
Transcribed Image Text:Dec. 1
Received $19,000 cash from Thomas in exchange for common stock.
Received $3,800 cash from customers for services performed.
Paid $300 cash for office supplies.
Performed services for a customer and billed the customer for services
rendered, $4,500.
10
Received $150 invoice for utilities due in two weeks.
15
Paid for advertising in the local paper, $350.
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 $1,200 to assistant for wages.
30
Received $1,600 cash from customers for services performed.
31
Cash dividends of $3,000 were paid to stockholders.
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