Chapter 1, Problem 1.41AP

Using the accounting equation for transaction analysis

Cameron Turnbull started a new business, Turnbull Gymnastics, and completed the following transactions during December:

Dec. 1	Cameron contributed $21,000 cash in exchange for common stock.
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	Cash dividends of $4,500 were paid to stockholders.

Analyze the effects of the transactions on the accounting equation of Turnbull Gymnastics using a format similar to Exhibit 1-6.

Exhibit 1-6 Analysis of Transactions, Smart Touch Learning