Chapter 1, Problem P1.48BPGB

Using the accounting equation for transaction analysis
Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December:
Learning Objective 4
Cash $21,300

Dec. 1	Thomas contributed $19,000 cash in exchange for capital.
2	Received $3,800 cash from customers for services performed.
5	Paid $300 cash for office supplies.
9	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	Thomas withdrew $3,000 cash from the business.

Analyze the effects of the transactions on the accounting equation of Thomas Gymnastics using a format similar to Exhibit 1-5.