Using the accounting equation for transaction analysis Christopher Turner s

Using the accounting equation for transaction analysis

Christopher Turner started a new business Turner Gymnastics and completed the

following transactions during December:

Dec. 1 Christopher contributed $21000 cash in exchange for capital.

2 Received $3500 cash from customers for services performed.

5 Paid $200 cash for office supplies.

9 Performed services for a customer and billed the customer for

services rendered $2000.

10 Received $300 bill for utilities due in two weeks.

15 Paid for advertising in the local paper $325.

20 Paid utility bill received on Dec. 10.

25 Collected cash from customer billed on Dec. 9.

28 Paid rent for the month $2000.

28 Paid $1250 to assistant for wages.

30 Received $1800 cash from customers for services performed.

31 Christopher withdrew $5000 cash from the business.

Analyze the effects of the transactions on the accounting equation of Turner

Gymnastics using the formular Assets=Liabilities+Equity

Total Assets $19425