Question

Save Homework: Chapter 1 Homework 2 [Required] Score: 0 of 1 pt 13 of 13 (12 complete) P1-41A (similar to) > HW Score: 79.73%, 10.36 of 13 pts 13 Question Help Cory Timmins started a new business, Timmins Gymnastics, and completed the following transactions during December: i (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Timmins Gymnastics. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation. (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 "o' 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: Com. = Common; Contr. = Contributed: Div. = Dividends: Exp. = Expense: Liab. = Liabilities; Of Sup. = Office Supplies; Sal. = Salaries: Serv. Rev. = Service Revenue; Util. = Utility.) Assets Liab. + Equity i More Info Contr. Capital + Com. Stock Cash + A/R + Off. = A/P - Div. + Dec. Retained Earnings Serv. - Rent - Util. - Sal. - Adv. Rev. Exp. Exp. Exp. Exp. D D- DO Sup. 12/1 + 0-+ D 1 Received $17,000 cash from Cory in exchange for common stock. 2 Received $3,200 cash from customers for services performed. 5 Paid $500 cash for office supplies. 9 Performed services for a customer and billed the customer for Services rendered, S1,500. 10 Received $600 invoice for utilities due in two weeks. 15 Paid for advertising in the local paper, $475. 20 Paid utility invoice received on December 10. 25 Collected cash in full from customer billed on December 9. 26 Paid rent for the month, $1,200. 28 Paid $1.250 to assistant for wages. 30 Received $2,600 cash from customers for services performed. 31 Cash dividends of $1,500 were paid to stockholders. Print Done Enter any number in the edit fields and then click Check Answer

Answer 1

= Laiabilities + Equity Assets Contributed Retained Earnings capital Advertising Salaries Accounts Office Accounts Common Service Rent Utilities Dividends + Cash Receivable Supplies payable Stock Revenue Expense Expenses Expense Expense $17,000 + $17,000 - 12/1 $3.200 + $3,200 12/2 $0 + $17,000 $0 - Bal. $20,200 + $0 = $3,200 - $0 $0 $0 12/5 -$500 + $500 = $0 $0 + $0 + Bal. $19,700 + $500 = $17,000 $0 + $3,200 $0 $0 $0 $1,500 + $1,500 - 12/9 $17,000 $0 + $0 - Bal. $19,700 + $1,500 + $500 = $4,700 - $0 - $0 $0 $600 + $600 12/10 $0 $0 + Bal. $19,700 + $1,500 + $500 = $600 + $17,000 $4,700 $0 $600 $0 12/15 -$475 + $475 $17,000 $0 + Bal. $19,225 + $1,500 + $500 $600 + $4,700 - $600 - $0 - $475 $0 - = -$600 + -$600 + 12/20 $0 + Bal. $18.625 + $1,500 + $500 = $0 + $17,000 $4,700 - $0 $600 $0 $475 $1,500 + -$1,500 + 12/25 $600 - $0 + $0 - Bal. $20,125 + $500 = $17,000 $4,700 - $0 $475 $0 + -$1,200 + $1,200 $1,200 12/28 $0 + $0 + $0 + Bal $18,925 + $500 = $17,000 $4,700 $600 $0 $475 $1,250 -$1,250 + 12/28 $0 + $17,000 $0 + $1.200 Bal. $17.675 + $500 = $4,700 $600 $1,250 - $475 $2,600 + $20,275 + 12/30 $2,600 - $7,300 - $0 + $1,250 Bal $0 + $500 = $17,000 $1,200 $600 $475 -$1,500 + Bal. $18,775 + $1,500 + 12/31 s0 + $7,300 S500 = S17.000 S1,500 + S1,200 S600 S1,250 $475 + + + + + + + + + + + + + ++ ++ + + + + ++ 8| 8 8