Dec.Dec. 1 CosmoCosmo contributed $ 20 comma 000$20,000 cash in exchange for cap
ID: 2337219 • Letter: D
Question
Dec.Dec.
1
CosmoCosmo
contributed
$ 20 comma 000$20,000
cash in exchange for capital.
2
Received
$ 2 comma 600$2,600
cash from customers for services performed.
5
Paid
$ 250$250
cash for office supplies.
9
Performed services for a customer and billed the customer for services rendered,
$ 2 comma 500$2,500.
10
Received
$ 700$700
invoice for utilities due in two weeks.
15
Paid for advertising in the local paper,
$ 475$475.
20
Paid utility invoice received on
Dec.Dec.
10.
25
Collected cash in full from customer billed on
Dec.Dec.
9.
28
Paid rent for the month,
$ 1 comma 900$1,900.
28
Paid
$ 1 comma 150$1,150
to assistant for wages.
30
Received
$ 2 comma 000$2,000
cash from customers for services performed.
31
TimminsTimmins
withdrew
$ 2 comma 500$2,500.
CosmoCosmo
TimminsTimmins
started a new business,
TimminsTimmins
Gymnastics, and completed the following transactions during
DecemberDecember:
LOADING...
(Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of
TimminsTimmins
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. Enter each transaction from the 28th on separate lines and in the same order as presented in the problem statement. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transactionlines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" 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; Cap. =
TimminsTimmins,
Capital; Exp. = Expense; Liab. = Liabilities; Off. Sup. = Office Supplies; Sal. = Salaries; Serv. Rev. = Service Revenue; Util. = Utility; Withdr. =
TimminsTimmins,
Withdrawals.)
ASSETS
=
LIAB.
+
EQUITY
Cash
+
A/R
+
Off.
=
A/P
+
Cap.
-
Withdr.
+
Serv.
-
Rent
-
Util.
-
Sal.
-
Adv.
Sup.
Rev.
Exp.
Exp.
Exp.
Exp.
12/1
+
+
=
+
-
+
-
-
-
-
12/2
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/5
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/9
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/10
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/15
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/20
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/25
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/28
+
+
=
+
-
+
-
-
-
-
12/28
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/30
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
12/31
+
+
=
+
-
+
-
-
-
-
Bal.
+
+
=
+
-
+
-
-
-
-
Enter any number in the edit fields and then continue to the next question.
ASSETS
=
LIAB.
+
EQUITY
Cash
+
A/R
+
Off.
=
A/P
+
Cap.
-
Withdr.
+
Serv.
-
Rent
-
Util.
-
Sal.
-
Adv.
Sup.
Rev.
Exp.
Exp.
Exp.
Exp.
12/1
+
+
=
+
-
+
-
-
-
-
Explanation / Answer
Solution:
Date Assets = Liabilities Equity Cash + A/R + Office Supplies = Accounts payable + Capital - Withdrawl + Service revenue - Rent Expense - Utility Expense - Salary Expense - Advertisement Expense 1-Dec $20,000.00 + + = + $20,000.00 - + - - - - 2-Dec $2,000.00 + + = + - + $2,000.00 - - - - Bal. $22,000.00 + $0.00 + $0.00 = $0.00 + $20,000.00 - $0.00 + $2,000.00 - $0.00 - $0.00 - $0.00 - $0.00 5-Dec -$250.00 + + $250.00 = + - + - - - - Bal. $21,750.00 + $0.00 + $250.00 = $0.00 + $20,000.00 - $0.00 + $2,000.00 - $0.00 - $0.00 - $0.00 - $0.00 9-Dec + $2,500.00 + = + - + $2,500.00 - - - - Bal. $21,750.00 + $2,500.00 + $250.00 = $0.00 + $20,000.00 - $0.00 + $4,500.00 - $0.00 - $0.00 - $0.00 - $0.00 10-Dec + + = $700.00 + - + - - $700.00 - - Bal. $21,750.00 + $2,500.00 + $250.00 = $700.00 + $20,000.00 - $0.00 + $4,500.00 - $0.00 - $700.00 - $0.00 - $0.00 15-Dec -$475.00 + + = + - + - - - - $475.00 Bal. $21,275.00 + $2,500.00 + $250.00 = $700.00 + $20,000.00 - $0.00 + $4,500.00 - $0.00 - $700.00 - $0.00 - $475.00 20-Dec -$700.00 + + = -$700.00 + - + - - - - Bal. $20,575.00 + $2,500.00 + $250.00 = $0.00 + $20,000.00 - $0.00 + $4,500.00 - $0.00 - $700.00 - $0.00 - $475.00 25-Dec $2,500.00 + -$2,500.00 + = + - + - - - - Bal. $23,075.00 + $0.00 + $250.00 = $0.00 + $20,000.00 - $0.00 + $4,500.00 - $0.00 - $700.00 - $0.00 - $475.00 28-Dec -$1,900.00 + + = + - + - $1,900.00 - - - 28-Dec -$1,150.00 + + = + - + - - - $1,150.00 - Bal. $20,025.00 + $0.00 + $250.00 = $0.00 + $20,000.00 - $0.00 + $4,500.00 - $1,900.00 - $700.00 - $1,150.00 - $475.00 30-Dec $2,000.00 + + = + - + $2,000.00 - - - - Bal. $22,025.00 + $0.00 + $250.00 = $0.00 + $20,000.00 - $0.00 + $6,500.00 - $1,900.00 - $700.00 - $1,150.00 - $475.00 31-Dec -$2,500.00 + + = + - $2,500.00 + - - - - Bal. $19,525.00 + $0.00 + $250.00 = $0.00 + $20,000.00 - $2,500.00 + $6,500.00 - $1,900.00 - $700.00 - $1,150.00 - $475.00Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.