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christopher turner started a new business Learning Objective 4...

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Accounting

christopher turner started a new business
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Learning Objective 4 P1-41A Using the acco unting equation for transaction analysis Christopher Turner started a new business, Turner Gymnastics, and completed the following transactions during December Total Assets $19,425 Dec. 1 Chr contributed $21,000 cash in exchange for capital. 2 Received $3,500 cash from customers for services performed S Paid $200 cash for office supplies Performed services for a customer and billed the customer for services rendered, $2,000 Received $300 bill for utilities due in two weeks. 9 10 Paid for advertising in the local paper, $325. Paid utility bill received on Dec. 10. 15 20 25 Collected cash from customer billed on Dec.9 Paid rent for the month, $2,000. 28 Paid $1,250 to assistant for wages. 28 30 Received $1,800 cash from customers for services performed Christopher withdrew $5,000 cash from the business. 31 Analyze the effects of the transactions on the accounting equation of Turner Gymnastics using a format similar to Exhibit 1-4

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