Using the accounting equation for transaction analysisCosmo Thomas started a new business, Thomas Gymnastics, and Completed the following transactions during December:Analyze the effects of the transactions on the accounting equation of Thomas Gymnastics using a format similar to Exhibit l-6. Dec. 1Received $19,000 cash from Thomas in exchange for common stock.Received $3,800 cash from customers for services performed.Paid $300 cash for office supplies.Performed services for a customer and billed the customer for servicesrendered, $4,500.10Received $150 invoice for utilities due in two weeks.15Paid for advertising in the local paper, $350.20Paid utility invoice received on Dec. 10.25Collected cash in full from customer billed on Dec. 9.28Paid rent for the month, $2,600.28Paid $1,200 to assistant for wages.30Received $1,600 cash from customers for services performed.31Cash dividends of $3,000 were paid to stockholders.

Name: Using the accounting equation for transaction analysisCosmo Thomas sta
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Using the accounting equation for transaction analysisCosmo Thomas started a new business, Thomas Gymnastics, and Completed the following transactions during December:Analyze the effects of the transactions on the accounting equation of Thomas Gymnas