TRANSACTION ANALYSIS The Mendholm Company entered into the following transactions.

a. Performed services on account, $14,000

b. Collected $5,000 from client related to services performed in a

c. Paid salaries of $3,500 for the current month

d. Paid $1,500 dividend to stockholders Required:

Show the effect of each transaction using the following model:

Assets ¼ Liabilities þ Stockholders’ Equity Contributed Capital Retained Earnings Cornerstone Exercise