Transactions made by Callahan and Co., a law firm, for the month of March Prepare tabular analysis.

are shown below. Prepare a tabular analysis which shows the effects of these transac- (|g 7)

tions on the accounting equation, similar to that shown in Illustration 1-9.

1. The company provided $23,000 of services for customers, on credit.

2. The company received $23,000 in cash from customers who had been billed for services (in transaction 1).

3. The company received a bill for $2,000 of advertising, but will not pay it until a later date.

4. The company paid a dividend of $5,000 in cash to stockholders.