Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $15,000. b. Collected $7,600 from client related to services performed in Item a. c Paid $1,500 dividend to stockholders. d. Paid salaries of $3,500 for the current month Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, eave the cells blank. Enter decreases in account values as numbers. If the effect of a transaction is to increase AND decrease the same item Gi.e. Asset, Liability), enter "o" since the net effect on the item is zero. Assets Liabilities+ Stockholders Equity Contributed Retained Capital Earnings 15,000 V 15,000 v b. 1,500 X 1,500X 3,500 X d. 3,500 X To perorm transaction analysis, compliete the tallowing steps Step 1 Wirte down the accounting equation