Hart, Attorney at Law, experienced the following transactions in Year $1,$ the first year of operations:

Accepted $$17,700$ on April $1,$ Year $1,$ as a retainer for services to be performed evenly over the next $12$ months.

Performed legal services for cash of $$66,500.$

Purchased $$1,250$ of office supplies on account.

Paid $$1,125$ of the amount due on accounts payable.

Paid a cash dividend to the stockholders of $$4,500.$

Paid cash for operating expenses of $$19,700.$

Determined that at the end of the accounting period $$100$ of office supplies remained on hand.

On December $31,$ Year $1,$ recognized the revenue that had been earned for services performed in accordance with Transaction $1.$

HART, ATTORNEY AT LAW

Effect of Transactions on the Financial Statements for Year $1$

$\backslash$table$[[$Balance Sheet,Income Statement,$\{$

$\backslash$table$[[$Statement of Cash$],[$Flows$]]\}],[$Assets$,=,$Liabilities,$+,\backslash$table$[[\backslash$table$[[$Stockholders$\text{'}],[$Equity$]]],[$Retained$],[$Earnings$]],$Revenue,,Expense,$=,$Net Income$],[$Cash$,+,$Supplies,$\backslash$table$[[$Accounts$],[$Payable$]],+,\backslash$table$[[$Unearned$],[$Revenue$]],-,,],[17,700,+,,=,,+,17,700,+,,,-,,=,,17,700,$OA$],[66,500,+,0,=,0,+,0,+,(66,500),66,500,-,0,=,66,500,66,500,$OA$],[0,+,1,250,=,1,250,+,0,+,0,0,-,0,=,(1,250),0,],[(1,125),+,0,=,(1,125),+,0,|+,0,0,,0,=,1,125,(1,250),$OA$],[(4,500),+,0,=,0,+,0,|+,(4,500),0,-,0,=,,(4,500),$FA$],[(19,700),+,0,=,0,+,,+,,0,-,19,700,=,0,(19,700),$OA$],[0,+,1,250,=,0,+,,+,,,,1,250,=,0,0,],[0,+,0,=,0,+,,+,,,-,0,=,,0,],[58,875,+,2,500,=,125,+,17,700,+,(71,000),66,500,\_,20,950,=,66,375,58,750,$NC$]]$