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Please solve this problem Transactions made by Mickelson Co. for the month of March are shown below. The company performed $20,000 of services for customers
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Transactions made by Mickelson Co. for the month of March are shown below. The company performed $20,000 of services for customers on account. The company received $20,000 in cash from customers who had been billed for services [in transaction (1)]. The company received a bill for $1, 800 of advertising but will not pay it until a later date. Mickelson Co. paid a cash dividend of $3,000. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.)Step by Step Solution
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