Policies Current Attempt in Progress Transactions made by A. George and Co., a law firm, for the month of March are shown as follows. 1. The company performed $48,000 of services for customers, on credit. 2. The company received $48,000 in cash from customers who had been billed for services (in transaction 1). 3. The company received a bill for $2,600 of advertising but will not pay it until a later date. 4. A. George withdrew $6,200 cash from the business for personal use. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduce See Illustration 1-8 for example.) results in a decrease in Assets, Liabilities or Owner's 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 1-8 for example.) S s Owner's Capital 48000 0 2600 $ 6200 $ Owner's Equity Owner's Drawings $ I 39200 $ $ Revenues S Expenses