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Transactions made by Culver and Co., a consulting firm, for the month of March are shown below. 1. The company performed $52,000 of services for
Transactions made by Culver and Co., a consulting firm, for the month of March are shown below. 1. The company performed $52,000 of services for customers, on credit. 2. The company received $15,000 in cash from customers who had been billed for services [in Transaction (1)]. 3. The company received a bill for $4,200 of advertising but will not pay it until a later date. 4. Ms. Ingler withdrew $2,900 cash from the business for personal use. Prepare a tabular summary, 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 reduced.)
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