Transactions made by Morlan and Co., a law firm, for the month of March are shown below.

Transactions made by Mortan and Co., a law firm, for the month of March are shown below. The company performed $22,000 of services for customers, on credit. The company received $22,000 in cash from customers who had been billed for services (in transaction 1). The company received a bill for $2, 300 of advertising, but will not pay it until a later date. The company paid a dividend of $8,000 in cash to stockholders