BACK Do Itl Review 1-04 Transactions made by A. Paul and Co., a law firm,...
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BACK Do Itl Review 1-04 Transactions made by A. Paul and Co., a law firm, for the month of March are shown below. 1. The company performed $71,000 of services for customers, on credit 2. The company received $71,000 in cash from customers who had been biled for services (in transaction 1) 3. The company received a bill for $4,300 of advertising but will not pay it until a later date. 4. A. Paul withdrew $6,400 cash from the business for personal use. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation. ( place a negative sign (or parentheses) in front of the amount entered for the particular Asset Liability or Equity item that was redurced (tf a transaction results in a decrease in Assets, Liabilities or Owner's Equity See Ilustration 1-8 for example Assets Owner's Equity Accounts Receivable P owner's Capital Ownerts Drawings Revenues Expenses Cash Payable
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