View Policies Current Attempt in Progress Transactions made by M. Alberti and Co., a law firm, for the month of March are shown below. 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.) 1. The company performed $20,000 of services for customers, on credit. The company received $20,000 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. M. Alberti withdrew $3,600 cash from the business for personal use. 2. 3. 4. Assets Liabilities Accounts Payable Owner's Capital Cash + Accounts Receivable + (1) (2) (3) (4) e Textbook and Media Attempts: 0 of 1 used Submit Answer Save for Later