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

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Transactions made by M. Alberti and Co., a law firm, for the month of March are shown below and on the next page. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation, similar to that shown in Illustration 1-8.
1. The company performed $20,000 of services for customers, on credit.
2. The company received $20,000 in cash from customers who had been billed for services (in transaction 1).
3. The company received a bill for $2,300 of advertising but will not pay it until a later date.
4. M. Alberti withdrew $3,600 cash from the business for personal use.

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Related Book For  answer-question

Accounting Principles

ISBN: 978-1118875056

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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