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.