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Transactions made by Mickelson Co. for the month of March are shown below. The company performed $20,000 of services for customers on account. The company received $20,000 in cash from customers who had been billed for services [in transaction (1)]. The company received a bill for $1, 800 of advertising but will not pay it until a later date. Mickelson Co. paid a cash dividend of $3,000. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation.

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Answer:

For the services to customers you will have Accounts Receivable (debit) for 20,000 and Sales (credit) for 20,000.

For the cash received you will have Cash (debit) for 20,000 and Accounts Receivable (credit) for 20,000.

For the advertising that is not pay yet you will have Expenses in advertising (debit) got 1,800 and Accounts Payable (credit) 1,800.

For the dividends you will have Dividends (debit) for 3,000 and Cash (credit) for 3,000 for the payment.

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