Transactions made by Skysong Co. for the month of March are shown below.
1.
The company performed $18,400 of services for customers on account.
2.
The company received $18,400 in cash from customers who had been billed for services [in transaction (1)].
3.
The company received a bill for $1,656 of advertising but will not pay it until a later date.
4.
Skysong Co. paid a cash dividend of $2,760.
Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a
negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Assets
Liabilities
Stockholders' Equity
Retained E.
Cash
Accounts Receivable
Accounts Payable
Common Stock
Revenues
Expens
1.
$
$
$
$
$
$
2.