Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. transactions made by pharoah company, a law firm,

Transactions made by Pharoah Company, a law firm, for the month of March are as...

70.2K

Verified Solution

Question

Accounting

imageimage

Transactions made by Pharoah Company, a law firm, for the month of March are as follows. 1. The company performed $ 40,000 of services for customers, on credit. 2. The company received $ 40,000 in cash from customers who had been billed for services (in transaction 1). 3. The company received a bill for $ 2,000 of advertising, but will not pay it until a later date. 4. The company paid a dividend of $ 6,500 in cash to stockholders. Prepare a tabular analysis that shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis (15,000).) Assets Liabilities Cash Accounts Receivable Accounts Payable Comm (1) $ 40000 $ $ 40000 $ (2) $ 40000 $ 40000 $ (3) $ i $ 2000 $ $ (3) $ 2000 1 (4) $ 6500 $ $ 6500 $ e Textbook and Media

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

A multiple-choice test has 48 questions, each with four response choices. If a student is simply...

Chemistry
1.2K views

1- How IMAF's would work to dissolve something? 2- give me one IMAF example

Biology
1.2K views

The chromosome shown in this electron micrograph is One double stranded DNA Two identical copies...

Calculus
1.2K views

A company determined that the marginal cost C x of producing the xth unit of...

Algebra
1.2K views

Write the Roman numeral as a Hindu Arabic numeral MMDCLXVI OA 2 656 OB 2...

Accounting
1.2K views

on 6 et bred Maria has developed the importance of time management from her school...

Accounting
1.2K views

P21-34 (similar to) Question Help A-1 Chips is a manufacturer of prototype chips based in...

Accounting
1.2K views

During Heaton Company's first two years of operations, it reported absorption costing net operating income...

Accounting
1.2K views

When reading an income statement, the positive difference between Response area and sales is the...

Accounting
1.2K views

Choose and describe a business or product that you think has a particularly high or...

Accounting
1.2K views

The King Carpet Company has $3,010,000 in cash and a total of $11,580,000 in current...

Finance
1.2K views

You are planning to retire when you turn 65. You currently have $25,000 in your...