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Transactions made by Pharoah Company for the month of March are shown below. 1.. The company performed $23,660 of services for customers on account. The company received $23,660 in cash from customers who had been billed for services [in transaction (1)]. The company received a bill for $2,470 of advertising but will not pay it until a later date. Pharoah Company paid a cash dividend of $2,930. 2. 3. 4. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation. (If a transaction causes 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. See Illustration 3-4 for example.) (1) (2) (3) (4) Cash $ Assets + Accounts Receivable Liabilities Accounts Payable + Common Stock

Transactions made by Pharoah Company for the month of March are shown below. 1.. The company performed $23,660 of services for customers on account. The company received $23,660 in cash from customers who had been billed for services [in transaction (1)]. The company received a bill for $2,470 of advertising but will not pay it until a later date. Pharoah Company paid a cash dividend of $2,930. 2. 3. 4. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation. (If a transaction causes 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. See Illustration 3-4 for example.) (1) (2) (3) (4) Cash $ Assets + Accounts Receivable Liabilities Accounts Payable + Common Stock

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transactions made by Pharoah Company for the month of March are shown below. 1.. 2. 3. 4. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation. (If a transaction causes 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. See Illustration 3-4 for example.) (1) (2) (3) The company performed $23,660 of services for customers on account. The company received $23,660 in cash from customers who had been billed for services [in transaction (1)]. The company received a bill for $2,470 of advertising but will not pay it until a later date. Pharoah Company paid a cash dividend of $2,930. (4) Cash $ Assets + Accounts Receivable Liabilities Accounts Payable + Common Stock
Transcribed Image Text:Transactions made by Pharoah Company for the month of March are shown below. 1.. 2. 3. 4. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation. (If a transaction causes 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. See Illustration 3-4 for example.) (1) (2) (3) The company performed $23,660 of services for customers on account. The company received $23,660 in cash from customers who had been billed for services [in transaction (1)]. The company received a bill for $2,470 of advertising but will not pay it until a later date. Pharoah Company paid a cash dividend of $2,930. (4) Cash $ Assets + Accounts Receivable Liabilities Accounts Payable + Common Stock
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