Question

uestion 4 of 24 -14 urrent Attempt in Progress Transactions made by Cheyenne Corp., a law firm, for the month of March are shown as follows. 1. 2. The company performed $47,000 of services for customers, on credit. The company received $47,000 in cash from customers who had been billed for services (in transaction 1). The company received a bill for $2,500 of advertising, but will not pay it until a later date. The company paid a dividend of $6,000 in cash to stockholders. 3 4. 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 eg.-15,000 or parenthesis (15,000).) Assets Liabilities Accounts Payable Common Sto Cash Accounts Receivable $ (1) $ $ (2) $ $ $ $ (3) $

Answer 1

	Cash	Accounts Receivable	Accounts payable	Common stock	Revenues	Expenses	Dividends
1)	NA	$47000	NA	NA	$47000	NA	NA
2)	$47000	-$47000	NA	NA	NA	NA	NA
3)	NA	NA	$2500	NA	NA	$2500	NA
4)	-$6000	NA	NA	NA	NA	NA	$6000