Reference no: EM131717703

Question - Write a minimum 150-word response to each of the following scenarios

Transactions made by Mickelson Co. for the month of March are shown below. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation.

1. The company performed $20,000 of services for customers on account.

2. The company received $20,000 in cash from customers who had been billed for services [in transaction (1)].

3. The company received a bill for $1,800 of advertising but will not pay it until a later date.

4. Mickelson Co. paid a cash dividend of $3,000.

Describing the effect of each transaction on assets, liabilities, and stockholder's equity:

• Selected transactions for Thyme Advertising Company, Inc.
• Issued common stock to investors in exchange for cash received from investors.
• Paid monthly rent.
• Received cash from customers when service was performed.
• Billed customers for services performed.
• Paid dividend to stockholders.
• Incurred advertising expense on account.
• Received cash from customers billed in (4).
• Purchased additional equipment for cash.
• Purchased equipment on account.

Use the Excel spreadsheet to record your answers and submit with your responses.