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Question - Transactions made by Sheridan Company, a law firm, for the month of March are as follows.
1. The company performed $39,500 of services for customers, on credit.
2. The company received $39,500 in cash from customers who had been billed for services (in transaction 1).
3. The company received a bill for $3,300 of advertising, but will not pay it until a later date.4.The company paid a dividend of $7,500 in cash to stockholders.
Required - Prepare tabular analysis that shows the effects of these transactions on the accounting equation.
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