Business, 18.02.2020 00:03 northpolea

Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: Accepted $19,400 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. Performed legal services for cash of $62,000. Purchased $1,100 of office supplies on account. Paid $990 of the amount due on accounts payable. Paid a cash dividend to the stockholders of $5,400. Paid cash for operating expenses of $20,100. Determined that at the end of the accounting period $130 of office supplies remained on hand. On December 31, 2018, recognized the revenue that had been earned for services performed in accordance with Transaction 1.

Required

Show the effects of the events on the financial statements using a horizontal statement model. In the cash flow column, use the initials OA to designate 'operating activity'; IA for 'investing activity'; FA for 'financial activity'; and NC for 'net change in cash'. Use NA to indicate accounts not affected by the even

Event # Cash Supples Accts. Pay Unearn. Rev. Ret. Earn. Rev Exp Net Inc. Cash Flow
1 $36,000 NA NA $36,000 NA $36,000 NA NA $36,000 OA
2

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Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations:...

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