Transactions made by Orlando Cabrera and Co., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation, similar to that shown in Illustration 1-8.
1. The company provided $20,000 of services for customers, on credit.
2. The company received $20,000 in cash from customers who had been billed for services .
3. The company received a bill for $2,000 of advertising, but will not pay it until a later date.
4. Orlando Cabrera withdrew $5,000 cash from the business for personal use.