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The Mendholm Company entered into the following transactions:

The Mendholm Company entered into the following transactions:

  1. Performed services on account, $21,500.
  2. Collected $9,500 from client related to services performed in Item a.
  3. Paid $500 dividend to stockholders.
  4. Paid salaries of $4,000 for the current month.

Required:

Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank or enter zero ("0"). Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item (i.e. Asset, Liability), enter "0" since the net effect on the item is zero.

 

Sep 09 2020 View more View Less

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