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Ross, Attorney at Law, experienced the following transaction in 2013, the first year of operation:
1. Purchased 1,500 of office supplies on account
2. Accepted 36,000 on February 1, 2013, as a retainer for services to be performed evenly over the next twelve months.
3. Performed legal services for cash of 84,000
4. Paid cash for salaries expense of 32,000
5. Paid a cash dividend to the stockholders of 8,000
6. Paid 1,200 of the amount due on accounts payable.
7. Determined that at the end of the accounting period, 150 of office supplies remained on hand
8. On December 31, 2013 recognized the revenue that had been earned for services performed in accordance with Transaction2.
Required
Show the effects of the financial statement using horizontal statements model like the following one. In the cash flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA to indicate accounts not affected by the event.
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