Business, 02.06.2021 16:50 michealsfamily

Effect of accounts receivable and accounts payable transactions on financial stat e ments The following events apply to Lewis and Harper, a public accounting firm, for the 2016 accounting period:

1. Performed $70,000 of services for clients on account.
2. Performed $40,000 of services for cash.
3. Incurred $36,000 of other operating expenses on account.
4. Paid $10,000 cash to an employee for salary.
5. Collected $47,000 cash from accounts receivable.
6. Paid $16,000 cash on accounts payable.
7. Paid a $8,000 cash dividend to the stockholders.
8. Accrued salaries were $2,000 at the end of 2016.

Required:
Show the effects of the events on the financial statements using a horizontal statements

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Effect of accounts receivable and accounts payable transactions on financial stat e ments The follo...