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Unformatted text preview: consulting service. Dec. 15 For the opinion letters given, several clients were billed 29,000 USD in total. No collection was made on that amount. Dec. 19 A new computer system and a database was purchased on credit for 12,000 USD. Dec. 25 For legal consultancy work done in the last week, several clients were billed 58,000 USD. in total. 55,000 USD was collected immediately. Dec. 29 The telephone bill was received in the amount of 2,000 USD due to Jan. 8, 2007. Dec. 30 Collection were made from the clients in the amount of 21,000 USD. Dec. 31 21,000 USD were paid to lawyers as the Wages of December 2006. REQUIRED: -Show the effect of each transactions on the Balance Sheet Equation. -Prepare financial statements. 1 Kerem Saro lu, Ph.D. 2007...
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- Spring '07