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. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Transactions Number Assets = Liabilities + Equity Cash + Accounts Receivable = Accounts Payable + Common Stock – Dividends + Revenue − Expenses a. + = + −

. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Transactions Number Assets = Liabilities + Equity Cash + Accounts Receivable = Accounts Payable + Common Stock – Dividends + Revenue − Expenses a. + = + −

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. The company completed consulting work for a client and immediately collected $5,500 cash.

b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.

c. The company paid an assistant $1,400 cash as wages for the period.

d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.

e. The company paid $700 cash for this period's cleaning services.

 
 
Transactions Number Assets = Liabilities + Equity
Cash + Accounts Receivable = Accounts Payable + Common Stock – Dividends + Revenue − Expenses
a.   +   =   +   −   +   −  
b.   +   =   +   −   +   −  
Balance after a and b   +   = 0 + 0 − 0 + 0 − 0
c.   +   =   +   −   +   −  
Balance after c   + 0 = 0 + 0 − 0 + 0 − 0
d.   +   =   +   −   +   −  
Balance after d   + 0 = 0 + 0 − 0 + 0 − 0
e.   +   =   +   −   +   −  
Balance after e   + $0 = $0 + $0 − $0 + $0 − $0

 

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