65 A company had the following transactions. a. The company completed a job for a customer and sent a bill for $4,900 to be received within 45 days. b. The company completed advisory work for a customer and immediately received $6,400 cash. c. The company paid a contractor $1,850 cash for work performed this period. d. The company paid $880 cash for this period's utilities. e. The company collected $2,450 cash as a partial payment for the amount owed by the customer in transaction a. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Assets Transaction Cash + Accounts Receivable Liabilities Accounts = Payable + Equity + Revenues - Expenses + = + + = + - 0 + 0 = 0 + 0 - = + - Balance C. Balance d. Balance e. Balance 0 0 + + + + + 0 + 0 = 0 + = + 0 = 0 + = + 0 = 0 + 0 c+ 0 I - I I 0 0 0 0

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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Question
65
A company had the following transactions.
a. The company completed a job for a customer and sent a bill for $4,900 to be received within 45 days.
b. The company completed advisory work for a customer and immediately received $6,400 cash.
c. The company paid a contractor $1,850 cash for work performed this period.
d. The company paid $880 cash for this period's utilities.
e. The company collected $2,450 cash as a partial payment for the amount owed by the customer in
transaction a.
Enter the impact of each transaction on individual items of the accounting equation.
Note: Enter decreases to account balances with a minus sign.
a.
b.
Assets
Transaction
Cash
+
Accounts
Receivable
Liabilities
Accounts
=
Payable
+
Equity
+ Revenues
-
Expenses
+
=
+
+
=
+
-
0
+
0
=
0
+
0
-
=
+
-
Balance
C.
Balance
d.
Balance
e.
Balance
0
0
+
+
+
+
+
0 +
0
=
0
+
=
+
0
=
0
+
=
+
0
=
0
+
0
c+
0
I
-
I
I
0
0
0
0
Transcribed Image Text:65 A company had the following transactions. a. The company completed a job for a customer and sent a bill for $4,900 to be received within 45 days. b. The company completed advisory work for a customer and immediately received $6,400 cash. c. The company paid a contractor $1,850 cash for work performed this period. d. The company paid $880 cash for this period's utilities. e. The company collected $2,450 cash as a partial payment for the amount owed by the customer in transaction a. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Assets Transaction Cash + Accounts Receivable Liabilities Accounts = Payable + Equity + Revenues - Expenses + = + + = + - 0 + 0 = 0 + 0 - = + - Balance C. Balance d. Balance e. Balance 0 0 + + + + + 0 + 0 = 0 + = + 0 = 0 + = + 0 = 0 + 0 c+ 0 I - I I 0 0 0 0
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