LOFT The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,700 cash. b. The company completed commission work for a client and sent a bill for $5,200 to be received within 30 days. c. The company paid an assistant $2,000 cash as wages for the period. d. The company collected $2,600 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $940 cash for this period's cleaning services. Required: Enter the Impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Assets Liabilities Transactions Number Cash Accounts Receivable Accounts Payable Equity Owner, Capital Owner, Withdrawals + Revenue Expenses + + a. + b. + . Balance after a and b + = + + C. + => + + Balance after c + => + + + + d. + + Balance after d e. + + + + +
LOFT The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,700 cash. b. The company completed commission work for a client and sent a bill for $5,200 to be received within 30 days. c. The company paid an assistant $2,000 cash as wages for the period. d. The company collected $2,600 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $940 cash for this period's cleaning services. Required: Enter the Impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Assets Liabilities Transactions Number Cash Accounts Receivable Accounts Payable Equity Owner, Capital Owner, Withdrawals + Revenue Expenses + + a. + b. + . Balance after a and b + = + + C. + => + + Balance after c + => + + + + d. + + Balance after d e. + + + + +
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...
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