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...
icon
Related questions
Question
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.
+
+
+
+
+
Transcribed Image Text: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. + + + + +
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning