ok mt int ences c raw QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 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. Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e Cash $ Assets 0 0 + 0 + + + 0 + + Accounts Receivable $ = Liabilities + Accounts Payable = = 0 = 0 = 0 = 0 = $ 0 + 0 + + + 0 + 0 + < Prev Owner, Capital $ 0 0 0 0 FIILI 2 of 10 Owner, Withdrawals $ Equity 0 0+ + 0+ Next > + 0+ $ Revenue 0 0 0 ****** 0- $ Expenses 0 0 0 0

ok mt int ences c raw QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 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. Transactions Number a. b. Balance after a and b C. Balance after c d. Balance after d e. Balance after e Cash $ Assets 0 0 + 0 + + + 0 + + Accounts Receivable $ = Liabilities + Accounts Payable = = 0 = 0 = 0 = 0 = $ 0 + 0 + + + 0 + 0 + < Prev Owner, Capital $ 0 0 0 0 FIILI 2 of 10 Owner, Withdrawals $ Equity 0 0+ + 0+ Next > + 0+ $ Revenue 0 0 0 ****** 0- $ Expenses 0 0 0 0

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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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