The following transactions were completed by the company: The company completed consulting work for a client and immediately collected $5,500 cash.The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.The company paid an assistant $1,400 cash as wages for the period.The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.The company paid $700 cash for this period's cleaning services.Required:Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Transactions Numbera.b.Balance after a and bC.Balance after cd.Balance after de.Balance after e$$CashAssets+5,500 +4,000 +9,500 +(1,400) +8,100 +1,000 +AccountsReceivable$9,100 +(700) +8,400 + $4,0004,0004,000(1,000)=3,000======3,000 ===Liabilities +AccountsPayable$++0+0 ++0 ++++CommonStock0 + $0000IEquityDividends$++0+0 ++0 ++++0 ++Revenue$ 5,5005,5005,5005,500$ 5,500--Expenses0(1,400)(1,400)(1,400)(700)$ (2,100)

Name: The following transactions were completed by the company: The company
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Description: The following transactions were completed by the company: The company completed consulting work for a client and immediately collected $5,500 cash.The company completed commission work for a client and sent a bill for $4,000 to be received within 30

Accounting equation can be said to be the basic principle of accounting. The accounting equation…

Answered: Required: Enter the impact of each…

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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The following transactions were completed by the company:

The company completed consulting work for a client and immediately collected $5,500 cash.
The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
The company paid an assistant $1,400 cash as wages for the period.
The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
The company paid $700 cash for this period's cleaning services.

Required:
Enter the impact of each transaction on individual items of the accounting equation. (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
+
5,500 +
4,000 +
9,500 +
(1,400) +
8,100 +
1,000 +
Accounts
Receivable
$
9,100 +
(700) +
8,400 + $
4,000
4,000
4,000
(1,000)
=
3,000
=
=
=
=
=
=
3,000 =
=
=
Liabilities +
Accounts
Payable
$
+
+
0
+
0 +
+
0 +
+
+
+
Common
Stock
0 + $
0
0
0
0
I
Equity
Dividends
$
+
+
0
+
0 +
+
0 +
+
+
+
0 +
+
Revenue
$ 5,500
5,500
5,500
5,500
$ 5,500
-
-
Expenses
0
(1,400)
(1,400)
(1,400)
(700)
$ (2,100)

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