The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $7,200 cash. b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days. c. The company paid an assistant $2,250 cash as wages for the period. d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b e. The company paid $1,040 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 + + + + + + Accounts Receivable = = = = J ž = Liabilities Accounts Payable + + + ++ + + + ++ Common Stock Equity Dividends + Revenue + + + + + + + FI Expenses

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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S
The following transactions were completed by the company:
a. The company completed consulting work for a client and immediately collected $7,200 cash.
b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days.
c. The company paid an assistant $2,250 cash as wages for the period.
d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b
e. The company paid $1,040 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
Balance after d
e.
Balance after e
Cash
Assets
+
+
+
+
+
+
+
+
+
Accounts
Receivable
= Liabilities
Accounts
Payable
=
=
=
=
#
1111
+
+
+
+
+
+
+
+
+
+
Common
Stock
II
Equity
Dividends
+
+
+
+
+
+
+
+
Revenue
111
11
Expenses
Transcribed Image Text:S The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $7,200 cash. b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days. c. The company paid an assistant $2,250 cash as wages for the period. d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b e. The company paid $1,040 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 Balance after d e. Balance after e Cash Assets + + + + + + + + + Accounts Receivable = Liabilities Accounts Payable = = = = # 1111 + + + + + + + + + + Common Stock II Equity Dividends + + + + + + + + Revenue 111 11 Expenses
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