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

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

Name: SThe following transactions were completed by the company:a. The comp
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Description: SThe 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 wit

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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