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+++0 ++0 ++0 ++0 +AccountsReceivable$0000=========Liabilities +AccountsPayable$+++0 ++0 ++0 ++CommonStock0 + $0000EquityDividends$00+0++++++0 +++Revenue$0000Expenses$0000

Name: The following transactions were completed by the company: The company
Uploaded: 2024-03-04T10:43:15.000Z
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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 - Accounting Equation is a horizontal way of recording all the transactions. All…

Answered: The following transactions were…

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
+
+
+
0 +
+
0 +
+
0 +
+
0 +
Accounts
Receivable
$
0
0
0
0
=
=
=
=
=
=
=
=
=
Liabilities +
Accounts
Payable
$
+
+
+
0 +
+
0 +
+
0 +
+
Common
Stock
0 + $
0
0
0
0
Equity
Dividends
$
0
0
+
0
+
+
+
+
+
+
0 +
+
+
Revenue
$
0
0
0
0
Expenses
$
0
0
0
0

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