The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,900 cash. b. The company completed commission work for a client and sent a bill for $5,400 to be received within 30 days. c. The company paid an assistant $2,100 cash as wages for the period. d. The company collected $2,700 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $980 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 + 6,900 + + 6,900 + + 6,900 + + 6,900 + 980 + 7,880 + Accounts Receivable $ 5,400 5,400 5,400 = Liabilities + Accounts Payable $ 5,400 = = = = = = 5,400 = = = $ 0 0 0 0 + + + + + + + + + + Owner, Capital $ 0 0 0 0 - Owner, Withdrawals $ Equity + + 0 + 0 + + 0 + + + + 0 + Revenue $ 0 0 0 0 - - Expenses $ 0 0 0 0

The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,900 cash. b. The company completed commission work for a client and sent a bill for $5,400 to be received within 30 days. c. The company paid an assistant $2,100 cash as wages for the period. d. The company collected $2,700 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $980 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 + 6,900 + + 6,900 + + 6,900 + + 6,900 + 980 + 7,880 + Accounts Receivable $ 5,400 5,400 5,400 = Liabilities + Accounts Payable $ 5,400 = = = = = = 5,400 = = = $ 0 0 0 0 + + + + + + + + + + Owner, Capital $ 0 0 0 0 - Owner, Withdrawals $ Equity + + 0 + 0 + + 0 + + + + 0 + Revenue $ 0 0 0 0 - - Expenses $ 0 0 0 0

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Description: The following transactions were completed by the company.a. The company completed consulting work for a client and immediately collected $6,900 cash.b. The company completed commission work for a client and sent a bill for $5,400 to be received with

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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