AutoSaveOffHDocument2 - WordP Search (Alt+Q)Sign inFileDesignReferencesMailingsReviewViewHelpGrammarlyP CommentsA ShareHomeInsertDrawLayoutP Find -GTimes New Roman v 12A A Aa v:= v E v vNormalNo SpacingHeading 1ReplaceEditorOpenGrammarlyPasteI U v ab x, x A - 2. A -E E E -A Select vUndoClipboardFontParagraphStylesEditingEditorGrammarlyThe following transactions were completed by the company.a. The company completed consulting work for a client and immediately collected $6,800 cash earned.b. The company completed commission work for a client and sent a bill for $5,300 to be received within 30 days.c. The company paid an assistant $2,050 cash as wages for the period.d. The company collected $2,650 cash as a partial payment for the amount owed by the client in transaction b.e. The company paid $960 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 aminus sign.)AssetsLiabilitiesEquity+AccountsReceivableAccountsOwner,CapitalOwner,WithdrawalsCash+RevenueExpensesPayablea.+b.+%3DBal.0 +이-%3DC.++Bal.ol +Ol =ol -o +0 -d.+%3D+Bal.0 +0 -e.++Bal.0 ++-+Page 1 of 1O wordsText Predictions: On* Accessibility: InvestigateD. Focus110%10:50 PMO Type here to search45°F3/20/2022近

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It is the equation that states that the total assets of an entity is equal to the sum of total…

Answered: The following transactions were…

Business

Accounting

The following transactions were completed by the company.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Help
Grammarly
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Insert
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Times New Roman v 12
A A Aa v
:= v E v v
Normal
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Heading 1
Replace
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E E E -
A Select v
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Grammarly
The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $6,800 cash earned.
b. The company completed commission work for a client and sent a bill for $5,300 to be received within 30 days.
c. The company paid an assistant $2,050 cash as wages for the period.
d. The company collected $2,650 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $960 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.)
Assets
Liabilities
Equity
+
Accounts
Receivable
Accounts
Owner,
Capital
Owner,
Withdrawals
Cash
+
Revenue
Expenses
Payable
a.
+
b.
+
%3D
Bal.
0 +
이-
%3D
C.
+
+
Bal.
ol +
Ol =
ol -
o +
0 -
d.
+
%3D
+
Bal.
0 +
0 -
e.
+
+
Bal.
0 +
+
-
+
Page 1 of 1
O words
Text Predictions: On
* Accessibility: Investigate
D. Focus
110%
10:50 PM
O Type here to search
45°F
3/20/2022
近

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