Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 1, Problem 10QS
Summary Introduction
Concept Introduction:
Accounting equation is a mathematical representation of the relation between assets, liabilities, and equity. According to this relation, the total assets are equal to the sum of liabilities and equity.
To indicate: the accounting equation table for the given transactions.
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Students have asked these similar questions
The following transactions were completed by the
company.
a. The company completed consulting work for a client
and immediately collected $7,100 cash.
b. The company completed commission work for a client
and sent a bill for $5,600 to be received within 30 days.
c. The company paid an assistant $2,200 cash as wages
for the period.
d. The company collected $2,800 cash as a partial
payment for the amount owed by the client in
transaction b.
e. The company paid $1,020 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
Transactions Number
Accounts
Accounts
Owner,
Cash
Receivable
Payable
Capital
a.
%3D
b.
%3D
Balance after a and b
+
C.
+
%3D
Balance afterc
%3D
d.
%3D
Balance after d
+
%3D
е.
+
%3D
Balance after e
$
$
$
$
+
%3D
+
+
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
5,400
= Liabilities +
Accounts
Payable
5,400
=
=
=
=
=
=
=
=
=
$
0
0
0
0
+
+
+
+
+
+
+
+
+
+
Owner,
Capital
$
0
0
0…
The following transactions were completed by the company:
a. The company completed consulting work for a client and immediately collected $7,000 cash.
b. The company completed commission work for a client and sent a bill for $5,500 to be received within 30 days.
c. The company paid an assistant $2,150 cash as wages for the period.
d. The company collected $2,750 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $1,000 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
b
Balance after a and b
Balance after c
d.
Balance after d
Balance after e
Cash
$
Assets
0
0+
0
55
41
Accounts
Receivable
$
0
0
0
partne
II
Liabilities
Accounts
Payable
$
0
E
0
0
+
Revenue
0
0
1
İ
O
Expenses
0
0
55
SHREE
Chapter 1 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Identify four kinds of external users and describe...Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three types of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?
Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - What does the concept of objectivity imply for...Ch. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 1 - Prob. 18DQCh. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Define and explain return on assets.Ch. 1 - Define return and risk. Discuss the trade-off...Ch. 1 - Prob. 30DQCh. 1 - Prob. 31DQCh. 1 - Prob. 32DQCh. 1 - Choose from the following term or phrase a through...Ch. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Identify each of the following terms or phrases as...Ch. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - Prob. 7QSCh. 1 - Prob. 8QSCh. 1 - Use Google's December 31. 2016, financial...Ch. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 1ECh. 1 - Prob. 2ECh. 1 - Prob. 3ECh. 1 - Match each of the numbered descriptions I through...Ch. 1 - Prob. 5ECh. 1 - Enter the letter A through H for the principle or...Ch. 1 - Determine the missing amount from each of the...Ch. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Use the information in Exercise 1-15 to prepare an...Ch. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Identify how each of the following separate...Ch. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Gabi Gram started The Gram Co., a new business...Ch. 1 - Prob. 8PSACh. 1 - Sanyu Sony started a new business and completed...Ch. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 12PSACh. 1 - Prob. 13PSACh. 1 - Prob. 14PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 2PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - Prob. 12PSBCh. 1 - Prob. 13PSBCh. 1 - Prob. 14PSBCh. 1 - On October 1, 2018, Santana Rey launched a...Ch. 1 - Prob. 1FSACh. 1 - comparative figures ($ millions) for both Apple...Ch. 1 - Prob. 3FSACh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Prob. 4BTNCh. 1 - Prob. 5BTNCh. 1 - Prob. 6BTN
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- The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. 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.) Assets Liabilities Equity %3D +] Accounts Accounts Common Cash Dividends Revenue Expenses %3D +] Receivable Payable Stock a. + %3D b. %3D Bal. %3D %3D C. Bal. %3D d. !! Bal. %3D %3! e. Bal. ++++ + ++++ + + +arrow_forwardS 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 Expensesarrow_forwardYou run a consulting firm. During Year 1, your firm collected $200,000 from clients (all of these payments were for work previously done). On January 1, Year 1, the Accounts Receivable account had a balance of $40,000. On December 31, Year 1, the Accounts Receivable account had a balance of $60,000. Based on this information, what amount should your firm recognize as revenue for Year 1?arrow_forward
- a. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Transactions Number Assets = Liabilities + Equity Cash + Accounts Receivable = Accounts Payable + Common Stock – Dividends + Revenue − Expenses a. + = + − + − b. + = + − + − Balance after a and b + = 0 + 0 − 0 + 0 − 0 c. + = + − + − Balance after c + 0 = 0 + 0 − 0 + 0 − 0 d. + = + − + − Balance after d + 0 = 0 + 0 − 0 + 0 − 0 e. + = + − + − Balance after e + $0 = $0 + $0 − $0 + $0 − $0arrow_forwardThe 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.)arrow_forwarda. The company completed consulting work for a client and immediately collected $6,300 cash. b. The company completed commission work for a client and sent a bill for $4,800 to be received within 30 days. c. The company paid an assistant $1,800 cash as wages for the period. d. The company collected $2,400 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $860 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 + 0 + + + + + + + + Common Stock $ 0 0 0 0 - - - - $ Equity Dividends 0 0 0 0 + + + + + + + + + + Revenue $ 0 - 0 0 0 - - Expenses $ 0 0 0 0arrow_forward
- I need the answer as soon as possiblearrow_forwardHolloway Company earned $9,400 of service revenue on account during Year 1. The company collected $7,990 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. b. The amount of net income that would be reported on the Year 1 income statement. C. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. d. The amount of retained earnings that would be reported on the Year 1 balance sheet. Complete this question by entering your answers in the tabs below. Accounting Equation Reg A to D Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an…arrow_forwardEf.4.arrow_forward
- II. Computational. Look for the balances of the different accounts using the following transactions: A) Invested P50,000 in the business. B) Bought supplies on account amounting to P9,850. C) Received 7,500 cash from clients on account. D) Billed a client for the service rendered P6,000. E) Hired an assistant at a salary of P7,000 per month. Look for the ending of cash. Look for the ending balanceofcash.arrow_forwardII. Computational. Look for the balances of the different accounts using the following transactions. A) Received P12,700 cash advance from CMON DEE for the work to be completed within three weeks. B) Received P4,650 cash for services completed for Pogi Q. C) Paid P2,300 cash for the office equipment. Look for the balance of assets.arrow_forwardHolmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations: Events Affecting Year 1: Provided $84,000 of cleaning services on account. Collected $76,000 cash from accounts receivable. Paid salaries of $28,500 for the year. Adjusted the accounts to reflect management's expectations that uncollectible accounts expense would be $1,650. The expense was determined using the percent of revenue method. Required a. Organize the transaction data in accounts under on accounting equation. b. Prepare an income statement, a balance sheet, and a statement of cash flows for Year 1.arrow_forward
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