QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following...

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QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 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. Note: Enter decreases to account balances with a minus sign. Assets Transactions Number Cash Accounts Receivable Liabilities + Accounts Payable Common + Stock a. + = + b. + = + Balance after a and b 0 + 0 = 0 + C. + = + - Equity Dividends 0 + + ++ + Revenue - Expenses 0 Balance after c 0 + 0 = 0 + 0 - 0 + 0 - 0 d. + = + + Balance after d 0 + 0 = 0 + 0 0 + 0 0 e. + = + + - Balance after e $ 0 + $ 0 = $ 0 + $ 0 $ 0 + $ 0 $ 0 QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 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. Note: Enter decreases to account balances with a minus sign. Assets Transactions Number Cash Accounts Receivable Liabilities + Accounts Payable Common + Stock a. + = + b. + = + Balance after a and b 0 + 0 = 0 + C. + = + - Equity Dividends 0 + + ++ + Revenue - Expenses 0 Balance after c 0 + 0 = 0 + 0 - 0 + 0 - 0 d. + = + + Balance after d 0 + 0 = 0 + 0 0 + 0 0 e. + = + + - Balance after e $ 0 + $ 0 = $ 0 + $ 0 $ 0 + $ 0 $ 0