The following transactions were completed by the company: a. The company completed consulting work for a...
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The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $5,800 cash. b. The company completed commission work for a client and sent a bill for $4,300 to be received within 30 days. c. The company paid an assistant $1,550 cash as wages for the period. d. The company collected $2,150 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $760 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 I - 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 $5,800 cash. b. The company completed commission work for a client and sent a bill for $4,300 to be received within 30 days. c. The company paid an assistant $1,550 cash as wages for the period. d. The company collected $2,150 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $760 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 I - Expenses $ 0 0 0 0
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Related Book For
Principles of Financial Accounting chapters 1-17
ISBN: 978-1259687747
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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