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 $7,300 cash. b. The company completed commission work for a client and sent a bill for $5,800 to be received within 30 days. c. The company paid an assistant $2,300 cash as wages for the period. d. The company collected $2,900 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,060 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 Equity + Common Stock Dividends + Revenue - Expenses + = + + a. b. + Balance after a and b 0 + C. Balance after c = + + 0 0 + 0 0 + 0 + = + + 0 + 0 = 0 + 0 0 + 0 + d. Balance after d + = + 0 + 0 = 0 + 0 e. + = + 0 + + Balance after e $ 0 + $ 0 = $ 0 + $ 0 $ 0 + 0 - I I - T I $ 0 I - 0 0 0 $ 0 The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $7,300 cash. b. The company completed commission work for a client and sent a bill for $5,800 to be received within 30 days. c. The company paid an assistant $2,300 cash as wages for the period. d. The company collected $2,900 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,060 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 Equity + Common Stock Dividends + Revenue - Expenses + = + + a. b. + Balance after a and b 0 + C. Balance after c = + + 0 0 + 0 0 + 0 + = + + 0 + 0 = 0 + 0 0 + 0 + d. Balance after d + = + 0 + 0 = 0 + 0 e. + = + 0 + + Balance after e $ 0 + $ 0 = $ 0 + $ 0 $ 0 + 0 - I I - T I $ 0 I - 0 0 0 $ 0
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Answer Assets Liabilities Equity a The company completed consulting work for a client and immediatel... View the full answer
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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