Question

QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1 The following transactions were completed by the company. eBook a. The company completed consulting work for a client and immediately collected $7,500 cash earned. b. The company completed commission work for a client and sent a bill for $6,000 to be received within 30 days. c. The company paid an assistant $2.400 cash as wages for the period. d. The company collected $3,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,100 cash for this period's cleaning services. References 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 Cash + Accounts Receivable Accounts Payable Dividends Revenue - Expenses Bal Bal < Prey 5 of 10 !!! Next >

Answer 1

Answer

	Cash	Accounts receivables	Accounts Payable	Common Stock	Dividends	Revenues	Expenses
a	$7,500					$7,500
b		$6,000				$6,000
Bal	$7,500	$6,000	$0	$0	$0	$13,500	$0
c	($2,400)						$2,400
Bal	$5,100	$6,000	$0	$0	$0	$13,500	$2,400
d	$3,000	($3,000)
Bal	$8,100	$3,000	$0	$0	$0	$13,500	$2,400
e	($1,100)						$1,100
Bal	$7,000	$3,000	$0	$0	$0	$13,500	$3,500