Question

a. The company completed consulting work for a client and immediately collected $7.200 cash earned. 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 (Enter decreases to account balances with a minus sign.) Assets - Liabilities Accounts Recevable Cash Accounts Payable Equity Dividends + Revenue Common Stock Expenses a $ 7.200 $ 7200 + + + s + 57001 5.700 5.700 12 900 Bal 7.200 0 0 2250 Bal 7.200 + 5.700 12 900 - 2.250 Bal 7.200 + 5.700 12.900 - 2.250

Answer 1

Transaction	Assets							=	Liabilities	+	Equity
	Cash	+	Supplies	+	Equipment	+	Land		Accounts Payable		Common Stock	-	Dividends	+	Revenue	-	Expenses
a	18,600							18,600			18,600
b	-1,400		1,400					-
Bal	17,200		1,400					18,600			18,600
c					11,800			11,800			11,800
Bal	17,200		1,400		11,800			30,400			30,400
d			380					380	380
Bal	17,200		1,780		11,800			30,780	380		30,400
e	-10,800						10,800	-
Bal	6,400		1,780		11,800		10,800	30,780	380		30,400