Question

The following transactions were completed by the company a. The company completed consulting work for a client and immediately collected $7400 cash earned b. The company completed commission work for a client and sent a bill for $5,900 to be received within 30 days. c. The company paid an assistant $2,350 cash as wages for the period. d. The company collected $2,950 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,080 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 Payable Equity Dividends - Revenue Cash Accounts Receivable + Common Stock Expenses + a. - b. Ball - C Bal + d Bal .

Answer 1

a. b. Bal. C. Assets Liabilities Equity Cash Accounts Receivable Accounts Payable Common Dividends Revenue Expenses 7400 7400 5900 5900 7400 5900 13300 -2350 2350 5050 5900 13300 2350 2950 -2950 8000 2950 13300 2350 -1080 1080 6920 2950 13300 3430 Bal. d. Bal. e. Bal.

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