. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Transactions Number Assets = Liabilities + Equity Cash + Accounts Receivable = Accounts Payable + Common Stock – Dividends + Revenue − Expenses a. + = + −
. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Transactions Number Assets = Liabilities + Equity Cash + Accounts Receivable = Accounts Payable + Common Stock – Dividends + Revenue − Expenses a. + = + −
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...
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a. The company completed consulting work for a client and immediately collected $5,500 cash.
b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
c. The company paid an assistant $1,400 cash as wages for the period.
d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $700 cash for this period's cleaning services.
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