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The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 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.)

The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 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.)

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 1PB: In July of this year, M. Wallace established a business called Wallace Realty. The account headings...
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The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 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.) Transactions Number a. b. Balance after a and b C Balance after c d. Balance after d e. Balance after e Cash $ Assets 0 0 0 0 + + + + + + + . + + Accounts Receivable $ 0 0 0 0 R TO = = = = = B = = Liabilities Accounts Payable $ 0 . 0 0 + 0 . + 4 . . . Common Stock $ 0 0 0 - - 0- Equity Dividends $ 0 + + 0 + 0+ + 0+ + • Revenue $ 0 0 - 0 - 0 - Expenses $ 0 0 0 0
Transcribed Image Text:The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $5,900 cash. b. The company completed commission work for a client and sent a bill for $4,400 to be received within 30 days. c. The company paid an assistant $1,600 cash as wages for the period. d. The company collected $2,200 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $780 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.) Transactions Number a. b. Balance after a and b C Balance after c d. Balance after d e. Balance after e Cash $ Assets 0 0 0 0 + + + + + + + . + + Accounts Receivable $ 0 0 0 0 R TO = = = = = B = = Liabilities Accounts Payable $ 0 . 0 0 + 0 . + 4 . . . Common Stock $ 0 0 0 - - 0- Equity Dividends $ 0 + + 0 + 0+ + 0+ + • Revenue $ 0 0 - 0 - 0 - Expenses $ 0 0 0 0
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