The following transactions were completed by the company. 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 + Equity Cash + Accounts Receivable = Accounts Payable + Owner, Capital − Owner, Withdrawals + Revenue − Expenses a. + = + − + − b. + = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0 c. + 0 = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0 d. + = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0 e. + = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0
The following transactions were completed by the company. 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 + Equity Cash + Accounts Receivable = Accounts Payable + Owner, Capital − Owner, Withdrawals + Revenue − Expenses a. + = + − + − b. + = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0 c. + 0 = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0 d. + = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0 e. + = + − + − Bal. 0 + 0 = 0 + 0 − 0 + 0 − 0
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 $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
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