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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 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

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 17RQSC
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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 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
 
 
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