The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned. 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. 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 %3D Common Stock Accounts Accounts Cash Dividends Revenue Expenses %3D Receivable Payable a. %3D b. %3D Bal. %3D C. %3D Bal. %3D %3D d. Bal. %3! %3D e. Bal. %3D +++ +++ +++

The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned. 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. 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 %3D Common Stock Accounts Accounts Cash Dividends Revenue Expenses %3D Receivable Payable a. %3D b. %3D Bal. %3D C. %3D Bal. %3D %3D d. Bal. %3! %3D e. Bal. %3D +++ +++ +++

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Description: The following transactions were completed by the company.a. The company completed consulting work for a client and immediately collected $5,500 cash earned.b. The company completed commission work for a client and sent a bill for $4,000 to be receiv

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 8E: Assume that the employees in Exercise 77 are paid from the companys regular bank account (check...

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Assume that the employees in Exercise 77 are paid from the companys regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30.
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