FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following transactions were completed by the company:
 

  1. The company completed consulting work for a client and immediately collected $5,500 cash.
  2. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
  3. The company paid an assistant $1,400 cash as wages for the period.
  4. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
  5. 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.)

 

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
=
=
=
=
=
=
=
=
=
Liabilities +
Accounts
Payable
$
+
+
+
0 +
+
0 +
+
0 +
+
Common
Stock
0 + $
0
0
0
0
Equity
Dividends
$
0
0
+
0
+
+
+
+
+
+
0 +
+
+
Revenue
$
0
0
0
0
Expenses
$
0
0
0
0
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Transcribed Image Text: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 = = = = = = = = = Liabilities + Accounts Payable $ + + + 0 + + 0 + + 0 + + Common Stock 0 + $ 0 0 0 0 Equity Dividends $ 0 0 + 0 + + + + + + 0 + + + Revenue $ 0 0 0 0 Expenses $ 0 0 0 0
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