1 answer

The following transactions were completed by the company. a. The company completed consulting work for a...

Question:

The following transactions were completed by the company. a. The company completed consulting work for a client and immediate

The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,800 cash earned. b. The company completed commission work for a client and sent a bill for $5,300 to be received within 30 days. c. The company paid an assistant $2,050 cash as wages for the period. d. The company collected $2,650 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $960 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.) = yunty Assets Assets Cash Accounts Receivable Liabilities Accounts Payable Equity Owner, + Revenue Withdrawals Owner, Capital . Expenses + + + + + + + + + + + + + + + + +

Answers

Assets Liabilities + Equity
Cash + Accounts Receivable = Accounts payable + Owner , Cpaital - Owner , Withdrawls + Revenue - Expenses
a. $     6,800.00 $     6,800.00
b. $                   5,300.00 $     5,300.00
Bal. $   6,800.00 $                 5,300.00 $                      -   $                   -   $                          -   $ 12,100.00 $             -  
c. $   (2,050.00) $ (2,050.00)
Bal. $   4,750.00 $                 5,300.00 $                      -   $                   -   $                          -   $ 12,100.00 $(2,050.00)
d. $     2,650.00 $                  (2,650.00)
Bal. $   7,400.00 $                 2,650.00 $                      -   $                   -   $                          -   $ 12,100.00 $(2,050.00)
e. $      (960.00) $     (960.00)
Bal. $   6,440.00 $                 2,650.00 $                      -   $                   -   $                          -   $ 12,100.00 $(3,010.00)
.

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