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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. b. The company
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,200 cash. 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 Accounts Receivable Liabilities Accounts Payable Equity Dividends Cash = Common Stock + Revenue - Expenses a. + + + + + + b. Bal. + + + C. + + + + = + + d Bal. d. Bal. + = + + + + + e. + = + + Bal. + II + - +
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