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The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $6,600 cash. b. The company
The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $6,600 cash. b. The company completed commission work for a client and sent a bill for $5,100 to be received within 30 days. c. The company paid an assistant $1,950 cash as wages for the period. d. The company collected $2,550 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $920 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.) Equity Transactions Number Assets Accounts Receivable = Liabilities + Accounts Payable Cash + = + Common Stock Dividends + Revenue Expenses a. + + + b. + = + + Balance after a and b 0 + 0 = 0 + 0 0 + 0 - 0 C. + = + + - Balance after c 0 + 0 = 0 + 0 + 0 0 d. + = + - + Balance after d 0 + 0 0 0 0 + 0 0 e. + = + + + - +++ Balance after e $ 0 + $ 0 = $ 0 $ 0 $ 0 $ 0 $ 0
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