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The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,500 cash earned. b. The
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,500 cash earned. b. The company completed commission work for a client and sent a bill for $5,000 to be received within 30 days. c. The company paid an assistant $1,900 cash as wages for the period. d. The company collected $2,500 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $900 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 Liabilities Accounts Payable $ 0 + Dividends Assets Accounts Cash Receivable 6,500) $ 0 = $ 5,000 - 6,500 - 5.000 Common Stock $ Expenses $ + 0 $ 0 + $ 0 Revenue $ 6,500 - 5.000 11,500 - + b Bal 0+ 0 - 0 + 0 C + + . Bal 5,500 5,000 0 0 11,500 0 d . . Prey 1 of 37 I! Next > Assets Equity Cash Liabilities Accounts + Payable ol + Accounts Receivable $ 0] = + Dividends Revenue - Common Stock $ 0 - Expenses $ 6,500 + ol + $ 0 b + $ + + 5,000 5,000 $ 6,500 5,000 11,500 Bal 6,500 + 0 + 0 0 + 0 + + + Bal - - 6,500 + 5,000 = 0+ 0 01 + 11,500 0 d . + + + Bal 6,500 + 5,000 0 + 0 0 11,500 0 e + + + Bal 6,500+ 5,000 - 0 + 0 + 11,500 - 0
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