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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 earned. b. The
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,200 cash earned. 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 = + Cash Accounts Receivable Liabilities Accounts Payable Equity Owner, Revenue Withdrawals Owner, Capital - Expenses $ 6,200 + + + $ + + + a. b. Bal. C. Bal. = = 6,200 0 + 0 - + + + + + 4,700 4,700 (2,350) 2,350 2,350 4,700 6,200 + + 0 - + d. + = = = + + Bal. + + (1,750) 4,450 + (840) + 3,610 + + + Bal. 4,700 = 0 + + +
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