work Saved Help Save & Exit Sut Check my work LO P1 QS 1-10 (Algo) Identifying effects of transactions using accounting equation-Revenues and Expenses The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,600 cash. b. The company completed commission work for a client and sent a bill for $4,100 to be received within 30 days. c. The company paid an assistant $1,450 cash as wages for period. d. The company collected $2,050 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $720 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 Cash Liabilities Accounts Payable Common Stock Equity Dividends Revenue + $5.600 Expenses Check my work , wvv iv vv . e. The company paid $720 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 Common Stock Dividends + Revenue Expenses Assets Accounts Cash + Receivable $ 5,600 + + $ 4,100 5,600 + 4,100 a + $ 5,600 - b. + Bal 0 + 0 0 + 5,600 - 0 C. + + + 1,450 1,450 Bal 4,100 0 + 0 0 + 5,6001 - d. 5,600 + 2,050 + 7,650 + + + + + Bal. 4,100 0 0 0 + 5,600 . + + + 1.450 720 2,170 Bal. 7,650 + 4,100 - 0 + 0 0 + 5,600 Check my worl Answer the following questions. Hint: Use the accounting equation. a. At the beginning of the year, Addison Company's assets are $222,000 and its equity is $166,500. During the year, assets increase $80,000 and liabilities increase $43,000. What is the equity at year-end? b. Office Store Co. has assets equal to $112,000 and liabilities equal to $74,000 at year-end. What is the equity for Office Store Co. at year-end? c. At the beginning of the year, Quaker Company's liabilities equal $74,000. During the year, assets increase by $60,000, and at year- end assets equal $190,000. Liabilities decrease $19,000 during the year. What are the beginning and ending amounts of equity? Complete this question by entering your answers in the tabs below. Required A Required B Required C At the beginning of the year, Quaker Company's liabilities equal $74,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $19,000 during the year. What are the beginning and ending amounts of equity? Assets Equity Beginning Change Endina Liabilities $ 74.000 + $ (19,000) Is 56,000 60,000 - 190.000 S 07.000
