60.1K

Verified Solution

Link Copied!

The following transactions were completed by the company:

The company completed consulting work for a client and immediately collected $$7,000$ cash.

The company completed commission work for a client and sent a bill for $$5,500$ to be received within $30$ days.

The company paid an assistant $$2,150$ cash as wages for the period.

The company collected $$2,750$ cash as a partial payment for the amount owed by the client in transaction b$.$

The company paid $$1,000$ cash for this period's cleaning services.

Required:

Enter the impact of each transaction on individual items of the accounting equation.

Note: Enter decreases to account balances with a minus sign.QS $1-10($Algo$)$ Identifying effects of transactions using accounting equation$-$Revenues and Expenses LO P$1$

The following transactions were completed by the company:

a$.$ The company completed consulting work for a client and immediately collected $$7,000$ cash.

b$.$ The company completed commission work for a client and sent a bill for $$5,500$ to be received within $30$ days.

c$.$ The company paid an assistant $$2,150$ cash as wages for the period.

d$.$ The company collected $$2,750$ cash as a partial payment for the amount owed by the client in transaction $b.$

e$.$ The company paid $$1,000$ cash for this period's cleaning services.

Required:

Enter the impact of each transaction on individual items of the accounting equation.

Note: PLEASE FILL OUT EVERY BOX AS SHOWN IN THE TABLE OF THE PICTURE I INCLUDED!! PLEASE DO NOT MISS ANY BOXES

Answer & Explanation Solved by verified expert

See Answer