The following transactions were completed by the company. a. The company completed consulting work for a…
The following solution is suggested to handle the subject “The following transactions were completed by the company. a. The company completed consulting work for a…“. Let’s keep an eye on the content below!
Question “The following transactions were completed by the company. a. The company completed consulting work for a…”
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days C. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 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 minus sign.) Assets Equity Liabilities Accounts Payable Owner, Accounts Receivable luable Cash Owner, Capital – Revenue Expenses Withdrawals
The following transactions were completed by the company. 166 points a. The company completed consulting work for a client and immediately collected $5,500 cash earned. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. C. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1.000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period’s cleaning services Skipoed eBook Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balance minus sign.) Print Assets Cash Accounts Receivable Liabilities Accounts Payable Owner Capital Equity Owner, Withdrawal Revenue – Expenses < Prev be here to search 2 of 6 Next >
Answer
Assets Liabilities Equity accounts Payable 1 = ++ $0+ Bal Accounts Cash 17 Receivalble $4,000 = $2,000 = $1,400 = $3,600+ $4,000 = $2,000 = $1,000+ +1 $3,000 +1 $700 + $3.900 + $3,000 Owners’ Owners’ + Revenue – Expense Capital 1 Withdrawals – $5,000 + +$4,000 – So – $1.4001 $0+ $9,000- $1.4001 $700 $0+ $9,000- $2,100 + + Bal $0+ + Bal
Conclusion
Above is the solution for “The following transactions were completed by the company. a. The company completed consulting work for a…“. We hope that you find a good answer and gain the knowledge about this topic of business.