Wednesday, November 6, 2019

The company completed consulting work for a client and immediately collected $5,600 cash earned.

The following transactions were completed by the company.
  1. The company completed consulting work for a client and immediately collected $5,600 cash earned.
  2. The company completed commission work for a client and sent a bill for $4,100 to be received within 30 days.
  3. The company paid an assistant $1,450 cash as wages for the period.
  4. The company collected $2,050 cash as a partial payment for the amount owed by the client in transaction b.
  5. 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=Liabilities+Equity
Cash+Accounts Receivable=Accounts Payable+Common StockDividends+RevenueExpenses
a.5,600selected answer correct+not attempted=not attempted+not attemptednot attempted+5,600selected answer correctnot attempted
b.not attempted+4,100selected answer correct=not attempted+not attemptednot attempted+4,100selected answer correctnot attempted
Bal.5,600+4,100not attempted=0+00+9,7000
c.(1,450)selected answer correct+not attempted=+not attemptednot attempted+not attempted1,450selected answer correct
Bal.4,150+4,100=0+00+9,7001,450
d.2,050selected answer correct+(2,050)selected answer correct=not attempted+not attemptednot attempted+not attemptednot attempted
Bal.6,200+2,050=0+00+9,7001,450
e.(720)selected answer correct+=not attempted+not attemptednot attempted+not attempted720selected answer correct
Bal.5,480+2,050=0+00+9,7002,170

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4.
The following transactions were completed by the company.
  1. The owner invested $17,400 cash in the company in exchange for its common stock.
  2. The company purchased supplies for $1,100 cash.
  3. The owner invested $11,200 of equipment in the company in exchange for more common stock.
  4. The company purchased $320 of additional supplies on credit.
  5. The company purchased land for $10,200 cash.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)

Assets=Liabilities+Equity
Cash+Supplies+Equipment+Land=Accounts Payable+Common StockDividends+RevenueExpenses
a.17,400selected answer correct+not attempted+not attempted+not attempted=not attempted+17,400selected answer correctnot attempted+not attemptednot attempted
b.(1,100)selected answer correct+1,100selected answer correct+not attempted+not attempted=not attempted+not attemptednot attempted+not attemptednot attempted
Bal.16,300+1,100not attempted+0+0not attempted=0not attempted+17,4000+00
c.not attempted+not attempted+11,200selected answer correct+not attempted=+11,200selected answer correctnot attempted+not attemptednot attempted
Bal.16,300+1,100+11,200+0not attempted=0not attempted+28,6000+00
d.not attempted+320selected answer correct+not attempted+not attempted=320selected answer correct+not attemptednot attempted+not attemptednot attempted
Bal.16,300+1,420+11,200+0not attempted=320+28,6000+00
e.(10,200)selected answer correct+not attempted+not attempted+10,200selected answer correct=not attempted+not attemptednot attempted+not attemptednot attempted
Bal.6,100+1,420+11,200+10,200=320+28,6000+00

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5.
Determine the missing amount from each of the separate situations given below.

Assets=Liabilities+Equity
(a)165,000selected answer correct=$119,000+$46,000
(b)$90,000=$37,000+53,000selected answer correct
(c)$186,000=124,000selected answer correct+$62,000

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