QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1

QS 1-10 Identifying effects of transactions using accounting equation-Revenues and Expenses LO P1

The following transactions were completed by the company.


a.

The company completed consulting work for a client and immediately collected $6,700 cash earned.
b.

The company completed commission work for a client and sent a bill for $5,200 to be received within 30 days.
c. The company paid an assistant $2,000 cash as wages for the period.
d.

The company collected $2,600 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $940 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.)