Question
In: Finance
The following transactions were completed by the company. The company completed consulting work for a client...
The following transactions were completed by the company. The company completed consulting work for a client and immediately collected $6,500 cash earned. The company completed commission work for a client and sent a bill for $5,000 to be received within 30 days. The company paid an assistant $1,900 cash as wages for the period. The company collected $2,500 cash as a partial payment for the amount owed by the client in transaction b. The company paid $900 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)
Solutions
Expert Solution
Solution-
To Find the impact of each transaction on individual items of the accounting equation-
Accounting equation is a equation which mainly focus on denoting relationship between Assets, Liabilities and owner's Equity with in the Business. It also follow double entry system.
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jeff jeffy answered 1 year agoRelated Solutions
Elatrip Company provides package tours for customers. The following transactions were completed by the company during...
Elatrip Company provides package tours for customers. The
following transactions were completed by the company during
September 2019.
Sept 1 Shareholders invested $ 500,000 into the
business in exchange for ordinary shares.
Sept 2 Purchased $600 worth of office supplies for
cash.
Sept 4 Purchased furniture
from Damro Company for $5,000 and issued a 90 day, 8% promissory
note.
Sept 7 Purchased equipment
for $800 and postponed payment until September 28.
Sept 11 Earned revenue of $4,000, of
which $3,000...
The following were selected from among the transactions completed by Babcock Company during Novem...
The following were selected from among the transactions
completed by Babcock Company during November of the current
year:
Nov.
3
Purchased merchandise on account from Moonlight Co., list price
$89,000, trade discount 30%, terms FOB destination, 2/10,
n/30.
4
Sold merchandise for cash, $38,210. The cost of the merchandise
sold was $20,810.
5
Purchased merchandise on account from Papoose Creek Co.,
$51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight
of $730 added to the invoice.
6
Returned $14,000...
The following were selected from among the transactions completed by Babcock Company during November of the...
The following were selected from among the transactions
completed by Babcock Company during November of the current
year:
Nov.
3
Purchased merchandise on account from Moonlight Co., list price
$85,000, trade discount 25%, terms FOB destination, 2/10,
n/30.
4
Sold merchandise for cash, $37,680. The cost of the merchandise
sold was $22,600.
5
Purchased merchandise on account from Papoose Creek Co.,
$47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight
of $810 added to the invoice.
6
Returned $13,500...
The following were selected from among the transactions completed by Harrison Company during November of the...
The following were selected from among the transactions
completed by Harrison Company during November of the current
year:
Nov.
3
Purchased merchandise on account from Moonlight Co., list price
$88,000, trade discount 20%, terms FOB destination, 2/10,
n/30.
4
Sold merchandise for cash, $41,250. The cost of the merchandise
sold was $22,250.
5
Purchased merchandise on account from Papoose Creek Co.,
$43,700, terms FOB shipping point, 2/10, n/30, with prepaid freight
of $840 added to the invoice.
6
Returned $13,600...
The following were selected from among the transactions completed by Babcock Company during November of the...
The following were selected from among the transactions
completed by Babcock Company during November of the current
year:
Nov.
3
Purchased merchandise on account from Moonlight Co., list price
$89,000, trade discount 30%, terms FOB destination, 2/10,
n/30.
4
Sold merchandise for cash, $38,210. The cost of the merchandise
sold was $20,810.
5
Purchased merchandise on account from Papoose Creek Co.,
$51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight
of $730 added to the invoice.
6
Returned $14,000...
The following were selected from among the transactions completed by Essex Company during July of the...
The following were selected from among the transactions
completed by Essex Company during July of the current year:
July 3.
Purchased merchandise on account from Hamling Co., list price
$87,000, trade discount 25%, terms FOB shipping point, 2/10, n/30,
with prepaid freight of $970 added to the invoice.
5.
Purchased merchandise on account from Kester Co., $50,800,
terms FOB destination, 2/10, n/30.
6.
Sold merchandise on account to Parsley Co., $14,660, terms
n/15. The cost of the goods sold was...
The following were selected from among the transactions completed by Babcock Company during November of the...
The following were selected from among the transactions
completed by Babcock Company during November of the current year.
Babcock uses the net method under a perpetual inventory system.
Nov.
3
Purchased
merchandise on account from Moonlight Co., list price $94,000,
trade discount 25%, terms FOB destination, 2/10, n/30.
4
Sold merchandise
for cash, $35,040. The cost of the goods sold was $20,610.
5
Purchased
merchandise on account from Papoose Creek Co., $50,800, terms FOB
shipping point, 2/10, n/30, with prepaid...
The following were selected from among the transactions completed by Calworks Company during April of the...
The following were selected from among the
transactions completed by Calworks Company
during April of the current year:
Apr.
2.
Purchased merchandise on account from Prescott Co.,
$42,000, terms FOB
destination, 2/10, n/30.
3.
Paid advertising expense, $50.
4.
Sold merchandise for cash, $18,200.
5.
Purchased merchandise on account from Stafford Co.,
$21,300, terms FOB
shipping point, 2/10, n/30.
6.
Returned $6,000 merchandise purchased on April 3
from Prescott Co.
7.
Paid weekly salaries of employees, $150.
9.
Paid utility...
The following were selected from among the transactions completed by Babcock Company during November of the...
The following were selected from among the transactions
completed by Babcock Company during November of the current
year:
Nov.
3
Purchased merchandise on account from Moonlight Co., list price
$93,000, trade discount 25%, terms FOB destination, 2/10,
n/30.
4
Sold merchandise for cash, $34,100. The cost of the merchandise
sold was $22,080.
5
Purchased merchandise on account from Papoose Creek Co.,
$43,650, terms FOB shipping point, 2/10, n/30, with prepaid freight
of $750 added to the invoice.
6
Returned $15,000...
The following were selected from among the transactions completed by Babcock Company during November of the...
The following were selected from among the transactions
completed by Babcock Company during November of the current
year:
Nov.
3
Purchased merchandise on account from Moonlight Co., list price
$85,000, trade discount 25%, terms FOB destination, 2/10,
n/30.
4
Sold merchandise for cash, $37,680. The cost of the merchandise
sold was $22,600.
5
Purchased merchandise on account from Papoose Creek Co.,
$47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight
of $810 added to the invoice.
6
Returned $13,500...
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