In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Received $18,600 cash for consulting services rendered in January. b. Issued common stock to investors for $8,500 cash. c. Purchased $17,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $11,300 cash for consulting services to be performed in February. e Bought and received $1,850 of supplies on account. f Received utility bill for January for $1,870, due February 15. g. Consulted for customers in January for fees totaling $20,500, due in February. h. Received $17,600 cash for consulting services rendered in December. 1. Paid $925 toward supplies purchased in (e).

In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Received $18,600 cash for consulting services rendered in January. b. Issued common stock to investors for $8,500 cash. c. Purchased $17,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $11,300 cash for consulting services to be performed in February. e Bought and received $1,850 of supplies on account. f Received utility bill for January for $1,870, due February 15. g. Consulted for customers in January for fees totaling $20,500, due in February. h. Received $17,600 cash for consulting services rendered in December. 1. Paid $925 toward supplies purchased in (e).

Name: In January, Tongo, Inc., a branding consultant, had the following tra
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Description: In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of theeffects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to account bal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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