In January, Tongo, Incorporated, 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. a. (Sample) Received $15,600 cash for consulting services rendered in January. b. Issued common stock to investors for $13,000 cash. c. Purchased $16,700 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $9,300 cash for consulting services to be performed in February. e. Bought and received $1,580 of supplies on account. f. Received utility bill for January for $1,990, due February 15. g. Consulted for customers in January for fees totaling $23,000, due in February. h. Received $17,200 cash for consulting services rendered in December. 1. Paid $790 toward supplies purchased in (e). Required: 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 Assets, Liabilities, and Stockholder's Equity with a minus sign.)

In January, Tongo, Incorporated, 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. a. (Sample) Received $15,600 cash for consulting services rendered in January. b. Issued common stock to investors for $13,000 cash. c. Purchased $16,700 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $9,300 cash for consulting services to be performed in February. e. Bought and received $1,580 of supplies on account. f. Received utility bill for January for $1,990, due February 15. g. Consulted for customers in January for fees totaling $23,000, due in February. h. Received $17,200 cash for consulting services rendered in December. 1. Paid $790 toward supplies purchased in (e). Required: 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 Assets, Liabilities, and Stockholder's Equity with a minus sign.)

Name: E3-16 (Algo) Determining Accounting Equation Effects of Several Trans
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Description: E3-16 (Algo) Determining Accounting Equation Effects of Several Transactions [LO 3-2, LO 3-3]In January, Tongo, Incorporated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction ofthe effects on the a

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 3BE: Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected...

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