In January. Tongo, Incorporated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction ofthe effects on the accounting equation under the accrual basis. A sample is provided.a. (Sample) Recelved $17,300 cash for consulting services rendered in January.b. Issued common stock to Investors for $10,500 cash.c. Purchased $18.400 of equipment, paying 25 percent In cash and owing the rest on a note due In two years.d. Recelved $9,500 cash for consulting services to be performed In February.e. Bought and recelved $1,210 of supplies on account.f Recelved utility bll for January for $2,130, due February 15.g. Consulted for customers In January for fees totaling $19,400, due in February.h. Recelved $18,200 cash for consulting services rendered In December.1. Paid $605 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 isprovided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)AssetsLiabilitiesStockholders' Equityа Cash17,300 =Service Revenue17,300fi

Name: In January. Tongo, Incorporated, a branding consultant, had the follo
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: In January. Tongo, Incorporated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction ofthe effects on the accounting equation under the accrual basis. A sample is provided.a. (Sample) Recelved $17,300

The first step in the accounting cycle is to analyze transactions to determine their effect on the…

Business

Accounting

In January. Tongo, Incorporated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the acounting equation under the accrual basis. A sample is provided. a (Sample) Recelved $17.300 cash for consulting services rendered in January. b. issued common stock to Investors for $10,500 cash. C.Purchased $18,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $9.500 cash for consulting servIces to be performed in February. Bought and recelved $1,210 of supples on account. E Recelved utility billfor January for $2.130, due February 15. g. Consulted for customers in January for fees totaling $19.400, due in February. n. Received $18,200 cash for consulting services rendered in December. L Paid $605 toward supplies purchased in (0). 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.) Assets Liabilities Stockholders' Equity a Cash 17,300 Service Revenue 17,300 b.

In January. Tongo, Incorporated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the acounting equation under the accrual basis. A sample is provided. a (Sample) Recelved $17.300 cash for consulting services rendered in January. b. issued common stock to Investors for $10,500 cash. C.Purchased $18,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $9.500 cash for consulting servIces to be performed in February. Bought and recelved $1,210 of supples on account. E Recelved utility billfor January for $2.130, due February 15. g. Consulted for customers in January for fees totaling $19.400, due in February. n. Received $18,200 cash for consulting services rendered in December. L Paid $605 toward supplies purchased in (0). 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.) Assets Liabilities Stockholders' Equity a Cash 17,300 Service Revenue 17,300 b.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $23,980. LAWSON CONSULTING Balance Sheet As of December 31 Assets: Liabilities: Cash $ 14,000 Accounts payable 2$ 4,620 Accounts receivable 6,300 1. Lawson, Capital 23,980 Equipment $ 8,300 Total equity…
Use additions and subtractions to show the dollar effects of each transaction on a. to e. below on the expanded accounting equation below. Intermediate balances are not required. a. The company completed consulting work for a client and immediately collected $5,500 cash. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. e. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Date Cash + Assets Accounts Receivable + Office Equipment = = Liabilities + Accounts + Payable Common Stock 4 Stockholders' Equity Dividends + Revenues Expenses
West Texas Exploration Co. was established on October 15 to provide oil-drilling services. West Texas uses field equipment (rigs and pipe) and field supplies (drill bits and lubricants) in its operations. Transactions related to purchases and cash payments during the remainder of October are as follows: Oct. 16. Issued Check No. 1 in payment of rent for the remainder of October, $7,000. 16. Purchased field equipment on account from Petro Services Inc., $32,600. 17. Purchased field supplies on account from Midland Supply Co., $9,780. 18. Issued Check No. 2 in payment of field supplies, $4,570, and office supplies, $650. 20. Purchased office supplies on account from A-One Office Supply Co., $1,320. Post the journals to the accounts payable subsidiary ledger. 24. Issued Check No. 3 to Petro Services Inc., in payment of October 16 invoice. 26. Issued Check No. 4 to Midland Supply Co. in payment of October 17 invoice. 28. Issued Check No. 5 to purchase…
On January 1, Entity A invested cash of P 50,000. On January 5, the business performed services amounting to P 40,000, 40% of which is on a cash basis. On January 10, the entity collected half of its receivables. During the month, the entity incurred P 40,000 expenses, P 18,000 of which have been paid. An equipment was also bought on account for P 10,000. A withdrawal of P 5,000 was also made. Compute the cash balance as of January 31.
Milo Clothing experienced the following events during Year 1, its first year of operation: Acquired $10,500 cash from the issue of common stock. Purchased inventory for $6,100 cash. Sold inventory costing $3,660 for $6,222 cash. Paid $700 for advertising expense. Required Record the general journal entries for the preceding transactions. Post each of the entries to T-accounts. Prepare a trial balance to prove the equality of debits and credits.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Yard Professionals Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,000 cash. 2. Purchased $4,800 of supplies on account. 3. A physical count on December 31, Year 1, found that there was $1,040 of supplies on hand. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting per c. What is the balance in the Supplies account as of January 1, Year 2? d. What is the balance in the Supplies Expense account as of January 1, Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Event Req B2 Balance sheet 1. Provided service 2. Purchased supplies 3. Used supplies Totals Record the events under an accounting equation. Note: Not all cells require input. Enter any decreases to account balances with a minus sign. Req B3 Statement of cash flows Cash…
am. 295.
Selected transactions for Concord Corporation during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,200 cash received from investors. 5 Purchased equipment for $8,670, paying $2,550 in cash and the balance on account. 8 Performed services on account for $19,700. 14 Paid salaries of $2,900. 25 Paid $2,900 cash on balance owed for equipment. 30 Paid $520 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders’ equity, provide explanations in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)
The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13 Wrote off account of Dean Sheppard, $8,290. May 15 Received $420 as partial payment on the $7,220 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27 Received $8,290 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Paul Chapman $2,280 Duane DeRosa 3,535 Teresa Galloway 4,625 Ernie Klatt 1,095 Marty Richey 1,800 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Required: A. Journalize the transactions under the direct write-off method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the transactions under the allowance method.…
Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $16,580 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $9,000 I. Lawson, Withdrawals 5,300 Services revenue 7,300 Rent expense 3,720 Wages expense 16,580 $ Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $17,880. LAWSON CONSULTING Balance Sheet 0 Total equity $ 2,300 14,400 2,800 8,000 $ 0 0