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
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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

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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

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am. 295.
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