the effects on the accounting equation under the accrual basis. A sample is provided. a. (Sample) Received $9,900 cash for consulting services rendered in January. b. Issued common stock to investors for $18,000 cash. c. Purchased $21,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $8,500 cash for consulting services to be performed in February. e. Bought and received $1,200 of supplies on account. f. Received utility bill for January for $1,680, due February 15. g. Consulted for customers in January for fees totaling $18,400, due in February. h. Received $21,500 cash for consulting services rendered in December. i. Paid $600 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 provided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)
the effects on the accounting equation under the accrual basis. A sample is provided. a. (Sample) Received $9,900 cash for consulting services rendered in January. b. Issued common stock to investors for $18,000 cash. c. Purchased $21,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $8,500 cash for consulting services to be performed in February. e. Bought and received $1,200 of supplies on account. f. Received utility bill for January for $1,680, due February 15. g. Consulted for customers in January for fees totaling $18,400, due in February. h. Received $21,500 cash for consulting services rendered in December. i. Paid $600 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 provided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![the effects on the accounting equation under the accrual basis. A sample is provided.
a. (Sample) Received $9,900 cash for consulting services rendered in January.
b. Issued common stock to investors for $18,000 cash.
c. Purchased $21,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $8,500 cash for consulting services to be performed in February.
e. Bought and received $1,200 of supplies on account.
f. Received utility bill for January for $1,680, due February 15.
g. Consulted for customers in January for fees totaling $18,400, due in February.
h. Received $21,500 cash for consulting services rendered in December.
i. Paid $600 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
provided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ed20830-1da0-4224-9207-641673686550%2F04806de8-2e24-483a-9264-49ed1645a74b%2Fxhiq0rj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:the effects on the accounting equation under the accrual basis. A sample is provided.
a. (Sample) Received $9,900 cash for consulting services rendered in January.
b. Issued common stock to investors for $18,000 cash.
c. Purchased $21,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $8,500 cash for consulting services to be performed in February.
e. Bought and received $1,200 of supplies on account.
f. Received utility bill for January for $1,680, due February 15.
g. Consulted for customers in January for fees totaling $18,400, due in February.
h. Received $21,500 cash for consulting services rendered in December.
i. Paid $600 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
provided. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.)
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