Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781259864230
Author: PHILLIPS, Fred, Libby, Robert, Patricia A.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 3, Problem 16E
Determining
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.
- a. (Sample) Received $9,500 cash for consulting services rendered in January.
- b. Issued common stock to investors for $10,000 cash.
- c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
- d. Received $7,500 cash for consulting services to be performed in February.
- e. Bought $1,000 of supplies on account.
- f. Received utility bill for January for $1,250, due February 15.
- g. Consulted for customers in January for fees totaling $15,900, due in February.
- h. Received $12,000 cash for consulting services rendered in December.
- i. Paid $500 toward supplies purchased in (e).
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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 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 is…
January, longo, 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 $9,700 cash for consulting services rendered in January.
b. Issued common stock to investors for $11,500 cash.
c. Purchased $21,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $8,450 cash for consulting services to be performed in February.
e. Bought and received $1,250 of supplies on account.
f. Received utility bill for January for $2,170, due February 15.
g. Consulted for customers in January for fees totaling $16,300, due in February.
h. Received $16,700 cash for consulting services rendered in December.
i. Paid $625 toward supplies purchased in (e).
4
Required:
Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is…
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.
/ 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).
Chapter 3 Solutions
Fundamentals Of Financial Accounting
Ch. 3 - Prob. 1QCh. 3 - When accounting was developed in the 14th and 15th...Ch. 3 - Define accrual basis accounting and contrast it...Ch. 3 - Prob. 4QCh. 3 - What two questions are answered by the core...Ch. 3 - Prob. 6QCh. 3 - What is a performance obligation?Ch. 3 - How do you report revenue from a contract that...Ch. 3 - Explain the expense recognition principle...Ch. 3 - Explain why stockholders equity is increased by...
Ch. 3 - Explain why revenues are recorded as credits and...Ch. 3 - Complete the following table by entering either...Ch. 3 - Complete the following table by entering either...Ch. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - What is the difference between Accounts Receivable...Ch. 3 - What is the difference between Accounts Payable...Ch. 3 - For each of the following situations, indicate...Ch. 3 - Prob. 19QCh. 3 - Which of the following items is not a specific...Ch. 3 - Which of the following accounts normally has a...Ch. 3 - Prob. 3MCCh. 3 - Which of the following would the core revenue...Ch. 3 - If a company incorrectly records a payment as an...Ch. 3 - Prob. 6MCCh. 3 - Prob. 7MCCh. 3 - Which account is least likely to be debited when...Ch. 3 - Webby Corporation reported the following amounts...Ch. 3 - Which of the following is the entry to be recorded...Ch. 3 - Identifying Performance Obligations Lakeside...Ch. 3 - Prob. 2MECh. 3 - Identifying Accrual Basis Revenues The following...Ch. 3 - Identifying Accrual Basis Expenses The following...Ch. 3 - Recording Accrual Basis Revenues For each of the...Ch. 3 - Recording Accrual Basis Expenses For each of the...Ch. 3 - Prob. 7MECh. 3 - Prob. 8MECh. 3 - Prob. 9MECh. 3 - Prob. 10MECh. 3 - Identifying Accrual Basis Expenses The following...Ch. 3 - Prob. 12MECh. 3 - Recording Accrual Basis Expenses For each of the...Ch. 3 - Prob. 14MECh. 3 - Preparing Accrual Basis Journal Entries for...Ch. 3 - Preparing Accrual Basis Journal Entries for...Ch. 3 - Preparing Accrual Basis Journal Entries and...Ch. 3 - Determining the Accounting Equation Effects of...Ch. 3 - Prob. 19MECh. 3 - Preparing an Income Statement and Calculating Net...Ch. 3 - Preparing Financial Statements from a Trial...Ch. 3 - Preparing an Income Statement and Calculating Net...Ch. 3 - Calculating and Interpreting Net Profit Margin...Ch. 3 - Calculating and Interpreting Net Profit Margin...Ch. 3 - Matching Definitions with Terms Match each...Ch. 3 - Matching Definitions with Terms Match each...Ch. 3 - Identifying Performance Obligations and Timing...Ch. 3 - Identifying Accrual Basis Revenues According to...Ch. 3 - Identifying Accrual Basis Revenues According to...Ch. 3 - Identifying Accrual Basis Expenses Under accrual...Ch. 3 - Identifying Accrual Basis Expenses Under accrual...Ch. 3 - Determining Accounting Equation Effects and Net...Ch. 3 - Determining Accounting Equation Effects and Net...Ch. 3 - Recording Journal Entries and Determining Net...Ch. 3 - Prob. 11ECh. 3 - Recording Journal Entries and Determining Net...Ch. 3 - Recording and Posting Accrual Basis Journal...Ch. 3 - Analyzing Transactions from the Perspectives of...Ch. 3 - Prob. 15ECh. 3 - Determining Accounting Equation Effects of Several...Ch. 3 - Preparing Journal Entries For each of the...Ch. 3 - Prob. 18ECh. 3 - Creating an Unadjusted Trial Balance Based on the...Ch. 3 - Inferring Transactions, Creating Financial...Ch. 3 - Determining the Effects of Various Transactions EZ...Ch. 3 - COACHED PROBLEMS Recording Nonquantitative Journal...Ch. 3 - Prob. 2CPCh. 3 - Prob. 3CPCh. 3 - Prob. 4CPCh. 3 - Prob. 1PACh. 3 - Recording Journal Entries Diana Mark is the...Ch. 3 - Analyzing the Effects of Transactions Using...Ch. 3 - Prob. 4PACh. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - Analyzing the Effects of Transactions Using...Ch. 3 - Analyzing, Journalizing, and Interpreting Business...Ch. 3 - Prob. 1COPCh. 3 - Finding Financial Information Refer to the...Ch. 3 - Comparing Financial Information Refer to the...Ch. 3 - Prob. 4SDCCh. 3 - Ethical Decision Making: A Mini-Case Mike Lynch is...Ch. 3 - Accounting for Business Operations Starting in...
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