Sifuentes Consulting, owned and managed by Jos Sifuentes, provides marketing consulting services. In January 2011, Sifuentes Consulting

Question:

Sifuentes Consulting, owned and managed by José Sifuentes, provides marketing consulting services. In January 2011, Sifuentes Consulting posted the following transactions.

a. (Example) Received $9,500 cash for consulting services rendered in January.

b. Received an additional $10,000 in cash as an investment from José Sifuentes.

c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.

d. Received $7,500 cash for consulting services to be performed in February.

e. Bought $1,000 of supplies on account.

f. Paid $1,100 for December utility bill (recorded as expense in December 2010).

g. Received utility bill for January for $1,250, due February 15.

h. Consulted for customers in January for fees totaling $15,900, due in February.

i. Received $12,000 cash for consulting services rendered in December.

j. Paid $500 toward supplies purchased in (e).

k. J. Sifuentes withdrew $3,000 cash from the business.

Required:

Indicate the accounts, amounts, and direction of the effects on the firm's accounting equation for each of the transactions. A sample is provided.

Sifuentes Consulting, owned and managed by José Sifuentes, provides marketing
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Principles Of Accounting

ISBN: 9780077300456

1st Edition

Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton

Question Posted: