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In January, Tango, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under
In January, Tango, 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. Received $14, 200 cash for consulting services rendered in January. Issued common stock to investors for $12, 500 cash. Purchased $16, 900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. Received $8, 600 cash for consulting services to be performed in February. Bought $1, 950 of supplies on account. Received utility bill for January for $1, 440, due February 15. Consulted for customers in January for fees totaling $19, 200, due in February. Received $13, 800 cash for consulting services rendered in December. Paid $975 toward supplies purchased in (e)
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