Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 $19,200 cash for consulting services rendered in January b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950, due February 15. g. Consulted for customers in January for fees totaling $18,600, due in February, h. Received $18,100 cash for consulting services rendered in December. i. Paid $545 toward supplies purchased in (e). Assets Liabilities Stockholders' Equity Service Revenue 19,200 a Cash b Cash Equipment Cash 19,200 11,000 21,900
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started