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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 $16,600 cash for consulting services rendered in January b. Issued common stock to investors for $15,000 cash. c. Purchased S16,100 of equipment paying 25 percent in cash and owing the rest on a note due in two years. d. Received $12.500 cash for consulting services to be performed in February e Bought and received $1.550 of supplies on account 1 Received utility bill for January for $1960, due February 15. g. Consulted for customers in January for fees totaling $19,600, due in February h. Received $14,300 cash for consulting services rendered in December Paid $775 toward supplies purchased in (e) Assets Liabilities Stockholders' Equity Service Revenue Cash 16,609 16.600 b d + 9 h
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