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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 $13,200 cash for consulting services rendered in January. |
b. | Issued common stock to investors for $8,000 cash. |
c. | Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. |
d. | Received $11,800 cash for consulting services to be performed in February. |
e. | Bought $1,750 of supplies on account. |
f. | Received utility bill for January for $2,060, due February 15. |
g. | Consulted for customers in January for fees totaling $19,900, due in February. |
h. | Received $13,300 cash for consulting services rendered in December. |
i. | Paid $875 toward supplies purchased in (e).
ASSETS = LIABILITIES + SHAREHOLDER'S EQUITY a) cash 13,200 service revenue 13,200 b) c) d) e) f) g) h) i) |
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