Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

. In January, Tongo, Incorporated, a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting

image text in transcribed

. In January, Tongo, Incorporated, 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 a (Sample) Received $17,300 cash for consulting services rendered in January b. Issued common stock to investors for $10,500 cash c Purchased $18,400 of equipment, paying 25 percent in cash and owing the rest on a note due in two years d Received $9,500 cash for consulting services to be performed in February e. Bought and received $1,210 of supplies on account Received utility bill for January for $2,130, due February 15 g Consulted for customers in January for fees totaling $19,400, due in February h Received $18,200 cash for consulting services rendered in December Paid $605 toward supplies purchased in (e) Required: 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 Assets, Liabilities, and Stockholder's Equity with a minus sign) c o Cash Asse 17,300 B Liabilities 0 - N h " + Stockholders Exputy +Service Revere 17,300 . . + + .

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Karen W. Braun, Wendy M. Tietz

5th edition

978-0134128528

Students also viewed these Accounting questions