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