Answered step by step
Verified Expert Solution
Question
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 equation under
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 samole is provided (Samples Received 519.200 cash for consulting services rendered in January Issued common stock to investors for $11.000 cash Purchased $21.900 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. Received $9 350 cash for consulting services to be performed in February e Bought and received $1.090 of supplies on account Received utility bill for January for $1.950, due February 15 9. Consulted for customers in January for fees totaling 518,600, due in February h Received 518100 cash for consulting services rendered in December 1. Paid $545 toward supplies purchased inje) 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, Linbilities, and Stockholder's Equity with a minus sign.) Stock Service Revenue 19.200 - Cash 193200 b C Required: Indicate the accounts amounts and direction of the effects on the accounting equation under the accubus Asamples provided (Enter any decreases to Asets, Liabilities, and Stockholder's Equity with a minus sign. Str. Canh 19.290 - Services 19.200 B c d th
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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