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 $18,600 cash for consulting services rendered in January. b. Issued common stock to investors for $8,500 cash. c. Purchased $17,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $11,300 cash for consulting services to be performed in February. e Bought and received $1,850 of supplies on account. f Received utility bill for January for $1,870, due February 15. g. Consulted for customers in January for fees totaling $20,500, due in February. h. Received $17,600 cash for consulting services rendered in December. 1. Paid $925 toward supplies purchased in (e).
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 $18,600 cash for consulting services rendered in January. b. Issued common stock to investors for $8,500 cash. c. Purchased $17,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $11,300 cash for consulting services to be performed in February. e Bought and received $1,850 of supplies on account. f Received utility bill for January for $1,870, due February 15. g. Consulted for customers in January for fees totaling $20,500, due in February. h. Received $17,600 cash for consulting services rendered in December. 1. Paid $925 toward supplies purchased in (e).
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...
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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 the accrual basis. A sample is provided. (Enter any decreases to account balances with a
minus sign.)
a. (Sample) Received $18,600 cash for consulting services rendered in January.
b. Issued common stock to investors for $8,500 cash.
c. Purchased $17,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $11,300 cash for consulting services to be performed in February.
e Bought and received $1,850 of supplies on account.
/ Received utility bill for January for $1,870, due February 15.
g. Consulted for customers in January for fees totaling $20,500, due in February
h. Received $17,600 cash for consulting services rendered in December.
1. Paid $925 toward supplies purchased in (e).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c36d334-d677-4a5a-b7b0-2a7b69cecd25%2F48dfc0d3-3ec8-4b14-8dd2-39e5bc948253%2Fh58j3q_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $18,600 cash for consulting services rendered in January.
b. Issued common stock to investors for $8,500 cash.
c. Purchased $17,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
d. Received $11,300 cash for consulting services to be performed in February.
e Bought and received $1,850 of supplies on account.
/ Received utility bill for January for $1,870, due February 15.
g. Consulted for customers in January for fees totaling $20,500, due in February
h. Received $17,600 cash for consulting services rendered in December.
1. Paid $925 toward supplies purchased in (e).
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