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. (Sample) Received $9,500 cash for consulting services rendered in January.
Issued common stock to investors for $10,000 cash.
Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in two years.
Received $7,500 cash for consulting services to be performed in February.
Bought and received $1,000 of supplies on account.
Received utility bill for January for $1,250, due February 15.
Consulted for customers in January for fees totaling $15,900, due in February.
Received $12,000 cash for consulting services rendered in December.
Paid $500 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)