In January Tongo Inc a branding consultant had the following
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.
a. (Sample) Received $ 9,500 cash for consulting services rendered in January.
b. Issued common stock to investors for $ 10,000 cash.
c. Purchased $ 12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
d. Received $ 7,500 cash for consulting services to be performed in February.
e. Bought $ 1,000 of supplies on account.
f. Received utility bill for January for $ 1,250, due February 15.
g. Consulted for customers in January for fees totaling $ 15,900, due in February.
h. Received $ 12,000 cash for consulting services rendered in December.
i. Paid $ 500 toward supplies purchased in (e) .
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