Outstand x MMcGraw-x ezto.mheducation.com/hm.tpx Bookmarks value: 0.42 points E3-16 Determining Accounting Equation Effects of Several Transactions...

 

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Outstand x MMcGraw-x ezto.mheducation.com/hm.tpx Bookmarks value: 0.42 points E3-16 Determining Accounting Equation Effects of Several Transactions [LO 3-2, LO 3-3] 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 $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 2 years. d. Received $9,500 cash for consulting services to be performed in February, e. Bought $1,210 of supplies on account. Cash b. Cash f. 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. 1. Paid $605 toward supplies purchased in (e). AU c Equipment Cash d. Cash - POPP ACC 2013 x MLearnsmar x Supplies h. Cash Assets Accounts Receivable Cash 12 17,300 80A MMcGraw-x Liabilities Notes Payable (long-term) 13,800 Unearned Revenue Accounts Payable Accounts Payable GOD Check Yox 9,500 1,210 2,130 (606) Stockholders' Equity Service Revenue Common Stock Minerals Uites Expense Service Revenue 17,300 10,500 (2.130) 19.400 Outstand x MMcGraw-x ezto.mheducation.com/hm.tpx Bookmarks value: 0.42 points E3-16 Determining Accounting Equation Effects of Several Transactions [LO 3-2, LO 3-3] 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 $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 2 years. d. Received $9,500 cash for consulting services to be performed in February, e. Bought $1,210 of supplies on account. Cash b. Cash f. 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. 1. Paid $605 toward supplies purchased in (e). AU c Equipment Cash d. Cash - POPP ACC 2013 x MLearnsmar x Supplies h. Cash Assets Accounts Receivable Cash 12 17,300 80A MMcGraw-x Liabilities Notes Payable (long-term) 13,800 Unearned Revenue Accounts Payable Accounts Payable GOD Check Yox 9,500 1,210 2,130 (606) Stockholders' Equity Service Revenue Common Stock Minerals Uites Expense Service Revenue 17,300 10,500 (2.130) 19.400

Answer rating: 100% (QA)

a Cash b Cash c Equipment Cash d Cash e Supplies Accounts g receivable h Cash Accounts receiv... View the full answer