Question: Can someone help me do this question! In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of

Can someone help me do this question!
Can someone help me do this question! In January, Tongo, Inc., a

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 $9.700 cash for consulting services rendered in January b. Issued common stock to investors for $11,500 cash. c. Purchased $21,500 of equipment, paying 25 percent in cash and owing the rest on a note due in two years. d. Received $8,450 cash for consulting services to be performed in February e Bought and received $1,250 of supplies on account. f Received utility bill for January for $2,170, due February 15, g. Consulted for customers in January for fees totaling $16,300, due in February n. Received $16,700 cash for consulting services rendered in December 1. Paid $625 toward supplies purchased in (e). Assets Liabilities Stockholders' Equity a Cash 9,700 Service Revenue 9,700

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!