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E3-16 Determining Accounting Equation Effects of Several Transactions [LO 3-2, LO 3-3] - Cloud Essays

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E3-16 Determining Accounting Equation Effects of Several Transactions [LO 3-2, LO 3-3]

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In January 2013, 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 all amounts as positive values.)
a. (Sample) Received $9,700 cash for consulting services rendered in January.
b. Issued 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 2 years.
d. Received $8,450 cash for consulting services to be performed in February.
e. Bought $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.
h. Received $16,700 cash for consulting services rendered in December.
i. Paid $625 toward supplies purchased in (e).
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In January 2013, 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 all amounts as positive values.)
a. (Sample) Received $9,700 cash for consulting services rendered in January.
b. Issued 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 2 years.
d. Received $8,450 cash for consulting services to be performed in February.
e. Bought $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.
h. Received $16,700 cash for consulting services rendered in December.
i. Paid $625 toward supplies purchased in (e).

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