Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 33

Determining Accounting Equation Effects of Several Transactions
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.
a. ( Sample ) Received $9,500 cash for consulting services rendered in January.
b. Issued 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 ).