Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $9,700 cash for consulting services rendered in January. b. Issued common stock

image text in transcribed

In January, Tongo, Inc., a branding consultant, had the following transactions. a. 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 2 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. h. Received $16,700 cash for consulting services rendered in December i. Paid $625 toward supplies purchased in (e). Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Received $9,700 cash for consulting services rendered in January. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a Cash Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren

3rd Edition

0131800345, 978-0131800342

More Books

Students also viewed these Accounting questions

Question

Explain why A B C and (A B) C are not the same.

Answered: 1 week ago

Question

Explain the significance of employee selection.

Answered: 1 week ago

Question

Discuss the performance appraisal process.

Answered: 1 week ago