In January, Tongo, Incorporated, a branding consultant, had the following transactions Received $14,200 cash for consulting services rendered in January Issued common stock to investors for $12,500 cash Purchased $16,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years Received $8,600 cash for consulting services to be performed in February Bought and received $1,950 of supplies on account Received utility bill for January for $1,440, due February 15 Consulted for customers in January for fees totaling $19,200, due in February Received $13,800 cash for consulting services rendered in December Paid $975 toward supplies purchased in (e) Required 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 ) OPTIONS FOR GENERAL JOURNAL SECTION No Journal Entry Required Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation Advertising Expense Amortization Expense Bad Debt Expense Bank Charges Expense Buildings Cash Common Stock Copyrights Cost of Goods Sold Deferred Revenue Delivery Expense Depreciation Expense Dividends Dividends Payable Donation Revenue Equipment Franchise Rights Goodwill Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Legal Expense Licensing Rights Logo and Trademarks Notes Payable (long term) Notes Payable (short term) Notes Receivable (long term) Notes Receivable (short term) Office Expense Patents Prepaid Advertising Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Selling, General, and Administrative Expense Service Revenue Short term Investments Software Supplies Supplies Expense Travel Expense Utilities Expense Vehicles Journal entry worksheet 1 N 2 3 4 5 6 7 8 9 Received $14,200 cash for consulting services rendered in January Record the transaction Note Enter debits before credits Transaction General Journal Debit Credit Journal entry worksheet Issued common stock to investors for $12,500 cash Record the transaction Note Enter debits before credits General Journal Debit Credit Transaction b Journal entry worksheet 1 2 3 4 5 6 7 8 9 Purchased $16,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years Record the transaction Note Enter debits before credits Transaction General Journal Debit Credit Journal entry worksheet 1 2 3 5 6 7 8 9 Received $8,600 cash for consulting services to be performed in February Record the transaction Note Enter debits before credits Transaction General Journal Debit Credit d Journal entry worksheet Bought and received $1,950 of supplies on account Record the transaction Note Enter debits before credits Transaction General Journal Debit Credit e Journal entry worksheet 1 2 3 4 5 6 7 8 9 Received utility bill for January for $1,440, due February 15 Record the transaction Note Enter debits before credits General Journal Debit Credit Transaction f Journal entry worksheet Consulted for customers in January for fees totaling $19,200, due in February Record the transaction Note Enter debits before credits General Journal Debit Credit Transaction g Journal entry worksheet

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Posted on Sep 27, 2024

In January, Tongo, Incorporated, a branding consultant, had the following transactions. Received $14,200 cash for consulting services rendered in January. Issued common stock to investors

In January, Tongo, Incorporated, a branding consultant, had the following transactions.

Received $14,200 cash for consulting services rendered in January.
Issued common stock to investors for $12,500 cash.
Purchased $16,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
Received $8,600 cash for consulting services to be performed in February.
Bought and received $1,950 of supplies on account.
Received utility bill for January for $1,440, due February 15.
Consulted for customers in January for fees totaling $19,200, due in February.
Received $13,800 cash for consulting services rendered in December.
Paid $975 toward supplies purchased in (e).

Required: 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.)

OPTIONS FOR GENERAL JOURNAL SECTION:

No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Bank Charges Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable (long-term)
Notes Receivable (short-term)
Office Expense
Patents
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Repairs and Maintenance Expense
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Selling, General, and Administrative Expense
Service Revenue
Short-term Investments
Software
Supplies
Supplies Expense
Travel Expense
Utilities Expense
Vehicles

image text in transcribed

Journal entry worksheet 1 N 2 3 4 5 6 7 8 9 > Received $14,200 cash for consulting services rendered in January. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet Issued common stock to investors for $12,500 cash. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction b Journal entry worksheet 1 2 3 4 5 6 7 8 9 Purchased $16,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet 1 2 3 5 6 7 8 9 Received $8,600 cash for consulting services to be performed in February. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit d Journal entry worksheet Bought and received $1,950 of supplies on account. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit e Journal entry worksheet 1 2 3 4 5 6 7 8 9 Received utility bill for January for $1,440, due February 15. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction f Journal entry worksheet Consulted for customers in January for fees totaling $19,200, due in February. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction g Journal entry worksheet