Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $10,600 cash for consulting services rendered in January. b. Issued common

image text in transcribed

In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $10,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,500 cash. c. Purchased $17,600 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $7,750 cash for consulting services to be performed in February. e. Bought and received $1,100 of supplies on account. f. Received utility bill for January for $2,070, due February 15. g. Consulted for customers in January for fees totaling $16,500, due in February. h. Received $13,500 cash for consulting services rendered in December. i. Paid $550 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.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 Received $10,600 cash for consulting services rendered in January. Record the transaction.

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions

Question

Explain the key areas in which service employees need training.

Answered: 1 week ago

Question

What does stickiest refer to in regard to social media

Answered: 1 week ago

Question

6-2 Explain what is meant by reliability and validity.

Answered: 1 week ago

Question

6-4 Explain how to use two work simulations for selection.

Answered: 1 week ago