Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In January, Tongo, Incorporated, a branding consultant, had the following transactions. a . Recelved $ 9 , 5 0 0 cash for consulting services rendered
In January, Tongo, Incorporated, a branding consultant, had
the following transactions.
a Recelved $ cash for consulting services rendered In January.
b Issued common stock to Investors for $ cash.
c Purchased $ of equipment, paying percent in cash and owing the rest on a note due in years.
d Recelved $ cash for consulting services to be performed in February.
e Bought and recelved $ of supplies on account.
f Recelved utillty bill for January for $ due February
g Consulted for customers in January for fees totaling $ due in February.
h Recelved $ cash for consulting services rendered in December.
I. Pald $ toward supplies purchased in e
Requlred:
Prepare the journal entry for each of the above transactions. If no entry ls required for a transactionevent select No Journal Entry
Requlred" In the flrst account fleld.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started