Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare an unadjusted trial balance for Tongo, incorporated for the month ended in January 31. In January, Tongo, Incorporated, a branding consultant, had the following
Prepare an unadjusted trial balance for Tongo, incorporated for the month ended in January 31.
In January, Tongo, Incorporated, 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. 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 4. Paid $625 toward supplies purchased in (e). Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31 Answer is not complete. TONGO, INCORPORATED Unadjusted Trial Balance Account Name Credit Debit $ 40,350 400 1,250 21,500 Cash Accounts Receivable Supplies Equipment Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Utilities Expense $ 2,795 8,450 16,125 11,500 $ 26,000 3 $ 2,170 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