Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $9,800

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $9,800 cash for consulting services rendered in January. b. Issued common stock to investors for $14,000 cash. c Purchased $15,500 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $10,200 cash for consulting services to be performed in February. e. Bought and received $1,820 of supplies on account. & Received utility bill for January for $1,430, due February 15. g. Consulted for customers in January for fees totaling $18,200, due in February. h. Received $17,900 cash for consulting services rendered in December I Paid $910 toward supplies purchased in (e). Prepare an unadjusted trial balance for Tongo, Inc. for the month ended January 31. TONGO, INC. Unadjusted Trial Balance Account Name Debit Credit T co Prepare an unadjusted trial balance for Tongo. Inc. for the month ended January 31. TONGO, INC. Unadjusted Thal Balance Account Name Debit Credit Totals $ 0 0 Sved ework Post the effects to the appropriate T-accounts. Cash 17,400 Account Receivable 17 400 Jan 1 Jan 1 Jan 31 17,400 Jan 31 17,400 Supplies 1,270 Equipment 7,250 Jan 1 Jan 1 Jan 31 1,270 Jan 31 7,250 Accounts Payable 7,150 Deferred Revenue 3,150 Jan 1 Jan 1 Jan 31 7150 Jan 31 3.150 Required information Jan 31 7,150 Jan 31 3,150 Notes Payable Common Block 16,000 Jan 1 Jan 1 Jan 31 0 Jan 31 16,000 Service Revenue Retained Earnings 17,020 Jan 1 Jan 1 Jan 31 17.020 Jan 31 0 Utilities Expense Jan 1 Jan 31 0

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_2

Step: 3

blur-text-image_3

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

More Books

Students also viewed these Accounting questions

Question

2. How does an RM strategy differ from a TM strategy?

Answered: 1 week ago