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Required information [The following information applies to the questions displayed below.) In January, Tongo, Incorporated, a branding consultant, had the following transactions a. Received $17,300
Required information [The following information applies to the questions displayed below.) In January, Tongo, Incorporated, a branding consultant, had the following transactions a. Received $17,300 cash for consulting services rendered in January b. Issued common stock to investors for $10,500 cash c. Purchased $18,400 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,500 cash for consulting services to be performed in February e. Bought and received $1,210 of supplies on account. f. Received utility bill for January for $2,130, due February 15. 9. Consulted for customers in January for fees totaling $19,400, due in February h. Received $18,200 cash for consulting services rendered in December 1. Paid $605 toward supplies purchased in (e). Required: For each transaction, post the effects to the appropriate T-accounts. Cash Debit Account Receivable Credit Cash Debit Credit Debit January 1 Account Receivable Credit 17,300 14,500 January 1 January 31 January 31 Supplies Debit Equipment Credit January 1 1,600 Debit Credit 1210 January 1 6,400 January 31 January 31 Accounts Panto 2 Accounts Payable Deferred Revenue Debit Credit Debit Credit January 1 7,450 January 1 3,450 January 31 January 31 Notes Payable - Common Stock Debit Credit Debit scos January 1 Credit January 1 12,500 January 31 January 31 Retained Earnings Retained Earnings Service Revenue Debit Credit Debit Credit January 1 16,400 January 1 January 31 January 31 + Utilities Expense Dobit Credit January 1 January 31
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