a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550 of supplies on account. f. Received utility bill for January for $1,960, due February 15. g. Consulted for customers in January for fees totaling $19,600, due in February. h. Received $14,300 cash for consulting services rendered in December. i. Paid $775 toward supplies purchased in (e). E3-19 (Algo) Creating an Unadjusted Trial Balance [LO 3-4] Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31. Account Name TONGO, INCORPORATED Unadjusted Trial Balance Debit Credit

a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550 of supplies on account. f. Received utility bill for January for $1,960, due February 15. g. Consulted for customers in January for fees totaling $19,600, due in February. h. Received $14,300 cash for consulting services rendered in December. i. Paid $775 toward supplies purchased in (e). E3-19 (Algo) Creating an Unadjusted Trial Balance [LO 3-4] Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31. Account Name TONGO, INCORPORATED Unadjusted Trial Balance Debit Credit

Name: a. Received $16,600 cash for consulting services rendered in January.
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Description: a. Received $16,600 cash for consulting services rendered in January.b. Issued common stock to investors for $15,000 cash.c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.d. Received $12,500 ca

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash from a local bank by issuing a one-year $41,600 face value note with annual interest based on an 11 percent discount. During Year 1, Parish provided services for $34,850 cash. Required Answer the following questions. (Hint: Record the events in T-accounts prior to answering the questions.) What is the amount of total liabilities on the December 31, Year 1, balance sheet? What is the amount of net income on the Year 1 income statement? What is the amount of cash flow from operating activities on the Year 1 statement of cash flows? Provide the general journal entries necessary to record issuing the note on April 1, Year 1; recognizing accrued interest on December 31, Year 1; and repaying the loan on March 31, Year 2.
I need help with journal entries for October , November, and December October 10/1: The business owner used $25,000 from their personal savings account to buy common stock in their company. 10/1: Purchased $8,500 worth of baking supplies from vendor, on account. 10/3: The company borrowed $10,000 in cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity. 10/7: Entered into a lease agreement for bakery space. The agreement is for one year. The rent is $1,500 per month; the last month’s rent payment of $1,500 is required at the time of the lease agreement. The payment was made in cash. Lease period is effective October 1 of this year through September 30 of the next. October 10: Paid $375 to the county for a business license. October 11: Purchased a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment). October 13: The owner has baking equipment, including an oven and mixer, which they have been…
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Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund…
Received $13,200 cash for consulting services rendered in January.Issued common stock to investors for $8,000 cash.Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.Received $11,800 cash for consulting services to be performed in February.Bought and received $1,750 of supplies on account.Received utility bill for January for $2,060, due February 15.Consulted for customers in January for fees totaling $19,900, due in February.Received $13,300 cash for consulting services rendered in December.Paid $875 toward supplies purchased in (e).Need to put this information into an unadjusted trial balance chart. (account name, debit, credit)
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