Required information[The following information applies to the questions displayed below.]In January, Tongo, Incorporated, a branding consultant, had the following transactions.a. Received $18,400 cash for consulting services rendered in January.b. Issued common stock to investors for $17,000 cash.c. Purchased $12,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.d. Received $11,350 cash for consulting services to be performed in February.e. Bought and received $1,260 of supplies on account.f. Received utility bill for January for $1,880, due February 15.g. Consulted for customers in January for fees totaling $20,900, due in February.h. Received $13,000 cash for consulting services rendered in December.i. Paid $630 toward supplies purchased in (e). Required:For each transaction, post the effects to the appropriate T-accounts.cesJanuary 11DebitJanuary 31January 1January 31January 11DebitJanuary 31DebitJanuary 1January 31January 1DebitJanuary 31Required informationDebitJanuary 11January 31Cash16,60016,600SuppliesAccounts PayableDebit1,3601,360CreditNotes PayableCredit0Credit6,6006,600Retained EarningsCreditUtilities Expense0Credit13,16013.160CreditJanuary 1January 31January 1January 31January 1January 31DebitDebitJanuary 1January 31DebitJanuary 1January 31DebitAccount ReceivableDebit16,40016,400Equipment8,000Deferred Revenue8,0003,600Credit3,600Common StockCreditCreditService Revenue19,000Credit19,0000Credit

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Description: Required information[The following information applies to the questions displayed below.]In January, Tongo, Incorporated, a branding consultant, had the following transactions.a. Received $18,400 cash for consulting services rendered in January.b. I

The T-accounts are prepared from the Journal book of the business by transferring balances to the…

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Accounting

In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $18,400 cash for consulting services rendered in January. b. Issued common stock to investors for $17,000 cash. c. Purchased $12,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 yea d. Received $11,350 cash for consulting services to be performed in February. e. Bought and received $1,260 of supplies on account. f. Received utility bill for January for $1,880, due February 15. g. Consulted for customers in January for fees totaling $20,900, due in February. h. Received $13,000 cash for consulting services rendered in December. i. Paid $630 toward supplies purchased in (e).

In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $18,400 cash for consulting services rendered in January. b. Issued common stock to investors for $17,000 cash. c. Purchased $12,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 yea d. Received $11,350 cash for consulting services to be performed in February. e. Bought and received $1,260 of supplies on account. f. Received utility bill for January for $1,880, due February 15. g. Consulted for customers in January for fees totaling $20,900, due in February. h. Received $13,000 cash for consulting services rendered in December. i. Paid $630 toward supplies purchased in (e).

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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