In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $9,500 cash for consulting services rendered in January. b. Issued common stock to Investors for $10,000 cash. c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 year d. Received $7,500 cash for consulting services to be performed in February. e. Bought and received $1,000 of supplies on account. f. Received utility bill for January for $1,250, due February 15. g. Consulted for customers in January for fees totalling $15,900, due in February. h. Received $12,000 cash for consulting services rendered in December. 1. Pald $500 toward supplies purchased in (e). E3-18 (Static) Posting to T-Accounts [LO 3-3] Required: For each transaction, post the effects to the appropriate T-accounts.
In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $9,500 cash for consulting services rendered in January. b. Issued common stock to Investors for $10,000 cash. c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 year d. Received $7,500 cash for consulting services to be performed in February. e. Bought and received $1,000 of supplies on account. f. Received utility bill for January for $1,250, due February 15. g. Consulted for customers in January for fees totalling $15,900, due in February. h. Received $12,000 cash for consulting services rendered in December. 1. Pald $500 toward supplies purchased in (e). E3-18 (Static) Posting to T-Accounts [LO 3-3] Required: For each transaction, post the effects to the appropriate T-accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
7
![In January, Tongo, Incorporated, a branding consultant, had the following transactions.
a. Received $9,500 cash for consulting services rendered in January.
b. Issued common stock to Investors for $10,000 cash.
c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 year
d. Received $7,500 cash for consulting services to be performed in February.
e. Bought and received $1,000 of supplies on account.
f. Received utility bill for January for $1,250, due February 15.
g. Consulted for customers in January for fees totalling $15,900, due in February.
h. Received $12,000 cash for consulting services rendered in December.
1. Pald $500 toward supplies purchased in (e).
E3-18 (Static) Posting to T-Accounts [LO 3-3]
Required:
For each transaction, post the effects to the appropriate T-accounts.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee94fed7-a8db-4d1e-96d6-cfcda02b3dc9%2Fbf5128a7-1905-473c-b9bc-db3e14d854f9%2Furz2x28_processed.png&w=3840&q=75)
Transcribed Image Text:In January, Tongo, Incorporated, a branding consultant, had the following transactions.
a. Received $9,500 cash for consulting services rendered in January.
b. Issued common stock to Investors for $10,000 cash.
c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 year
d. Received $7,500 cash for consulting services to be performed in February.
e. Bought and received $1,000 of supplies on account.
f. Received utility bill for January for $1,250, due February 15.
g. Consulted for customers in January for fees totalling $15,900, due in February.
h. Received $12,000 cash for consulting services rendered in December.
1. Pald $500 toward supplies purchased in (e).
E3-18 (Static) Posting to T-Accounts [LO 3-3]
Required:
For each transaction, post the effects to the appropriate T-accounts.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education