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[The following information applies to the questions displayed below] In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $15,600 cash for consulting services rendered in January. b. Issued common stock to investors for $13,000 cash. c. Purchased $16,700 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,300 cash for consulting services to be performed in February. e Bought and received $1,580 of supplies on account. f Received utility bill for January for $1,990, due February 15. g. Consulted for customers in January for fees totaling $23,000, due in February. h. Received $17,200 cash for consulting services rendered in December. Paid $790 toward supplies purchased in (e).

[The following information applies to the questions displayed below] In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $15,600 cash for consulting services rendered in January. b. Issued common stock to investors for $13,000 cash. c. Purchased $16,700 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,300 cash for consulting services to be performed in February. e Bought and received $1,580 of supplies on account. f Received utility bill for January for $1,990, due February 15. g. Consulted for customers in January for fees totaling $23,000, due in February. h. Received $17,200 cash for consulting services rendered in December. Paid $790 toward supplies purchased in (e).

FINANCIAL ACCOUNTING
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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Required information [The following information applies to the questions displayed below] In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $15,600 cash for consulting services rendered in January. b. Issued common stock to investors for $13,000 cash. c. Purchased $16,700 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,300 cash for consulting services to be performed in February. e Bought and received $1,580 of supplies on account. f Received utility bill for January for $1,990, due February 15. g. Consulted for customers in January for fees totaling $23,000, due in February. h. Received $17,200 cash for consulting services rendered in December. i. Paid $790 toward supplies purchased in (e). Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31. Account Name Cash Accounts Receivable Supplies Equipment Common Stock TONGO, INCORPORATED Unadjusted Trial Balance Notes Payable (long-term) Deferred Revenue Accounts Payable Utilities Expense Service Revenue Totals Answer is not complete. Debit $ 50,135 ✓ ✓ ✓ ✓ ✔ G ✔ G $ 5,800 X 1,580 16,700 X 1,990 Credit $ 13,000 12,525 9,300 790 *** 1.990 38,600 X 76,205 $76,205
Transcribed Image Text:Required information [The following information applies to the questions displayed below] In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $15,600 cash for consulting services rendered in January. b. Issued common stock to investors for $13,000 cash. c. Purchased $16,700 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,300 cash for consulting services to be performed in February. e Bought and received $1,580 of supplies on account. f Received utility bill for January for $1,990, due February 15. g. Consulted for customers in January for fees totaling $23,000, due in February. h. Received $17,200 cash for consulting services rendered in December. i. Paid $790 toward supplies purchased in (e). Required: Prepare an unadjusted trial balance for Tongo, Incorporated for the month ended January 31. Account Name Cash Accounts Receivable Supplies Equipment Common Stock TONGO, INCORPORATED Unadjusted Trial Balance Notes Payable (long-term) Deferred Revenue Accounts Payable Utilities Expense Service Revenue Totals Answer is not complete. Debit $ 50,135 ✓ ✓ ✓ ✓ ✔ G ✔ G $ 5,800 X 1,580 16,700 X 1,990 Credit $ 13,000 12,525 9,300 790 *** 1.990 38,600 X 76,205 $76,205
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