[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).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Cc.26.
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0a3e78eb-177a-4641-8051-104081d72a2a%2F08f17d6d-88da-401f-a5f4-d545747f1a7d%2F418c23b_processed.jpeg&w=3840&q=75)
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
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 with 3 images

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