[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
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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](/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
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