Homework Answers
T-Accounts:
| Cash | |||
| Trans. 1 | $25,000 | Trans. 2 | $500 |
| Trans. 4 | $3,000 | Trans. 3 | $600 |
| Trans. 8 | $1,700 | Trans. 5 | $1,750 |
| Trans. 6 | $100 | ||
| Trans. 9 | $5,300 | ||
| Trans. 10 | $205 | ||
| Bal. | $21,245 | ||
| Accounts receivable | |||
| Trans. 7 | $2,500 | Trans. 8 | $1,700 |
| Bal. | $800 | ||
| Prepaid Insurance | |||
| Trans. 3 | $600 | ||
| Equipment | |||
| Trans. 2 | $7,000 | ||
| Accounts payable | |||
| Trans. 2 | $6,500 | ||
| Douglas, Capital | |||
| Trans. 1 | $25,000 | ||
| Douglas, Drawing | |||
| Trans. 9 | $5,300 | ||
| Repair Fees | |||
| Trans. 4 | $3,000 | ||
| Trans. 7 | $2,500 | ||
| Bal. | $5,500 | ||
| Wages Expense | |||
| Trans. 5 | $1,750 | ||
| Advertising Expense | |||
| Trans. 6 | $100 | ||
| Utilities Expense | |||
| Trans. 10 | $205 | ||
Trial Balance:
| Douglas Distinctive Services | ||
| Trial Balance | ||
| December 31,20_ | ||
| Cash | $21,245 | |
| Accounts receivable | $800 | |
| Prepaid insurance | $600 | |
| Equipment | $7,000 | |
| Accounts payable | $6,500 | |
| Douglas, Capital | $25,000 | |
| Douglas, Drawing | $5,300 | |
| Repair Fees | $5,500 | |
| Wages expense | $1,750 | |
| Advertising Expense | $100 | |
| Utilities Expense | $205 | |
| Total | $37,000 | $37,000 |
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a.
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b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
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d.
Received $8,300 cash for consulting services to be performed
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In January, Tongo, Inc., a branding consultant, had the
following transactions.
a.
Received $15,000 cash for consulting services rendered in
January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and
owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed
in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February...
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