Question

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 15.

g.

Consulted for customers in January for fees totaling $23,300, due in February.

h.

Received $17,700 cash for consulting services rendered in December.

i.

Paid $615 toward supplies purchased in (e).

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 15. g. Consulted for customers in January for fees totaling $23,300, due in February h. Received $17,700 cash for consulting services rendered in December 1. Paid $615 toward supplies purchased in (e). Credit Account Title Debit Cash $17,600 Accounts Receivable 11,000 Supplies 1,060 Equipment 9,500 Accounts Payable Unearned Revenue Note Payable Common Stock Retained Earnings Service Revenue Utilities Expense 0 $ 5.150 4.250 0 14,000 15,760 0

Answer 1

Book1 - Microsoft Excel Cla Home Insert Page Layout Formulas Data Review View Developer (?) X х AutoSum - * Cut EB Copy Calibri 11 Α Α΄ Wrap Text General Fill - Paste B I U U- Merge & Center - - % 7 * .00 .00.0 Insert Delete Format Format Painter Conditional Format Cell Formatting as Table Styles Styles 2 Clear - Sort & Find & Filter - Select Clipboard Font E Alignment Number Cells Editing 122 fox A B С D E F G H 1 J 1 Tonga Inc. 2 General Journal 3 Debit Credit $ 15,000.00 $ 15,000.00 4 a) 5 Cash Service Revenue (Amount received for consultancy service rendered in January) 6 7 8 b) $ 12,000.00 9 Cash Common Stock (Amount of common stock issued to investors) $ 12,000.00 10 11 $ 4,000.00 $ 12,000.00 12 c) Equipment $ 16,000.00 13 Cash($16000*25%) 14 Notes Payable($16000*75%) (Amount of Equipment purchased by paying 25% cash and balance by 15 issued notes payable) 16 17 d) Cash $ 8,300.00 18 Unearned Revenue (Amount received for consulting service to be performed in 19 February) 20 21 e) Supplies $ 1,230.00 22 Accounts Payable Sheet1 Sheet2 Sheet3 Ready ME $ 8,300.00 $ 1,230.00 IIII BO 100% U Type here to search x ENG 10:50 21-09-2020 D

Book1 - Microsoft Excel Cla Home Insert Page Layout Formulas Data Review View Developer (?) X х AutoSum - * Cut EB Copy Calibri 11 Α Α΄ Wrap Text General Fill - Paste B I U Merge & Center - % 7 .00 .00.0 Insert Delete Format Format Painter Conditional Format Cell Formatting as Table Styles Styles 2 Clear - Sort & Find & Filter - Select Clipboard Font E Alignment Number Cells Editing 122 foc A C D E F G H 1 $ 23,300.00 29 g) 30 31 B Accounts Receivable Service Revenue (Amount of consulting customer in January fees due in february) $ 23,300.00 $ 17,700.00 32 33 h) 34 35 Cash Accounts Receivable (Cash received from customer for service performed in December) $ 17,700.00 $ 615.00 36 37 i) 38 39 Accounts Payable Cash (Amount paid for supplies purchased in (e) above) $ 615.00 40 41 42 43 44 45 a) 46 b) 47 d) 48 h) Beginning Balance Service Revenue Common Stock Unearned Service Revenue Accounts Receivable Cash Accounts Debit $ 17,600.00 C) $ 15,000.00 i) $ 12,000.00 $ 8,300.00 $ 17,700.00 Equipment Accounts Payable Balance C/d Credit $ $ $ 4,000.00 615.00 65,985.00 49 50 Total $ 70,600.00 Total $ 70,600.00 51 52 Accounts Receivable Sheet1 Sheet2 Sheet3 IIII Ready BO. 100% Type here to search x ENG 10:50 21-09-2020 D

Book1 - Microsoft Excel Cla Home Insert Page Layout Formulas Data Review View Developer (?) X х AutoSum - * Cut EB Copy Calibri 11 Α Α΄ Wrap Text General Fill - Paste B I U Merge & Center - % 7 .00 .00.0 Insert Delete Format Format Painter Conditional Format Cell Formatting as Table Styles Styles 2 Clear - Sort & Find & Filter - Select Clipboard Font E Alignment Number Cells Editing 122 fax A B D E F G H 1 52 53 С Accounts Receivable Debit $ 11,000.00 h) $ 23,300.00 54 55 g) 56 Beginning Balance Service Revenue Cash Balance c/d Credit $ $ 17,700.00 16,600.00 57 Total $ 34,300.00 Total S 34,300.00 58 59 Supplies Debit 60 Credit $ Balance C/d 2,290.00 61 62 e) 63 Beginning Balance Accounts Payable $ $ 1,060.00 1,230.00 64 Total $ 2,290.00 Total $ 2,290.00 65 66 67 68 Credit $ Equipment Debit $ 9,500.00 $ 4,000.00 $ 12,000.00 Balance C/d 25,500.00 Beginning Balance Cash Notes Payable 69 c) 70 c) 71 72 Total $ 25,500.00 Total $ 25,500.00 73 74 Accounts Payable KI Sheet1 Sheet2 Sheet3 IIII Ready HE W % 100% U 10:50 21-09-2020 Type here to search x ENG D

Book1 - Microsoft Excel Cla Home Insert Page Layout Formulas Data Review View Developer (?) X х AutoSum - * Cut EB Copy Calibri 11 Α Α΄ Wrap Text General Fill - Paste B I U Merge & Center - - % 7 .00 .00.0 Insert Delete Format Format Painter Conditional Format Cell Formatting as Table Styles Styles 2 Clear - Sort & Find & Filter - Select Clipboard Font E Alignment Number Cells Editing C 122 fax A B C D E F G H 1 74 75 Credit 76 i) 77 Cash Balance C/d Total Accounts Payable Debit $ 615.00 $ 5,765.00 e) $ 6,380.00 Balance b/d Supplies Total $ $ $ 5,150.00 1,230.00 6,380.00 78 79 80 81 82 Balance c/d Unearned Revenue Debit $ 12,550.00 d) $ 12,550.00 Credit $ $ $ Balance B/d Cash Total 83 4,250.00 8,300.00 12,550.00 84 Total 85 86 87 Notes Payable Debit $ 12,000.00 c) 88 Balance C/d Balance B/d Equipment Credit $ $ 89 12,000.00 90 91 Total $ 12,000.00 Total $ 12,000.00 92 93 94 Common Stock Debit $ 26,000.00 b) 95 Balance c/d Balance b/d Cash Credit $ $ 14,000.00 12,000.00 96 Sheet1 Sheet2 Sheet3 IIII Ready B: D - 100% U Type here to search x Y ENG 10:50 21-09-2020 D

Book1 - Microsoft Excel Cla Home Insert Page Layout Formulas Data Review View Developer (?) X х AutoSum - * Cut EB Copy Calibri 11 Α Α΄ Wrap Text General Fill - Paste B I U Merge & Center - % 7 .00 .00.0 Insert Delete Format Format Painter Conditional Format Cell Formatting as Table Styles Styles 2 Clear - Sort & Find & Filter - Select Clipboard Font E Alignment Number Cells Editing C 122 fox A B D E F G H 1 93 94 С Common Stock Debit $ 26,000.00 b) $ 26,000.00 95 Balance C/d Balance b/d Cash Credit $ $ $ 96 14,000.00 12,000.00 26,000.00 97 Total Total 98 99 Retained Earnings Debit $ 15,760.00 Credit Balance c/d Beginning Balance $ $ 15,760.00 100 101 102 103 104 Total $ 15,760.00 Total $ 15,760.00 105 Service Revenue 106 Debit $ 38,300.00 a) Balance c/d 107 108 109 110 Cash Accounts Reveivable Total Credit $ $ $ 15,000.00 23,300.00 38,300.00 Total $ 38,300.00 111 112 Utilitiy Expenses Debit $ 1,500.00 Credit $ 113 f) 114 Utility Expenses payable Balance c/d 1,500.00 $ 1,500.00 Total $ 1,500.00 115 Total Sheet1 Sheet2 Ready M Sheet3 BED 100% Type here to search x ENG 10:51 21-09-2020 D

Book1 - Microsoft Excel Cla Home Insert Page Layout Formulas Data Review View Developer (?) X х AutoSum - * Cut EB Copy Calibri 11 Α Α΄ Wrap Text General Fill - Paste B I U Merge & Center - % 7 .00 .00.0 Insert Delete Format Format Painter Conditional Format Cell Formatting as Table Styles Styles 2 Clear - Sort & Find & Filter - Select Clipboard Font E Alignment Number Cells Editing 122 foc A B С D E F G H 1 116 117 118 Utilities Expenses Payable Debit $ 1,500.00 €) Credit $ 119 Balance C/d Utility Expenses 1,500.00 120 Total $ 1,500.00 Total $ 1,500.00 121 122 123 124 Tonga Inc. Trial Balance January 31st 125 Account Head Debit Credit 126 127 128 129 130 131 132 133 134 135 136 Cash Accounts Receivable Supplies Equipment Accounts Payable Utilities Expenses Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Service Revenue Utilities Expenses Total $ 65,985.00 $ 16,600.00 $ 2,290.00 $ 25,500.00 $ 5,765.00 $ 1,500.00 $ 12,550.00 $ 12,000.00 $ 26,000.00 $ 15,760.00 $ 38,300.00 $ 1,500.00 $1,11,875.00 $ 1,11,875.00 137 138 120 KI IIII BO 100% Sheet1 Sheet2 Sheet3 Ready 2 Type here to search x ENG 10:51 21-09-2020