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).

  

PREPARE AN UNADJUSTED BALANCE FOR TONGO INC. for the month ended Jan 31

Prepare an unadjusted trial balance for Tongo, Inc. for the month ended January 31. TONGO, INC. Unadjusted Trial Balance Account Name Debit Credit Totals 0 $

Answer 1

Credit $ TONGO , INC. Unadjusted Trial Balance For the Month Ended January 31 Account Name Debit Cash $ 48,385.00 Supplies 1,230.00 Accounts Receivable $ 5,600.00 Equipment 16,000.00 Unearned Service Revenue Utilities Payable $ Accounts Payable Notes Payable Common Stock $ Service Revenue $ Utilities Expense $ 1,500.00 Totals $ 72,715.00 $ 8,300.00 1,500.00 615.00 12,000.00 12,000.00 38,300.00 72,715.00