Solution:
a. Received $9,500 cash for consulting services rendered in January.
Transaction | General Journal | Debit | Credit |
a | Cash | 9500 | |
Service Revenue | 9500 |
b. Issued stock to investors for $10,000 cash.
Transaction | General Journal | Debit | Credit |
b | Cash | 10000 | |
Contributed capital | 10000 |
c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2years.
Transaction | General Journal | Debit | Credit |
c | Equipment | 12000 | |
Notes payable (long term) | 9000 | ||
Cash | 3000 |
d. Received $7,500 cash for consulting services to be performed in February.
Transaction | General Journal | Debit | Credit |
d | Cash | 7500 | |
Service Revenue | 7500 |
e. Bought $1,000 of supplies on account.
Transaction | General Journal | Debit | Credit |
e | Supplies | 1000 | |
Accounts payable | 1000 |
f. Received utility bill for January for $1,250, due February 15.
Transaction | General Journal | Debit | Credit |
f | Utilities Expense | 1250 | |
Accounts payable | 1250 |
g. Consulted for customers in January for fees totalling $15,900, due in February15.
Transaction | General Journal | Debit | Credit |
g | Accounts receivable | 15900 | |
Service revenue | 15900 |
h. Received $12,000 cash for consulting services rendered in December.
Transaction | General Journal | Debit | Credit |
h | Cash | 12000 | |
Revenue | 12000 |
i. Paid $500 toward supplies purchased in(e).
Transaction | General Journal | Debit | Credit |
i | Accounts payable | 500 | |
Cash | 500 |
E3-17 Preparing Journal Entries [LO 3-3] In January, Tongo, Inc., a branding consultant, had the following...
In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950,...
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...
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...
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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In January, Tongo, Inc., a branding consultant, had the following transactions. Received $13,200 cash for consulting services rendered in January. Issued common stock to investors for $8,000 cash. Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. Received $11,800 cash for consulting services to be performed in February. Bought and received $1,750 of supplies on account. Received utility bill for January for $2,060, due February 15. Consulted for customers...
In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Received $13,200 cash for consulting services rendered in January. b. Issued common stock to investors for $8,000 cash. c. Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due...
Can someone help me do this question! In January, Tongo, Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Received $9.700 cash for consulting services rendered in January b. Issued common stock to investors for $11,500 cash. c. Purchased $21,500 of equipment, paying 25 percent in cash and...
[The following information applies to the questions displayed below.] In January, Tongo, Inc., a branding consultant, had the following transactions. Received $13,200 cash for consulting services rendered in January. Issued common stock to investors for $8,000 cash. Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. Received $11,800 cash for consulting services to be performed in February. Bought and received $1,750 of supplies on account. Received utility bill for...