First need to journalists the each transactions.
Date | Accounts | Debit | Credit |
A | Cash | $ 16,600 | |
To Service revenue | $ 16,600 | ||
B | Cash | $ 15,000 | |
To common stock | $ 15,000 | ||
C | Equipment | $ 16,100 | |
To Cash | $ 4,025 | ||
To Note payable | $ 12,075 | ||
D | Cash | $ 12,500 | |
To unearned revenue | $ 12,500 | ||
E | Supplies | $ 1,550 | |
To Accounts payable | $ 1,550 | ||
F | Utility expense | $ 1,960 | |
To utility payable | $ 1,960 | ||
G | Accounts receivable | $ 19,600 | |
To Service revenue | $ 19,600 | ||
H | Cash | $ 14,300 | |
To Accounts receivable | $ 14,300 | ||
I | Accounts payable | $ 775 | |
To Cash | $ 775 |
Balance in cash = 16,600 + 15,000 - 4,025 +12,500 + 14,300 - 775
Balance in cash = $ 53,600
Balance in service revenue = 16,600 + 19,600
Balance in service revenue = $ 36,200
Balance in accounts receivable = 19,600 - 14,300
Balance in accounts receivable = $ 5,300
Balance in accounts payable = 1,550 - 775
Balance in accounts payable = $ 775
TONGO, INC. |
UNADJUSTED TRIAL BALANCE |
Account name | Debit | Credit |
Cash | $ 53,600 | |
Accounts receivable | $ 5,300 | |
Equipment | $ 16,100 | |
Utility expense | $ 1,960 | |
Supplies | $ 1,550 | |
Common stock | $ 15,000 | |
Accounts payable | $ 775 | |
Utility payable | $ 1,960 | |
Unearned revenue | $ 12,500 | |
Service revenue | $ 36,200 | |
Note payable | $ 12,075 | |
TOTAL | $ 78,510 | $ 78,510 |
SUMMARY:
The utility bill due on next month can also credited to accounts payable sometime. But here, I did crediting to utility payable.
! Required information (The following information applies to the questions displayed below.) In January, Tongo, Inc.,...
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550 of...
! Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550...
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.) (Sample) Received $16,600 cash for consulting services rendered in January. Issued common stock to investors for $15,000 cash. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in two years....
Required information [The following information applies to the questions displayed below.] In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. C. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550 of...
! Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., 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 $1.580 of supplies...
! Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $12,200 cash for consulting services rendered in January b. Issued common stock to investors for $16,000 cash. c. Purchased $14,400 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years d. Received $9,200 cash for consulting services to be performed in February. e. Bought $1,700 of supplies...
Required information [The following information applies to the questions displayed below.] In January, Tongo, Inc., a branding consultant, had the following transactions. Received $9,500 cash for consulting services rendered in January. Issued common stock to investors for $10,000 cash. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. Received $7,500 cash for consulting services to be performed in February. Bought and received $1,000 of supplies on account. Received utility...
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $14,600 cash for consulting services rendered in January. b. Issued common stock to investors for $9,000 cash. c. Purchased $16,400 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $11,500 cash for consulting services to be performed in February e. Bought $1,360 of supplies on...
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...
[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...