Question

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 supplies on account. f. Received utility bill for January for $1,960, due February 15. g. Consulted for customers in January for fees totaling $19,600, due in February. h. Received $14,300 cash for consulting services rendered in December. i. Paid $775 toward supplies purchased in (e). Post the effects to the appropriate T-accounts. Cash 12,300 Account Receivable 21,700 Jan 1 Jan 1 Jan 31 12,300 Jan 31 21,700 Supplies 1,090 Equipment 7,650 Jan 1 Jan 1 Jan 31 1,090 Jan 31 7,650 Accounts Payable 5,500 Deferred Revenue 2,800 Jan 1 Jan 1 Jan 31 5,500 Jan 31 2,800

Answer 1

Bimal Date: Pago No. Cash 12300 4025 16600 775 12500 14300 15000 Service Revenue 116600 19600 36200 Bale Common Stork toro 15000 132000 Bale Note Payable 112075 112075 Bale Supplies Bal. 65900 Equipment 7650 116100 (23,750 Bali Detarred nearned Revenue 2 800 12500 15300) Bali Accounts Payable 775 5500 11550 16275 Bato Utilities payable 1960 1550 Bal. (2640 Utilities Expense 1960 Bal, 1960 (1960 Bal. Accounts Receivable 21700 14300 1960o 27000