80.2K

Verified Solution

Link Copied!

For each transaction, post the effects on the appropriate T-accounts.

Required information The following information applies to the questions displayed below.] In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. 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 owing the rest on a note due in 2 years. d. Received $8,450 cash for consulting services to be performed in February e Bought and received $1,250 of supplies on account Received utility bill for January for $2,170, due February 15. 9. Consulted for customers in January for fees totaling $16,300, due in February. h. Received $16,700 cash for consulting services rendered in December. 4. Paid $625 toward supplies purchased in (e). Required: For each transaction, post the effects to the appropriate T-accounts. Cash Answer is not complete. Account Receivable Debit Credit January 1 12,600 Credit Debit January 1 (a) (d) 13,400 9,700 8.450 > (9) 16,300 January 31 31,550 January 31 28.900 Supplies Equipment Debit Credit Debit Credit Supplies quipman Credit Credit Dobit January 1 January 1 6,500 1,230 1.250 January 31 2,480 January 31 6,500 Accounts Payable Deferred Revenue Credit Credit Debit January 1 Dobit January 1 8,300 3,900 625 January 31 7,675 January 31 3,900 Notes Payable Common Stock Debit Credit Debit January 1 Credit 13,500 January 1 January 31 0 January 31 13,500 Service Revenue Credit Debit January 1 Retained Earnings Credit 8,030 Debit January 1 8,300 January 1 January 1 3,900 625 January 31 7,675 January 31 3,900 Notes Payablo Common Stock Credit Credit Debit January 1 Debit January 1 13,500 January 31 0 January 31 13,500 Service Revenue Debit Credit Retained Earnings Credit 8,030 Debit January 1 January 1 January 31 0 January 31 8,030 Utilities Expense Credit Debit January 1 ( 2,170 January 31 2.170

Answer & Explanation Solved by verified expert

See Answer