Question

Required information (The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions 33333333333 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 $1230 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 Paid $615 toward supplies purchased in (e). Account Title Debit Credit $17,600 Accounts Receivable 11000 Supplies 1,060 Equipment 9.500 Accounts Payable $5,150 Unearned Revenue 4.250 Note Payable Common Stock Retained Earnings Service Revenue Utilities Expense Cash 0 Enter the beginning account balances and post the effects to the appropriate T-accounts and determine ending account balances Beg BalN Cash 1T 600 Account Receivable 11.000 (a)

Answer 1

Cash
Opening Balance	$           17,600.00	©Equipment	$       4,000.00
(a)Service Revenue	$           15,000.00	(i)Accounts Payable	$          615.00
(b)Common Stock	$           12,000.00
(d)Unearned Revenue	$             8,300.00
(h)Accounts Receivable	$           17,700.00	Closing Balance	$     65,985.00
	$           70,600.00		$     70,600.00
Accounts Receivable
Opening Balance	$           11,000.00	(h)Cash	$     17,700.00
(g)Service Revenue	$           23,300.00	Closing Balance	$     16,600.00
	$           34,300.00		34300
Supplies
Opening Balance	$             1,060.00
(e)Accounts Payable	$             1,230.00	Closing Balance	$       2,290.00
	$             2,290.00		$       2,290.00
Equipment
Opening Balance	$             9,500.00
©-Cash	$             4,000.00
©Notes Payable	$           12,000.00	Closing Balance	$     25,500.00
	$           25,500.00		$     25,500.00
Accounts Payable
(i)Cash	$                615.00	Opening Balance	$       5,150.00
		(e)Supplies	$       1,230.00
Closing Balance	$             7,265.00	(f)Utilities expenses	$       1,500.00
	$             7,880.00		$       7,880.00
Notes Payable
		Opening Balance	$                 -
Closing Balance	$           12,000.00	©Equipment	$     12,000.00
	$           12,000.00		$     12,000.00
Unearned Revenue
		Opening Balance	$       4,250.00
Closing Balance	$           12,550.00	(d)Cash	$       8,300.00
	$           12,550.00		$     12,550.00
Common Stock
		Opening Balance	$     14,000.00
Closing Balance	$           26,000.00	(b)-Cash	$     12,000.00
	$           26,000.00		$     26,000.00
Service Revenue
		Opening Balance	$                 -
		(a)-Cash	$     15,000.00
Closing Balance	$           38,300.00	(g)Accounts Receivable	$     23,300.00
	$           38,300.00		$     38,300.00
Utilities expense
Opening Balance	$                        -
(f)Accounts Payable	$             1,500.00	Closing Balance	$       1,500.00
	$             1,500.00		$       1,500.00