Homework Answers
Part A journal entries
|
Transaction |
General journal |
debit |
Credit |
|
A. |
Accounts payable |
713 |
|
|
cash |
713 |
||
|
(to record cash paid for utilities purchased on account) |
|||
|
B. |
Supplies |
463 |
|
|
cash |
463 |
||
|
(to record purchase of supplies on cash) |
|||
|
C. |
Prepaid rent |
5100 |
|
|
Cash |
5100 |
||
|
(to record rent paid in advance) |
|||
|
D. |
Equipment |
15500 |
|
|
Notes payable |
15500 |
||
|
(to record purchase of equipment and notes paid in exchange0 |
|||
|
E. |
Cash |
20000 |
|
|
Accounts receivable |
10000 |
||
|
Service revenue |
30000 |
||
|
(to record service provided for cash and on account) |
|||
|
F |
Salaries and wages expense |
6400 |
|
|
Cash |
6400 |
||
|
(to record wages paid) |
Part B Posting
Cash
|
Beg. Bal. |
1800 |
713 |
A. |
|
E. |
20000 |
463 |
B. |
|
5100 |
C. |
||
|
6400 |
F. |
||
|
End. Bal. |
9124 |
Accounts receivable
|
Beg. Bal. |
1800 |
||
|
E. |
10000 |
||
|
End. Bal. |
11800 |
Supplies
|
Beg. Bal. |
1060 |
||
|
B. |
463 |
||
|
End. Bal. |
1523 |
Prepaid rent
|
Beg. Bal. |
0 |
||
|
C. |
5100 |
||
|
End. Bal. |
5100 |
Equipment
|
Beg. Bal. |
2100 |
||
|
15500 |
|||
|
End. Bal. |
17600 |
Accounts payable
|
Beg. Bal. |
713 |
||
|
A |
713 |
||
|
End. Bal. |
0 |
Notes payable
|
Beg. Bal. |
3400 |
||
|
15500 |
D. |
||
|
End. Bal. |
18900 |
Common stock
|
Beg. Bal. |
15000 |
||
|
End. Bal. |
15000 |
Retained earnings
|
Beg. Bal. |
3911 |
||
|
End. Bal. |
3911 |
Service revenue
|
Beg. Bal. |
0 |
||
|
30000 |
E. |
||
|
End. Bal. |
30000 |
Salaries and wages expense
|
Beg. Bal. |
4300 |
||
|
F. |
6400 |
||
|
End. Bal. |
10700 |
Add Answer to:
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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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