Question

In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $19,200 cash for consulting services rendered in January. b. Issued common stock to investors for $11,000 cash. c. Purchased $21,900 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $9,350 cash for consulting services to be performed in February. e. Bought and received $1,090 of supplies on account. f. Received utility bill for January for $1,950, due February 15. g. Consulted for customers in January for fees totaling $18,600, due in February h. Received $18,100 cash for consulting services rendered in December. i. Paid $545 toward supplies purchased in (e). Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 9 > Received $19,200 cash for consulting services rendered in January. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal

Answer 1

Transaction	General Journal	Debit	Credit
a	Cash	$ 19,200
	Service revenue		$ 19,200
	[To record cosh recieved on services]
b	Cash	$ 11,000
	Common stock		$ 11,000
	[To record issuance of common stock]
c	Equipment	$ 21,900
	Notes payable		$ 16,425
	Cash		$ 5,475
	[To record purchase of equipment]
d	Cash	$ 9,350
	Unearned revenue		$ 9,350
	[To record cash recived in advance on services]
e	Supplies	$ 1,090
	Accounts payable		$ 1,090
	[To record bought supplies on account]
f	Utility expense	$ 1,950
	Utility payable		$ 1,950
	[To record received utility bill]
g	Accounts receivable	$ 18,600
	Service revenue		$ 18,600
	[To record services performed on account]
h	Cash	$ 18,100
	Accounts receivable		$ 18,100
	[To record collections from customer]
i	Accounts payable	$ 545
	Cash		$ 545
	[To record payment for supplies]