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In January, Tongo, Inc., a branding consultant, had the following transactions a

ID: 2331788 • Letter: I

Question

In January, Tongo, Inc., a branding consultant, had the following transactions a Received $9,900 cash for consulting services rendered in January. b. Issued common stock to investors for $18,000 cash. c Purchased $21,400 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d Received $8,500 cash for consulting services to be performed in February e. Bought and received $1,200 of supplies on account. f Received utility bill for January for $1,680, due February 15 g Consulted for customers in January for fees totaling $18,400, due in February h. Received $21,500 cash for consulting services rendered in December. Paid $600 toward supplies purchased in (e. Prepare an unadjusted trial balance for Tongo, Inc. for the month ended January 31 TONGO, INC. Unadjusted Trial Balance At January 31 Name Debit Credit Cash Accounts Receivable Supplies quipment Accounts Payable Deferred Revenue Notes Payable (long-term) Stock Retained Earnings Service Revenue Utilities Expense Totals

Explanation / Answer

Unadjusted Trial Balance ( in $) Account Debit Credit Calculation Cash 51,950.00 Account Receivable** 18,400.00    21,500.00 Supplies     1,200.00 Equipment 21,400.00 Account payble       2,280.00 (1200-600)+1680 Deferred Revenue       8,500.00 Note Payable ( Long Term)    16,050.00 21400-5350 Common Stock    18,000.00 Retained Earning Service Revenue    28,300.00 (9900+18400) Utilities Expense     1,680.00 Total 94,630.00    94,630.00 ** Opening Balance of Account Receivable not given workign Note:- Cash Ledger (in $) To Consulting Service     9,900.00 By Equipmnet     5,350.00 To Common Stock 18,000.00 By Account Payable        600.00 To Deferred revenue     8,500.00 To Account Receivable 21,500.00 By Balance C/d 51,950.00 57,900.00 57,900.00

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