Answer:
first I will journalize the transactions:
a. Received $13,200 cash for consulting services rendered in January.
Dr Cash 13,200
Cr Service revenue 13,200
b. Issued common stock to investors for $8,000 cash.
Dr Cash 8,000
Cr Common stock 8,000
c. Purchased $11,200 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
Dr Equipment 11,200
Cr Cash 2,800
Cr Notes payable 8,400
d. Received $11,800 cash for consulting services to be performed in February.
Dr Cash 11,800
Cr Unearned revenue 11,800
e. Bought $1,750 of supplies on account.
Dr Supplies 1,750
Cr Accounts payable 1,750
f. Received utility bill for January for $2,060, due February 15.
Dr Utilities expense 2,060
Cr Accounts payable 2,060
g. Consulted for customers in January for fees totaling $19,900, due in February.
Dr Accounts receivable 19,900
Cr Service revenue 19,900
h. Received $13,300 cash for consulting services rendered in December.
Dr Cash 13,300
Cr Accounts receivable 13,300
i. Paid $875 toward supplies purchased in (e).
Dr Accounts payable 875
Cr Cash 875
Tongo, Inc.
Unadjusted trial balance sheet
For the month ended January 31, 202x
Debit Credit
Cash $56,825
Accounts Receivable $23,800
Supplies $3,010
Equipment $16,000
Accounts Payable $9,035
Unearned Revenue $15,050
Note Payable $8,400
Common Stock $18,000
Retained Earnings $18,110
Service Revenue $33,100
Utilities Expense <u>$2,060 </u> <u> </u>
Totals $101,695 $101,695
