Based on the transactions posted to T- accounts in E3- 18, create an unadjusted trial balance for Tongo, Inc. for the month ended January 31. Distinguish the balance sheet and income statement accounts as shown in Exhibit 3.9.
Answer to relevant QuestionsAn analysis of transactions made during July by NepCo, an Internet service provider, during its first month of operations is shown below. Increases and decreases affecting revenues and expenses are explained. Required: 1. ...Under accrual basis accounting, expenses are recognized when incurred. The following transactions occurred in January: a. American Express paid its salespersons $ 3,500 in commissions related to December sales of financial ...Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $ 150 annual membership fee plus a member rental rate of $ 20 per court per hour. LTC’s fiscal year end is August 31. LTC’s revenue ...The following items present a sample of business activities involving Dry Cleaner Corporation (DCC) for the year ended December 31. DCC provides cleaning services for individual customers and for employees of several large ...Using the information in question 8, prepare the journal entry and adjusting journal entries to be made on December 31, January 31, February 28, and March 31.
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