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

1. Received $10,600 cash for consulting services rendered in January.
2. Issued common stock to investors for $15,500 cash.
3. Purchased $17,600 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
4. Received $7,750 cash for consulting services to be performed in February.
5. Bought and received $1,100 of supplies on account.
6. Received utility bill for January for $2,070, due February 15.
7. Consulted for customers in January for fees totaling $16,500, due in February.
8. Received $13,500 cash for consulting services rendered in December.
9. Paid $550 toward supplies purchased in (e).

! Required information [The following information applies to the questions displayed below.] In January, Tongo, Incorporated, a branding consultant, had the following transactions. a. Received $10,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,500 cash. c. Purchased $17,600 of equipment, paying 25 percent in cash and owing the rest on a years. d. Received $7,750 cash for consulting services to be performed in February. e. Bought and received $1,100 of supplies on account. f. Received utility bill for January for $2,070, due February 15. g. Consulted for customers in January for fees totaling $16,500, due in February. h. Received $13,500 cash for consulting services rendered in December. i. Paid $550 toward supplies purchased in (e). Required: For each transaction, post the effects to the appropriate T-accounts. Cash Account Receivable Debit Credit Debit Credit January 1 13,700 4,400 (C) January 1 (a) (b) (d) (h) 11,600 10,600 15,500 7,750 13,500 550 (0) January 31 54,000 January 31 13,700 Supplies Equipment Debit Credit Debit Credit January 1 5,400 January 1 (e) 1,670 1,100 January 31 2,770 January 31 5,400 Accounts Payable Deferred Revenue Debit Credit Debit Credit January 1 6,000 January 1 3,200 550 1,100 2,070 January 31 8,620 January 31 3,200 Notes Payable Common Stock Debit Credit Debit Credit January 1 January 1 17,500 January 31 0 January 31 17,500 Retained Earnings Service Revenue Debit Credit Debit Credit January 1 5,670 January 1 January 31 5,670 January 31 0 Utilities Expense Debit Credit January 1 January 31 0