Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] In January, Tongo, Inc., a branding consultant, had the following transactions. Received $9,500 cash
Required information
[The following information applies to the questions displayed below.]
In January, Tongo, Inc., a branding consultant, had the following transactions.
- Received $9,500 cash for consulting services rendered in January.
- Issued common stock to investors for $10,000 cash.
- Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
- Received $7,500 cash for consulting services to be performed in February.
- Bought and received $1,000 of supplies on account.
- Received utility bill for January for $1,250, due February 15.
- Consulted for customers in January for fees totaling $15,900, due in February.
- Received $12,000 cash for consulting services rendered in December.
- Paid $500 toward supplies purchased in (e).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started