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Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $16,600
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $16,600 cash for consulting services rendered in January. b. Issued common stock to investors for $15,000 cash. c. Purchased $16,100 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,500 cash for consulting services to be performed in February. e. Bought and received $1,550 of supplies on account. f. Received utility bill for January for $1,960, due February 15. g. Consulted for customers in January for fees totaling $19,600, due in February h. Received $14,300 cash for consulting services rendered in December. i. Paid $775 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 Account Name Debit Credit Cash $53,600 X Accounts Receivable 5,300 X Equipment 16,100 % Utilities Expense 1,960 Supplies 1,550 X Common Stock 15,000 x Accounts Payable 775 X Utilities Expense X 1,960 x Rent Revenue X 12,500 X Travel Expense X 36,200 Service Revenue Notes Payable (short-term) X 12,075 Totals $78.510 $78.510
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