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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 $11,000
Required information [The following information applies to the questions displayed below.) In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $11,000 cash for consulting services rendered in January b. Issued common stock to investors for $17,500 cash. c. Purchased $14,700 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,050 cash for consulting services to be performed in February e Bought and received $1,310 of supplies on account. f. Received utility bill for January for $1,710, due February 15. g. Consulted for customers in January for fees totaling $19,000, due in February h. Received $15,200 cash for consulting services rendered in December 1. Paid $655 toward supplies purchased in (e). weer appropriate l-accounts. Account Recelvable Cash 11,700 Jan 1 Jan 1 17,500 Jan 31 11,700 Jan 31 17,500 Supplies 1,340 Jan 1 Equipment 6,050 Jan 1 Jan 31 1,340 Jan 31 6,050 Deferred Revenue Accounts Payable 9,200 Jan 1 Jan 1 2,600 Jan 31 9,200 Jan 31 2,600 Notes Payable Common Stock Jan 1 Jan 1 19,500
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