Question

In January, Tongo, Inc., a branding consultant, had the following transactions.
a.
Received $15,000 cash for consulting services rendered in January.
b.
Issued common stock to investors for $12,000 cash.
c.
Purchased $16,000 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years.
d.
Received $8,300 cash for consulting services to be performed in February.
e.
Bought $1,230 of supplies on account.
f.
Received utility bill for January for $1,500, due February 15.
g.
Consulted for customers in January for fees totaling $23,300, due in February.
h.
Received $17,700 cash for consulting services rendered in December.
i.
Paid $615 toward supplies purchased in (e).

In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $15,000 cash for consulting servi
Enter the beginning account balances and post the effects to the appropriate T-accounts and determine ending account balances
Required information End. Bal 5,150 End. Bal 4,250 Note Payable Common Stock 14,000 Beg. Bal Beg. Bal End. Bal 0 End. Bal 14,
0 0
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