Reference no: EM132546425
Question - Journalize the following:
1. Toni invested $85,000 to start NBC consulting services.
2. Toni performed $5,600 of services on account.
3. Toni purchased equipment for $20,000 by paying $6,500 at the time and agreeing to pay the balance in 15 days.
4. Toni collected $3,000 on account for services performed last month.
5. Toni received but did not pay the monthly telephone bill, $275.
6. Toni received an advance payment of $6,000 for services to be performed next month.
7. Toni paid the balance due for the equipment purchased in transaction #3.
8. Toni withdrew $2,500 from the business for personal use.
Required - Prepare the journal entries for the above transactions.
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