1. Issued common stock for $29,800 cash. 2. Obtained a bank loan for $8,700 by issuing...

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1. Issued common stock for $29,800 cash. 2. Obtained a bank loan for $8,700 by issuing a note payable. 3. Paid $13,600 cash to buy equipment. 4. Paid $1,500 cash for April office rent. 5. Paid $1,800 for supplies. 6. Purchased $740 of advertising in the Daily Herald, on account. 7. Performed services for $22,300: cash of $2,480 was received from customers, and the balance of $19,820 was billed to customers on account. 8. Paid $500 dividend to stockholders. 9. Paid the utility bill for the month, $2,480. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $50 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries, $7,940. 13. Received $14,880 cash from customers billed in transaction (7). 14. Paid income tax, $1,860. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Issued common stock for $29,800 cash. 2. Obtained a bank loan for $8,700 by issuing a note payable. 3. Paid $13,600 cash to buy equipment. 4. Paid $1,500 cash for April office rent. 5. Paid $1,800 for supplies. 6. Purchased $740 of advertising in the Daily Herald, on account. 7. Performed services for $22,300: cash of $2,480 was received from customers, and the balance of $19,820 was billed to customers on account. 8. Paid $500 dividend to stockholders. 9. Paid the utility bill for the month, $2,480. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $50 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries, $7,940. 13. Received $14,880 cash from customers billed in transaction (7). 14. Paid income tax, $1,860. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answer rating: 100% (QA)

Answer Transaction 1 Account Title Debit Credit Cash 29800 Common Stock 29800 Transaction 2 Account ... View the full answer