Issued common stock for $24,000 cash.
Obtained a bank loan for $7,000 by issuing a note payable.
Paid $11,000 cash to buy equipment.
Paid $1,200 cash for January office rent.
Paid $1,450 for supplies.
Purchased $600 of advertising in the Daily Outlook, on account.
Performed services for $18,000: cash of $2,000 was received from customers, and the balance of $16,000 was billed to customers on account.
Paid $400 cash dividend to stockholders.
Paid the utility bill for the month, $2,000.
Paid Daily Outlook the amount due in transaction (6).
Paid $40 of interest on the bank loan obtained in transaction (2).
Paid employees’ salaries, $6,400.
Received $12,000 cash from customers billed in transaction (7).
Paid income tax, $1,500.
Journalize these transactions, including transaction number, account titles and debit/credit entries. 14 points; the entries for each transaction must be correct to receive credit.