On April 1, Cullumber Travel Agency, Inc. began operations. The following transactions were completed during the...
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On April 1, Cullumber Travel Agency, Inc. began operations. The following transactions were completed during the month. 1 Issued common stock for $18,700 cash. 2 Obtained a bank loan for $5,500 by issuing a note payable. 3 Paid $8,600 cash to buy equipment. 4. Paid $900 cash for April office rent. 5. Paid $1,150 for supplies. 6. Purchased $470 of advertising in the Daily Herald, on account. 7. Performed services for $14,000: cash of $1,560 was received from customers, and the balance of $12.440 was billed to customers on account. 8. Paid $310 cash dividend to stockholders. 9. Paid the utility bill for the month, $1,560. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $30 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries, $4,990. 13. Received $9,360 cash from customers billed in transaction (7). 14. Paid income tax, $1.170. SUPPORT No. Account Titles and Explanation Cash Common Stock Debit 18700 Credit 18700 SUPPORT 10 12 SUPPORT 11. 12 13 14. On April 1, Cullumber Travel Agency, Inc. began operations. The following transactions were completed during the month. 1 Issued common stock for $18,700 cash. 2 Obtained a bank loan for $5,500 by issuing a note payable. 3 Paid $8,600 cash to buy equipment. 4. Paid $900 cash for April office rent. 5. Paid $1,150 for supplies. 6. Purchased $470 of advertising in the Daily Herald, on account. 7. Performed services for $14,000: cash of $1,560 was received from customers, and the balance of $12.440 was billed to customers on account. 8. Paid $310 cash dividend to stockholders. 9. Paid the utility bill for the month, $1,560. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $30 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries, $4,990. 13. Received $9,360 cash from customers billed in transaction (7). 14. Paid income tax, $1.170. SUPPORT No. Account Titles and Explanation Cash Common Stock Debit 18700 Credit 18700 SUPPORT 10 12 SUPPORT 11. 12 13 14.
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