Transaction Entries Van Lease; Equipment; Accounts Payable; Notes Payable Common Stock; Retained Earnings; Dividends; Cleaning Fees Earned; Wage Expense; Advertising Expense; and Fuel Expense.

April $1$ Randy Smith invested $$14,000$ cash to begin the business; he received common stock for his investment.

Paid six months' lease on a van, $$2,850.$

Borrowed $$10,000$ from a bank and signed a note payable agreeing to repay the $$10,000$ in one year plus $10$ percent interest.

Purchased $$5,500$ of cleaning equipment; paid $$2,000$ down with the remainder due within $30$ days.

Purchased cleaning supplies for $$4,300$ cash.

Paid $$350$ for newspaper advertisements to run during April.

Billed customers for services, $$3,500.$

Paid $$1,500$ on account to cleaning equipment firm $($see April $3$ transaction$).$

Collected $$2,300$ from customers on account.

Randy $5$mith received a $$1,000$ cash dividend.

Paid wages for April, $$1,750.$

Paid service station for gasoline used during April, $$350.$

Accounting Equation

Journal Entries

a$.$ Using the accounting equation, record each of the transactions in columnar format.

Use negative signs with your answers below, when appropriate.