Home / Questions / On April 1, Skysong, Inc. began operations. The following transactions were completed during the mon
On April 1, Skysong, Inc. began operations. The following transactions were completed during the month. 1. Stockholders invested $20,600 in the business in exchange for common stock. 2. Obtained a bank loan for $6,000 by Issuing a note payable. 3. Paid $9,500 cash to buy equipment. 4. Paid $1,000 cash for April office rent. 5. Paid $1.250 for supplies. 6. Purchased $520 of advertising in the Daily Herald, on account. 7. Performed services for $15,500: cash of $1,720 was received from customers, and the balance of $13,780 was billed to customers on account. 8. Paid $340 cash dividend to stockholders. 9. Paid the utility bill for the month $1,720. 10. Pald 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 and wages, $5,500. 13. Received $10,320 cash from customers billed in transaction (7). Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit
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