E3-12 On April 1, Adventures Travel Agency, Inc. began operations. The following transac- tions were completed during the month.

1. Issued common stock for $24,000 cash.

2. Obtained a bank loan for $7,000 by issuing a note payable.

3. Paid $11,000 cash to buy equipment.

4. Paid $1,200 cash for April office rent.

5. Paid $1,450 for supplies.

6. Purchased $600 of advertising in the Daily Herald, on account.

7. 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.

8. Paid $400 cash dividend to stockholders.

9. Paid the utility bill for the month, $2,000.

10. Paid Daily Herald the amount due in transaction (6).

11. Paid $40 of interest on the bank loan obtained in transaction (2).

12. Paid employees salaries, $6,400.

13. Received $12,000 cash from customers billed in transaction (7).

14. Paid income tax, $1,500.

Instructions

Journalize the transactions. Do not provide explanations.