Exercise 3-12 On April 1, Splish Brothers Inc. began operations. The following transactions were completed during the month 1. Issued common stock for $26,900 cash. 2. Obtained a bank loan for $7,800 by issuing a note payable 3. Paid $12,300 cash to buy equipment. 4. Paid $1,300 cash for April office rent. 5. Paid $1,600 for supplies. 6. Purchased $670 of advertising in the Daily Herald, on account. 7. Performed services for $20,200: cash of $2,240 was received from customers, and the balance of $17,960 was billed to customers on account. 8. Paid $450 dividend to stockholders. 9. Paid the utility bill for the month, $2,240 10. Paid Daily Herald the amount due in transaction (6) 11. 12. 13. 14. Paid $40 of interest on the bank loan obtained in transaction (2) Paid employees' salaries, $7,170 Received $13,440 cash from customers billed in transaction (7). Paid income tax, $1,680 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4 10. 12. 13