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.