On April 1, Kingbird, Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. Issued common stock for $28,800 cash. Obtained a bank loan for $8,400 by issuing a note payable. Paid $13,200 cash to buy equipment. Paid $1,400 cash for April office rent. Paid $1,750 for supplies. Purchased $720 of advertising in the Daily Herald, on account. Performed services for $21,600: cash of $2,400 was received from customers, and the balance of $19,200 was billed to customers on account. Paid $480 cash dividend to stockholders. Paid the utility bill for the month, $2,400. Paid Daily Herald the amount due in transaction (6). Paid $50 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $7,680. Received $14,400 cash from customers billed in transaction (7). Paid income tax, $1,800. 8. 9. 10. 11. 12. 13. 14. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1