On April 1, Kingbird, Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 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). 11. 12. 13. 14. 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. 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 1. 2. 3. 4. Debit Credit 5. 6. 7. 8. 9. 10. 11. 12. 13.