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On April 1, Marin Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $24,500 cash. 2. Obtained a
On April 1, Marin Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $24,500 cash. 2. Obtained a bank loan for $7,100 by issuing a note payable. 3. Paid $11,200 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5 Paid $1,500 for supplies. 6. Purchased $610 of advertising in the Daily Herald, on account. Performed services for $18,400: cash of $2,040 was received from customers, and the balance of $16,360 was billed to customers on account. 8. Paid $410 dividend to stockholders. 9. Paid the utility bill for the month, $2,040. 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, $6,530 13. Received $12,240 cash from customers billed in transaction (7) 14. Paid income tax, 1,530 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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