On April 1, Metlock, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $25,000 cash. 2. Obtained a bank loan for $7,300 by issuing a note payable, 3. Paid $11,400 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5. Paid $1,500 for supplies. 6. Purchased $620 of advertising in the Daily Herald, on account. 7. Performed services for $18,700 : cash of $2,080 was received from customers, and the balance of $16,620 was billed to customers on account. 8. Paid $420 cash dividend to stockholders. 9. Paid the utility bill for the month, $2,080. 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, $6,660. 13. Received $12,480 cash from customers billed in transaction (7). 14. Paid income tax, $1,560. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit occount titles are automatically indented when amount is entered. Do not indent manuolly.) No. Account Titles and Explanation Debit Credit 1. Cash Common Stock 2. Cash Notes Payable 3. Equipment 4. Rent Expense 5. Supplies Cash 6. Advertising Expense Accounts Payable. Question 5 of 7 3.86/4 7. Cash \begin{tabular}{|r|} \hline 2080 \\ \hline \end{tabular} Accounts Recelvable Service Revenue 18700 8. Dividends Cash 9. Utilities Expense 2080 Cash 10. Accounts Payable 2080 11. Interest Expense 620 12. Salaries and Wages Expense 6660