Question
On April 1, Shamrock, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $20,200 cash. 2. Obtained a
On April 1, Shamrock, Inc. began operations. The following transactions were completed during the month.
1. | Issued common stock for $20,200 cash. | |
2. | Obtained a bank loan for $5,900 by issuing a note payable. | |
3. | Paid $9,200 cash to buy equipment. | |
4. | Paid $1,000 cash for April office rent. | |
5. | Paid $1,200 for supplies. | |
6. | Purchased $500 of advertising in the Daily Herald, on account. | |
7. | Performed services for $15,100: cash of $1,680 was received from customers, and the balance of $13,420 was billed to customers on account. | |
8. | Paid $340 cash dividend to stockholders. | |
9. | Paid the utility bill for the month, $1,680. | |
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, $5,380. | |
13. | Received $10,080 cash from customers billed in transaction (7). | |
14. | Paid income tax, $1,260. |
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.)
No. | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
1. | enter an account title to record the first transaction | enter a debit amount | enter a credit amount |
enter an account title to record the first transaction | enter a debit amount | enter a credit amount | |
2. | enter an account title to record the second transaction | enter a debit amount | enter a credit amount |
enter an account title to record the second transaction | enter a debit amount | enter a credit amount | |
3. | enter an account title to record the third transaction | enter a debit amount | enter a credit amount |
enter an account title to record the third transaction | enter a debit amount | enter a credit amount | |
4. | enter an account title to record the fourth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the fourth transaction | enter a debit amount | enter a credit amount | |
5. | enter an account title to record the fifth transaction | enter a debit amount | enter a credit amount |
enter an account titleto record the fifth transaction | enter a debit amount | enter a credit amount | |
6. | enter an account title to record the sixth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the sixth transaction | enter a debit amount | enter a credit amount | |
7. | enter an account title to record the seventh transaction | enter a debit amount | enter a credit amount |
enter an account title to record the seventh transaction | enter a debit amount | enter a credit amount | |
enter an account title to record the seventh transaction | enter a debit amount | enter a credit amount | |
8. | enter an account title to record the eighth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the eighth transaction | enter a debit amount | enter a credit amount | |
9. | enter an account title to record the ninth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the ninth transaction | enter a debit amount | enter a credit amount | |
10. | enter an account title to record the tenth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the tenth transaction | enter a debit amount | enter a credit amount | |
11. | enter an account title to record the eleventh transaction | enter a debit amount | enter a credit amount |
enter an account title to record the eleventh transaction | enter a debit amount | enter a credit amount | |
12. | enter an account title to record the twelfth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the twelfth transaction | enter a debit amount | enter a credit amount | |
13. | enter an account title to record the thirteenth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the thirteenth transaction | enter a debit amount | enter a credit amount | |
14. | enter an account title to record the fourteenth transaction | enter a debit amount | enter a credit amount |
enter an account title to record the fourteenth transaction | enter a debit amount | enter a credit amount |
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