On April 1, Sunland Travel Agency, Inc began operations. The follawing transactions were completed during the month. 1. Issued common stock for $26,900 cash. 2. Obtained a bank loan for $7,800 by issuing a note payable. 3. Paid $12,300 cash to buy equipment. 4. Paid $1,300 cash for April office rent. 5. Paid $1,600 for supplies. 6. Purchased $670 of advertising in the Daily Herald, on account. 7. Performed services for $20,200 : cash of $2,240 wis received from customers, and the balance of $17.960 was billed to customers on account. 8. Paid $450 cash dividend to stockholders. 9. Paid the utility bill for the month, $2,240. 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, $7,170. 13. Received $13,440 cash from customers billed in transaction (7). Question 5 of 7 14 10. 11. 12. 13. 14. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6