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Question 3 of 4 -/25 View Policies Current Attempt in Progress On April 1, Metlock, Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. Issued common stock for $25,000 cash. Obtained a bank loan for $7,300 by issuing a note payable. Paid $11,400 cash to buy equipment. Paid $1,200 cash for April office rent. Paid $1,500 for supplies. Purchased $620 of advertising in the Daily Herald, on account. 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. Paid $420 cash dividend to stockholders. Paid the utility bill for the month, $2,080. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Paid employees'salaries, $6,660. Received $12,480 cash from customers billed in transaction (7). Paid income tax. $1.560. 8. 9. 10. 11. 12. 13. 14. Journalize the transactions. (If no entry is required, select "No Entry"for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit No. Account Titles and Explanation Question 3 of 4 - 125 No. Account Titles and Explanation 1. Debit Credit 3. 4. 5 6 8. 9. 10. 11. 12. 13. Accounts Payable Accounts Receivable Advertising Expense Bonds Payable Buildings Cash Common Stock Dividends Equipment Gasoline Expense Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Notes Receivable Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Repair Services Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Repair Services Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Website