April 1 Randy Smith invested $14,000 cash to begin the business; he received common stock for his investment. 2 Paid six months' lease on a van, $2,850. 3 Borrowed $10,000 from a bank and signed a note payable agreeing to repay the $10,000 in one year plus 10 percent interest. 3 Purchased $5,500 of cleaning equipment; paid $2,000 down with the remainder due within 30 days. 4 Purchased cleaning supplies for $4,300 cash. 7 Paid $350 for newspaper advertisements to run during April. 21 Billed customers for services, $3,500. 23 Paid $1,500 on account to cleaning equipment firm (see April 3 transaction). 28 Collected $2,300 from customers on account. 29 Randy Smith received a $1,000 cash dividend. 30 Paid wages for April, $1,750. 30 Paid service station for gasoline used during April, $350. Accounting Equation Journal Entries b. Use journal entries to record the transactions for April in the general journal. Date Description April 1 Debit Credit $ 0$ 0 0 Owner purchased common stock for cash. Paid six months' lease on van. Borrowed money from bank for one year, interest rate of 10%. Cash 0 Purchased equipment, made down payment with balance due in 30 days. Purchased supplies for cash. 0 Paid for April advertising. Oo oo oo oo oo oo oo oo ooo oo oo Billed customers for services. 23 Payment on account. Collections from customer on account. 29 Shareholders are paid a cash dividend. Paid wages for April. 30 Paid for gasoline used in April