View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. 1 2. 3, 5. 6. On April 1, Kingbird, Inc. began operations. The following transactions were completed during the month. Issued common stock for $23,000 cash. Obtained a bank loan for $6,700 by issuing a note payable. Paid $10,600 cash to buy equipment. 4. Pald $1,200 cash for April office rent. Paid $1,400 for supplies. Purchased $580 of advertising in the Daily Herald, on account. 7 Performed services for $17,300: cash of $1.920 was received from customers, and the balance of $15,380 was billed to customers on account. Paid $380 cash dividend to stockholders. Paid the utility bill for the month $1,920. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Pald employees salaries, $6,140. Received $11.520 cash from customers billed in transaction (7). 14. Paid income tax. $1.440. 8. 9. 10. 11 12. 13. 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.) No. Account Titles and Explanation Debit Credit 1. Cash 23000