Reference no: EM133124915
Question - On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month.
1. Issued common stock for $24,000 cash.
2. Obtained a bank loan for $7,000 by issuing a note payable.
3. Paid $11,000 cash to buy equipment.
4. Paid $1,200 cash for April office rent.
5. Paid $1,450 for supplies.
6. Purchased $600 of advertising in the Daily Herald, on account.
7. Performed services for $18,000: cash of $2,000 was received from customers, and the balance of $16,000 was billed to customers on account.
8. Paid $400 cash dividend to stockholders.
9. Paid the utility bill for the month, $2,000.
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, $6,400.
13. Received $12,000 cash from customers billed in transaction (7).
14. Paid income tax, $1,500.
Required - Journalize the transactions. Do not provide explanations.