Kimmel, Accounting,6e PRIN ACCT Gradebook ORION b eTextbeok Exercise 3-12 On Apr

Question

Kimmel, Accounting,6e PRIN ACCT Gradebook ORION b eTextbeok Exercise 3-12 On April 1, Skysong, Inc began operations. The following transactions were completed duning the month 1 ssued common stock for $26,400 cath 2. Obtained a bank loan for $7,700 by issuing a note payable. Paid $12,100 cash to buy equipment 4. paid $1,300 cash for Aorn omce rent. S. Paid $1,600 for supplies. 6. Purchased $660 Performed services for $19,800:cash of $2,200 was of advertising in the Dally Herald, on accoure Peceived from oustomers, and the balance of $ 17,600 was biled to customers on 8. Paid $440 dividend to stockholders 9 Paid the utlity bil for the month, $2,200. 10. Paid Daly Nerald the amount due in tbransaction (6) 11. Paid $40 of interest on the bank loan obtained in transaction (2), 2 Paidemployees salanes $7,040 13. Received $13,200 cash from eustomers billed in transaction 17) 14. Paid income tax, $3,650 transactions. Entry" or the ccoun amounts. Creit amount is entered. Do not inadentmnuay) MacBook Air 2 3 5

Explanation / Answer

S.no Explanation Debit Credit 1 Cash 26400 Common Stock 26400 2 Cash 7700 Notes Payable 7700 3 Equipment 12100 Cash 12100 4 Office rent 1300 cash 1300 5 Supplies 1600 Cash 1600 6 Advertising Expenses 660 Accounts Payable 660 7 Accounts Receivable 17600 Cash 2200 Service revenue 19800 8 Dividend 440 Cash 440 9 Utility expense 2200 Cash 2200 10 Accounts Payable 660 Cash 660 11 Interest Expense 40 Cash 40 12 Salaries and wages 7420 Cash 7420 13 Cash 17600 Accounts Receivable 17600 14 Income tax expense 1650 Cash 1650

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