CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION Your answer is part

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CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION Your answer is partially correct. Try again. On April 1, Skysong. Inc. began n operations. The following transactions were completed during the month. 1. 1ssued common stock for $26,400 cash. 2. Obtained a bank loan for $7,700 by issuing a note payable. 3. Paid $12,100 cash to buy equipment 4. Paid $1,300 cash for April office rent 5. Paid $1,600 for supplies. 6. Purchased $660 of advertising in the Daily Herald, on account 7. Performed services for $19,800: cash of $2,200 was received from customers, and the balance of $1.7,600 was billed to customers on 8. Paid $440 dividend to stockholders. 9. Paid the utility bill for the month, $2,200 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, $7,040. 13. Received $13,200 cash from customers billed in transaction (7) 14. Paid income tax, $1,650. ournalize the transactions. (If no entry is required, select "No Entry; for the account titles and enter O for the amounts. Credit account tibles y indented when amount is entered. De mot indent manualy,) No. Account Titles and Explanation 4 5 0

Explanation / Answer

Answer:

Journal Entries

Number

Description

Debit $

Credit $

1

Cash

26400

To Common Stcok

26400

2

Cash

7700

To Notes payable

7700

3

Equipment

12100

To cash

12100

4

Office Rent

1300

To cash

1300

5

supplies

1600

To cash

1600

6

Advertising Expnases

660

To accounts payable

660

7

Cash

2200

Account Reciveble

17600

To service Revenue

19800

8

Devidend

440

To cash

440

.

9

Utility Expanses

2200

To cash

2200

10

Accounts payable

660

To cash

660

11

Interest Expanses

40

To cash

40

12

Salary Expanses

7040

To cash

7040

13

Cash

13200

To Account Recivable

13200

14

Income tax Expanses

1650

To cash

1650

Number

Description

Debit $

Credit $

1

Cash

26400

To Common Stcok

26400

2

Cash

7700

To Notes payable

7700

3

Equipment

12100

To cash

12100

4

Office Rent

1300

To cash

1300

5

supplies

1600

To cash

1600

6

Advertising Expnases

660

To accounts payable

660

7

Cash

2200

Account Reciveble

17600

To service Revenue

19800

8

Devidend

440

To cash

440

.

9

Utility Expanses

2200

To cash

2200

10

Accounts payable

660

To cash

660

11

Interest Expanses

40

To cash

40

12

Salary Expanses

7040

To cash

7040

13

Cash

13200

To Account Recivable

13200

14

Income tax Expanses

1650

To cash

1650

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