On April 1, Crane Travel Agency, Inc. began operations. The following transactions were completed during the month. Issued common stock for $ 18,200 cash. Obtained a bank loan for $5,300 by issuing a note payable. Paid $ 8,400 cash to buy equipment. Paid $900 cash for April office rent. Paid $1,100 for supplies. Purchased $460 of advertising in the Daily Herald, on account. Performed services for $13,700: cash of $1,520 was received from customers, and the balance of $12, 180 was billed to customers on account. Paid $300 cash dividend to stockholders. Paid the utility bill for the month, $1,520. Paid Daily Herald the amount due in transaction (6). Paid $30 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $4,860. Received $9, 120 cash from customers billed in transaction (7). Paid incometax, $1, 140. Journalize the transactions. (If no entry is required, select "No Entry" for the

On April 1, Crane Travel Agency, Inc. began operations. The following transactions were completed during the month. Issued common stock for $ 18,200 cash. Obtained a bank loan for $5,300 by issuing a note payable. Paid $ 8,400 cash to buy equipment. Paid $900 cash for April office rent. Paid $1,100 for supplies. Purchased $460 of advertising in the Daily Herald, on account. Performed services for $13,700: cash of $1,520 was received from customers, and the balance of $12, 180 was billed to customers on account. Paid $300 cash dividend to stockholders. Paid the utility bill for the month, $1,520. Paid Daily Herald the amount due in transaction (6). Paid $30 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $4,860. Received $9, 120 cash from customers billed in transaction (7). Paid incometax, $1, 140. Journalize the transactions. (If no entry is required, select "No Entry" for the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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