Kimmel Financial Accounting 8e FUNDAMENTALS OF ACCOUNTING As

Kimmel, Financial Accounting, 8e FUNDAMENTALS OF ACCOUNTING Assignment Gradebook ORION Downloadable eTextbook ent CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION B Exercise 3-12 On April 1, Shamrock, Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $20,200 cash. 2. Obtained a bank loan for $5,900 by issuing a note payable. 3. Pald $9,200 cash to buy equipment. 4. Paid $1,000 cash for April office rent 5. Paid $1,200 for supplies. 6. Purchased $500 of advertising in the Daily Herald, on account. 7. Performed services for $15,100: cash of $1,680 was received from customers, and the balance of $13,420 was billed to customers on accout 8. Paid $340 dividend to stockholders. 9. Paid the utility bill for the month, $1,680 10. Paid Daily Herald the amount due in transaction (6) 11. Paid $30 of interest on the bank loan obtained in transaction (2). 12. Paid employees\' salaries, $5,380. 13. Received $10,080 cash from customers billed in transaction (7) 14. Paid income tax, $1,260. Journalize the transactions. (If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts. Credit account are automatically indented when amount is entered. Do not indent manually No. Account Titles and Explanation Debit Credit 1. Common Stock 20,000 Cash 20,000 2. Notes Payable 5,900 blicy .2000-201JehnyHeyASons,Inc. Al Rights Reserved. A Division of ahn.wileYASonalnc. Ve

Solution

1) Cash $20,200

Common Stock $20,200

2) Cash $5,900

Notes Payable $5,900

3) Equipment $9,200

Cash $9,200

4) Rent Expense $1,000

Cash $1,000

5) Supplies $1,200

Cash $1,200

6) Advertisement Expense $500

Accounts Payable $500

7) Accounts Receivable $13,420

Cash $1680

Service Revenue $15,100

8) Dividends $340

Cash $340

9) utilities Expense $1,680

Cash $1,680

10) Accounts Payable $500

Cash $500

11) Interest Expense $30

Cash $30

12) Salaries and Wages $5,380

Cash $5,380

13) Cash $10,080

Accounts Receivable $10,080

14) Income Tax Expense $1,260

Cash $1,260