On April 1, Kingbird, Inc. was established. These transactions were completed during the month. 1. Stockholders invested $30,600 cash in the company in exchange for common stock.
2. Paid $780 cash for April office rent.
3. Purchased office equipment for $3,870 cash.
4. Purchased $250 of advertising in the Chicago Tribune, on account.
5. Paid $570 cash for office supplies.
6. Performed services worth $11,400. Cash of $2,200 is received from customers, and the balance of $9,200 is billed to customers on account.
7. Paid $280 cash dividends.
8. Paid Chicago Tribune amount due in transaction (4).
9. Paid employees’ salaries $1,310.
10. Received $9,200 in cash from customers billed previously in transaction (6).