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Current Attempt in Progress 1. 3. 4. 5. 6. On April 1, Sage Hill Inc....

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Accounting

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Current Attempt in Progress 1. 3. 4. 5. 6. On April 1, Sage Hill Inc. began operations. The following transactions were completed during the month. Stockholders invested $25,400 in the business in exchange for common stock. 2. Obtained a bank loan for $7,400 by issuing a note payable. Paid $11,700 cash to buy equipment. Paid $1,300 cash for April office rent. Paid $1,550 for supplies. Purchased $640 of advertising in the Daily Herald, on account. Performed services for $19,100: cash of $2,120 was received from customers, and the balance of $16,980 was billed to customers on account Paid $420 cash dividend to stockholders. Paid the utility bill for the month, $2,120. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Paid employees' salaries and wages, $6,780. 13 Received $12,720 cash from customers billed in transaction (7). 7. 8. 9. 10. 11. 12. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1

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