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Tilton Corporation has the following transactions during August of the current year

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Tilton Corporation has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,000. 4 Pays Insurance in advance for 3 months, $1,500. 16 Receives $900 from clients for services rendered. 27 Pays the secretary $620 salary. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Aug. 1 The asset Cash is increased 10000 The stockholders equity account common stock is 10000 Aug. 4 X The asset prepaid insurance is increased 1500 the asset Cash is decreased 1500 Aug. 16 x The asset Cash is increased 900 M 900 the revenue Service revenue is increased * The expense salaries expense is increased 620 Aug. 27 620 the asset cash is decreased