Question

On April 1, Barbara Jones established Jones's Travel Agency. The following transactions were completed during the month. 1. 2. 4. 5. 6. 7. 8. 9. 10. Invested $16,000 cash to start the agency. Paid $600 cash for April office rent. Purchased equipment for $2,800 cash. Incurred $800 of advertising costs in the Chicago Tribune, on account. Paid $800 cash for office supplies. Performed services worth $11,000: $2,600 cash is received from customers, and the balance of $8,400 is billed to custome Withdrew $400 cash for personal use. Paid Chicago Tribune $600 of the amount due in transaction (4). Paid employees' salaries $2,800. Received $5,400 in cash from customers who have previously been billed in transaction (6). - (a) Your answer is correct. Complete the tabular analysis of the transactions. (If a transaction results in a decrease in Assets, Liabilities or Owner's Eq parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced. See II

Answer 1

Jones Travel Agency Income Statement For the month Ended April 30, 2017 $ 11,000 Revenue Service Revenue Less: Expenses Office Rent Advertising Salaries Total Expenses Net Income /(Loss) $ $ $ 600 800 2,800 $ $ 4,200 6,800