I need to complete the tabular analysis of the transactions. On April 1, Nancy Jackson established...
I need to complete the tabular analysis of the transactions.
On April 1, Nancy Jackson established Jackson’s Travel Agency. The following transactions were completed during the month.
1. Invested $14,000 cash to start the agency.
2. Paid $600 cash for April office rent. 3. Purchased equipment for $3,800 cash.
4. Incurred $600 of advertising costs in the Chicago Tribune, on account.
5. Paid $900 cash for office supplies.
6. Performed services worth $11,000: $3,300 cash is received from customers, and the balance of $7,700 is billed to customers on account.
7. Withdrew $500 cash for personal use.
8. Paid Chicago Tribune $400 of the amount due in transaction (4).
9. Paid employees' salaries $2,900.
10. Received $4,700 in cash from customers who have previously been billed in transaction (6).
Homework Answers
| ANALYSIS OF TRANSACTION | |||||||||||||||
| S.no. | Cash + | Equipment + | Office Supplies + | Accounts = | Accounts + | Capital | Revenue - | Expense = | Net Income | Statement of Cash Flows | |||||
| Receivables | Payable | ||||||||||||||
| 1 | 14,000 | 14,000 | 14,000 | Inflows from FA | |||||||||||
| 2 | -600 | -600 | 600 | -600 | -600 | Outflows from OA | |||||||||
| 3 | -3800 | 3800 | -3800 | Outflows from IA | |||||||||||
| 4 | 600 | -600 | 600 | -600 | NA | ||||||||||
| 5 | -900 | 900 | -900 | Outflows from OA | |||||||||||
| 6 | 3300 | 7,700 | 11,000 | 11,000 | 11,000 | 3,300 | Inflows from OA | ||||||||
| 7 | -500 | -500 | -500 | Outflows from FA | |||||||||||
| 8 | -400 | -400 | -400 | Outflows from OA | |||||||||||
| 9 | -2900 | -2900 | 2900 | -2900 | -2900 | Outflows from OA | |||||||||
| 10 | 4700 | -4700 | 4700 | Inflows from OA | |||||||||||
| Balance | 12,900 | 3,800 | 900 | 3,000 | 200 | 20,400 | 11,000 | 4,100 | 6,900 | ||||||
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I need to complete the tabular analysis of the transactions.
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