Reference no: EM133177948
Question - On April 1, Helen Martin established Martin's Travel Agency. The following transactions were completed during the month.
1. Invested $13,000 cash to start the agency.
2. Paid $600 cash for April office rent.
3. Purchased equipment for $2,200 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: $2,800 cash is received from customers, and the balance of $8,200 is billed to customers on account.
7. Withdrew $400 cash for personal use.
8. Paid Chicago Tribune $400 of the amount due in transaction (4).
9. Paid employees' salaries $2,200.
10. Received $5,200 in cash from customers who have previously been billed in 10' transaction (6).
Required -
a. Complete the tabular analysis of the transactions.
b. From an analysis of the owner's equity columns, compute the net income or net loss for April.
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