Performed services worth 10 000 3 000 cash is received from

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Reference no: EM13590286

Analyze transaction and compute net income:

1. Invested $15, 000 cash to start the agency.

2. Paid $600 cash for April office rent.

3. Purchased equipment for $3, 000 cash.

4. Incurred $700 of advertising cost in the Chicago Tribune, on account.

5. Paid $800 cash for office supplies.

6. Performed services worth $10, 000: $3, 000 cash is received from customers, and the balance of $7, 000 is billed to customers on account.

7. Withdrew $500 cash for personal use.

8. Paid Chicago Tribune $500 of the amount due in transaction.

9. Paid employees salaries $2, 500.

10. Received $4, 000 in cash from customers who have previously been billed in transaction.

Reference no: EM13590286

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