Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am having trouble with this problem. I need help with finding assets liabilities and owners equity. On April 1, Betty Harris established Harris's Travel

I am having trouble with this problem. I need help with finding assets liabilities and owners equity.

image text in transcribedimage text in transcribedimage text in transcribed
On April 1, Betty Harris established Harris'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 $2,900 cash. 4. Incurred $900 of advertising costs in the Chicago Tribune, on account. 5. Paid $500 cash for office supplies. 6. Performed services worth $11,000: $3,100 cash is received from customers, and the balance of $7,900 is billed to customers on account. 7. Withdrew $500 cash for personal use. 8. Paid Chicago Tribune $700 of the amount due in transaction (4). 9. Paid employees' salaries $2,900. 10. Received $4,900 in cash from customers who have previously been billed in transaction (6).Complete the tabular analysis of the transactions. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item tha was reduced. See Illustration 1-8 for example.) HARRIS'S TRAVEL AGENCY Assets Liabilities Owner's Equity Accounts Accounts Owner's Owner's Cash Receivable Supplies + Equipment = Payable Capital Drawings Revenues Expenses V Y 1 13000 13000 2 600 600 3 2900 2900 X V 4 -900 -90 5 V 500 -500 6. 3000 7000 11000 7 500 -500 8. -70 -700 9 2900 -2900 x 10. 490 4900From an analysis of the owner's equity columns, compute the net income or net loss for April. HARRIS'S TRAVEL AGENCY Income Statement For the Month Ended April 30, 2017 X Investments x Revenues X Total Expenses X Total Expenses Click if you would like to Show Work for this question: Open Show Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information For Business Decisions

Authors: Loren A Nikolai, Billie Cunningham, John D Bazley

3rd Edition

1111066884, 9781111066888

More Books

Students also viewed these Accounting questions