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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.
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)
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