On April 1, Carol Garcia established Garcia's Travel Agency. The following transactions were completed during the month.

1.Invested $13,000cash to start the agency.2.Paid $500cash for April office rent.3.Purchased equipment for $2,900cash.4.Incurred $700of advertising costs in theChicago Tribune,on account.5.Paid $900cash 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 $500cash for personal use.8.PaidChicago Tribune$500 of the amount due in transaction (4).

9.Paid employees' salaries $2,500.10.Received $4,000 in cash from customers who have previously been billed in transaction (6).

Problem 1-01A a-b On April 1, Carol Garcia established Garcia's Travel Agency. The following transactions were completed during the month. 1. Invested $13,000 cash to start the agency. 2. Paid $500 cash for April office rent. 3. Purchased equipment for $2,900 cash. 4. Incurred $700 of advertising costs in the Chicago Tribune, on account. 5 . Paid $900 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 (4). 9. Paid employees' salaries $2,500. 10. Received $4,000 in cash from customers who have previously been billed in transaction (6).GARCIA'S TRAVEL AGENCY Assets = Liabilities + Owner's Equity Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable + Capital Drawings + Revenues Expenses 10. From an analysis of the owner's equity columns, compute the net income or net loss for April. GARCIA'S TRAVEL AGENCY Income Statement " $ Click if you would like to Show Work for this question: Qpen Show Work