On April 1, Carol Garcia established Garcia's Travel Agency. The following transactions were completed during the month. 1. 2. 3. 4. 5. Invested $13,000 cash to start the agency. Paid $500 cash for April office rent. Purchased equipment for $2,900 cash. Incurred $700 of advertising costs in the Chicago Tribune, on account. Paid $900 cash for office supplies. Performed services worth $10,000: $3,000 cash is received from customers, and the balance of $7,000 is billed to customers on account. Withdrew $500 cash for personal use. Paid Chicago Tribune $500 of the amount due in transaction (4). Paid employees' salaries $2,500. Received $4,000 in cash from customers who have previously been billed in transaction (6). 6. 7. 8. 9. 10. Assets GARCIA'S TRAVEL AGENCY = Liabilities + Accounts Equipment = Payable + Cash Owner's Equity Owner's Drawings + Revenues Accounts Receivable + + Supplies Owner's Capital + - - Expenses