On April 1, Laura Hall established Hall's Travel Agency. The following transactions were completed during the month. Invested $15,000 cash to start the agency. 1. Paid $500 cash for April office rent. 2. Purchased equipment for $3,500 cash. 3. Incurred $800 of advertising costs in the Chicago Tribune, on account. 4. Paid $900 cash for office supplies. 5. Performed services worth $12,000: $3,300 cash is received from customers, and the balance of $8,700 is 6. billed to customers on account. Withdrew $500 cash for personal use. 7. Paid Chicago Tribune $600 of the amount due in transaction (4) Paid employees' salaries $2,000 Received $5,700 in cash from customers who have previously been billed in transaction (6) 8. 9. 10. 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 that was reduced. See Illustration 1-8 for example.) Assets Accounts Cash Receivable Supplies Equipment + + + $ $ $ $ 1. 2. 3. 4. 5. 6. 7. 8 9. 10. $ $ $ $ tA +A- From an analysis of the owner's equity columns, compute the net income or net loss for April. HALL'S TRAVEL AGENCY Income Statement $ $ $