On April 1, Patricia Johnson established Johnsons Travel Agency. The following transactions were completed during the month.

On April 1, Patricia Johnson established Johnson's Travel Agency. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. Invested $16,000 cash to start the agency. Paid $500 cash for April office rent. Purchased equipment for $2,100 cash. Incurred $600 of advertising costs in the Chicago Tribune, on account. Paid $800 cash for office supplies. Performed services worth $10,000: $3,300 cash is received from customers, and the balance of $6,700 is billed to customers on account. Withdrew $600 cash for personal use. Paid Chicago Tribune $400 of the amount due in transaction (4). Paid employees' salaries $2,800. Received $3,700 in cash from customers who have previously been billed in transaction (6). 7. 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 Receivable + Supplies JOHNSON'S TRAVEL AGENCY Liabilities Accounts Equipment = Payable Owner's Equity Owner's Drawings + Revenues Owner's Capital Cash + + + Expenses 1. $ $ $ $ $ $ 2. 3. 4. 5. 6. 7. 8. 9. 10. $ $ From an analysis of the owner's equity columns, compute the net income or net loss for April. JOHNSON'S TRAVEL AGENCY Income Statement $