P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following transactions were completed during the month.

1- Shareholders invested 12,000 cash in the business in exchange for ordinary shares.

2- Paid 400 cash for April office rent.

3- Purchased office equipment for 5,500 cash.

4- Incurred 300 of advertising costs in a local newspaper, on account.

5- Paid 600 cash for office supplies.

6- Performed services worth 8,500: 2,000 cash is received from customers, and the balance of 6,500 is billed to customers on account.

7- Declared and paid a 200 cash dividend.

8- Paid the local newspaper amount due in transaction (4).

9- Paid employees salaries 2,200.

10- Received 5,700 in cash from customers billed previously in transaction (6).

Q3 You may use the working papers designed for Problem 1-1A in solving this problem. P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following transactions were completed during the month. 1- Shareholders invested 12,000 cash in the business in exchange for ordinary shares. 2- Paid 400 cash for April office rent. 3- Purchased office equipment for 5,500 cash. 4- Incurred 300 of advertising costs in a local newspaper, on account. 5- Paid 600 cash for office supplies. 6- Performed services worth 8,500 : 2,000 cash is received from customers, and the balance of 6,500 is billed to customers on account. 7- Declared and paid a200 cash dividend. 8- Paid the local newspaper amount due in transaction (4). 9- Paid employees' salaries 2,200. 10- Received 5,700 in cash from customers billed previously in transaction (6). Instructions 1. Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital, and Retained Earnings (with separate columns for Revenues, Expenses, and Divi-dends). Include margin explanation for any changes in Retained Earnings. 2. Prepare an income statement for September, a retained earnings statement for September, and a statement of financial position at April 30, 2020