P3.1. Analyze transactions and compute net income. On April 1, Wonder Travel Agency Inc. was established. These transactions were completed during the month. 1. 2. Stockholders invested $67,000 cash in the company in exchange for common stock. Paid $800 cash for April office rent. 67,000 800 3. Purchased office equipment for $6,700 cash. 6700 4. Purchased $453 of advertising in the Chicago Tribune, on account. 453 5. Paid $675 cash for office supplies. 675 6. Performed services worth $11,800. Cash of $10,000 is received from customers, and the balance of $1,800 is billed to customers on account. 11800 10000 1800 7. Paid $650 cash dividends. 650 8. Paid Chicago Tribune amount due in transaction (4). 9. Paid employees' salaries $2,300. 2300 10. Received $1,800 in cash from customers billed previously in transaction (6). 1800 Instructions a. b. Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock, and Retained Earnings (with separate columns for Revenues, Expenses, and Dividends). Include margin explanations for any changes in Retained Earnings in column S. From an analysis of the Retained Earnings columns, compute the net income or net| loss for April. NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells. WONDER TRAVEL AGENCY INC. Assets = Liabilities + Stockholders' Equity Accounts Accounts Cash + Receivable + Supplies + Equipment = Payable Common + Stock + Revenue - Expenses Dividends 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. b. Total Assets Service Revenue Expenses Salaries and Wages Expense Rent Expense Advertising Expense Net Income II + Total Liabilities + Stockholders' Equity