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Please help I am not sure why it's partially wrong. On April 1, Michelle Walker established Walkers Travel Agency. The following transactions were completed during
Please help I am not sure why it's partially wrong.
On April 1, Michelle Walker established Walkers Travel Agency. The following transactions were completed during the month.
1. | Invested $15,000 cash to start the agency. | |
2. | Paid $500 cash for April office rent. | |
3. | Purchased equipment for $3,600 cash. | |
4. | Incurred $600 of advertising costs in the Chicago Tribune, on account. | |
5. | Paid $500 cash for office supplies. | |
6. | Performed services worth $10,000: $2,800 cash is received from customers, and the balance of $7,200 is billed to customers on account. | |
7. | Withdrew $600 cash for personal use. | |
8. | Paid Chicago Tribune $400 of the amount due in transaction (4). | |
9. | Paid employees' salaries $2,800. | |
10. | Received $4,200 in cash from customers who have previously been billed in transaction (6). |
Your answer is partially correct. 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.) WALKER'S TRAVEL AGENCY Assets Liabilities Accounts Receivable Accounts Payable Owner's Capital Cash Supplies Equipment 1. $ 15,000 $ i $ i i $ i $ 15,000 2. -500 i i i i 3. -3,600 i i 3,600 4. i i 600 5. -500 i 500 i i i 6. 2,800 7,200 i i i 7. -600 i i 8. -400 i i i -400 i 9. -2,800 i i 10. 4,200 -4,200 i i i 13,600 $ 3,000 $ 500 3,600 $ 200 A 15.000 A A Owner's Equity Owner's Drawings + Revenues - Expenses $ $ i i 500 i i i 600 i 10,000 600 i i i 2,800 i $ 600 $ 10,000 $ 3,900
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