Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLease help with this balance sheet with the blank boxes Problem 1-01A a-b On April 1, Betty Harris established Harris's Travel Agency. The following transactions

PLease help with this balance sheet with the blank boxes

image text in transcribedimage text in transcribedimage text in transcribed
Problem 1-01A a-b On April 1, Betty Harris established Harris's Travel Agency. The following transactions were completed during the month. 1. Invested $13,000 cash to start the agency. 2. Paid $600 cash for April office rent. 3. Purchased equipment for $2,900 cash. 4. Incurred $900 of advertising costs in the Chicago Tribune, on account. 5. Paid $500 cash for office supplies. 6. Performed services worth $11,000: $3,100 cash is received from customers, and the balance of $7,900 is billed to customers on account. 7. Withdrew $500 cash for personal use. 8. Paid Chicago Tribune $700 of the amount due in transaction (4). 9. Paid employees' salaries $2,900. 10. Received $4,900 in cash from customers who have previously been billed in transaction (6).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 amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) HARRIS'S TRAVEL AGENCY Assets Liabilities Owner's Equity Accounts Accounts Owner's Owner's Cash Receivable + Supplies + Equipment = Payable + Capital Drawings + Revenues Expenses 1 13000 13000 2 -600 -600 3. -2900 2900 x x x 900 -900 900 5. -500 X -500 x x 6. 3000 7000 11000 7. -500 -500 v 8. -700 -700 9. -2900 -2900 V x x 10. 4900 4900 x X X xYour answer is partially correct. Try again. From an analysis of the owner's equity columns, compute the net income or net loss for April. HARRIS'S TRAVEL AGENCY Income Statement For the Month Ended April 30, 2017 Investments X Revenues X x Total Expenses x X Total Expenses Click if you would like to Show Work for this question: Open Show Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Operational Risk Management

Authors: Mark D Abkowitz

1st Edition

0470256982, 9780470256985

More Books

Students also viewed these Accounting questions

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago