Problem 1. On April 1, Holly Dahl established Holiday Travel Agency LTD. The fo during the month: llowing transactions occurred 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 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 $200 cash dividend. 8. Paid the amount due from transaction 4. Above. Paid employees' salaries $2,200. 9. 10. Received $5,700 in cash from customers billed previously in transaction 6 Instructions: 1. Record the above transactions in the columnar table on the next page (provide the totals for all columns and indicate the amount of total assets and total liabilities & Equity). Calculate the net income and retained earnings for the month of April. 2