PROBLEMS: SET A Analyze transactions and P1-1A On April 1, Julie Spengel established Spengel's Travel Agency. The following trans- COMPte net income actions were completed during the month. LO 3, 4) 1. Invested $15,000 cash to start the agency. 2. Paid $600 cash for April office rent. 3. Purchased equipment for $3,000 cash. XLS 4. Incurred $700 of advertising costs in the Chicago Tribune, on account. 5. Paid $900 cash for office supplies. 6. Performed services worth $10,000: $3,000 cash is received from customers, and the balance of $7,000 is billed to customers on account. 7. Withdrew $600 cash for personal use. 8. Paid Chicago Tribunte $500 of the amount due in transaction (4). 9. Paid employees' salaries $2,500. Key Fer to let you 10. Received $4,000 in cash from customers who have previously been billed in transac- tion (6). KAOW YOU CIE O the rigaz Instructions Total assets 520 BOO (a) Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Capital, Owner's Drawings, Revenues, and Expenses. Net income $6,200 (b) From an analysis of the owner's equity columns, compute the net income or net loss for April. Anakze transactions and prepare income statement, owner's equity statement, and balance sheet. (LO 3,4,5) P1-2A Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following trans- actions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $7,500 of which $3,000 is collected in cash and the balance is due in September 4. Purchased additional equipment for $2,000, paying $400 in cash and the balance on account. 5. Paid salaries $2,500, rent for August $900, and advertising expenses $400. XLS