Question: I am having trouble with this problem. I need help with finding assets liabilities and owners equity. On April 1, Betty Harris established Harris's Travel
I am having trouble with this problem. I need help with finding assets liabilities and owners equity.



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 the amount entered for the particular Asset, Liability or Equity item tha 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 V Y 1 13000 13000 2 600 600 3 2900 2900 X V 4 -900 -90 5 V 500 -500 6. 3000 7000 11000 7 500 -500 8. -70 -700 9 2900 -2900 x 10. 490 4900From 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 X Investments x Revenues X Total Expenses X Total Expenses Click if you would like to Show Work for this question: Open Show Work
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