Problem 1-01A a-b On April 1, Sharon Lee established Lee's Travel Agency. The following transactions were completed during the month. Invested $14,000 cash to start the agency. 1. Paid $500 cash for April office rent. 2. Purchased equipment for $2,000 cash. 3. Incurred $900 of advertising costs in the Chicago Tribune, on account. 4. Paid $900 cash for office supplies. 5. Performed services worth $11,000: $3,500 cash is received from customers, and the balance of $7,500 is billed to customers on account. Withdrew $400 cash for personal use. 6. 7. Paid Chicago Tribune $700 of the amount due in transaction (4). 8. Paid employees' salaries $2,900. 9. Received $4,500 in cash from customers who have previously been billed in transaction (6). 10. Z Your answer is partially correct. Try again. 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.) LEE'S TRAVEL AGENCY Liabilities Owner's Equity Assets Owner's Capital Owner's Accounts Accounts Cash Receivable Supplies Equipment Payable Drawings Revenues Expenses 14000 14000 1. 2. -500 500 2000 3. -2000 4. 900 900 5. 900 006- 3500 7500 6. 7. -400 400 -700 8. -700 -2900 -2900 9. -4500 10. 5400 2 Your answer is partially correct. Try again. Your answer is partially correct. Try again. From an analysis of the owner's equity columns, compute the net income or net loss for April. LEE'S TRAVEL AGENCY Income Statement For the Month Ended April 30, 2017 Revenues Service Revenue Expenses Rent Expense Advertising Expense Salaries and Wages Expense Total Expenses Net Income / (Loss) Open Show Work Click if you would like to show Work for this