13. On April 1, Mr. Adam Smith established Smith's Travel Agency. The following transactions were completed during the m
Posted: Fri Jul 01, 2022 8:30 am
- 13 On April 1 Mr Adam Smith Established Smith S Travel Agency The Following Transactions Were Completed During The M 1 (34.19 KiB) Viewed 30 times
- 13 On April 1 Mr Adam Smith Established Smith S Travel Agency The Following Transactions Were Completed During The M 2 (58.97 KiB) Viewed 30 times
Serial 1 2 3 4 5 6 7 8 9 Transactions and other events Invested $15,000 cash and $5,000 office equipment to start the agency. Paid $600 cash for April office rent. Purchased equipment for $3,000 on account. Paid $900 cash for office supplies. Performed services worth $10,000: $3,000 cash is received from customers, and the balance of $7,000 is on account. Smith withdrew $600 cash for personal use. Paid Chicago Tribune $500 for advertising services. Paid employees' salaries $2,500. Received $4,000 in cash from customers who have previously been billed in transaction (5). 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. b. Prepare an income statement for April. c. Prepare a balance sheet at April 30. 6 5 4