*Problem 1-01A a-b On April 1, Ruth Lewis established Lewis’s Travel Agency. The following trans
*Problem 1-01A a-b On April 1, Ruth Lewis established Lewis's Travel Agency. The following transactions were completed during the month. 1. Invested $13,000 cash to start the agency 2. Perd $500 cash for April office rent 3. Purchased equipment for $2,400 cash 4. Incurred $700 of advertising costs in the Chicago Tribune, on account 5. Paid $500 cash for office supplies 6. Performed services worth $10,000: $3,200 cash is received from customers, and the balance of $6,800 is billed to customers on account. 7. Withdrew $100 cash for personal use. 8. Pald Cheago Tribune $500 of the amount due in transaction (4). 9. Pald amployees salaries $2,000. 10. Received $3,800 In cash from customers who have previously bean 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 that was reduced. See Illustration 8 for example.) LEWIS'S TRAVEL AGENCY = Liabilities + Accounts Equipment – Payable + Owner's Equity Owner's Drawings + Revenues Cash + Recevable Supplies Owner's Capital – – – Expenses From an analysis of the owner's equity columns, compute the net income or net loss for April. LEWIS'S TRAVEL AGENCY Income Statement
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