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On April 1, Jenny Russo established Matrix Travel Agency. The following transactions were completed during the month.
1.Stockholders invested $10,000 cash in exchange for stock.
2.Paid $400 cash for April office rent
3.Purchased office equipment for $200 cash
4.Incurred $300 cash of advertising costs in the Chicago Tribune, on account
5.Paid $600 cash for office supplies
6.Earned $9500 for services rendered: $3000 cash is received from customers, and the balance of $6500 is billed to customers on account.
7.Paid $200 cash dividend
8.Paid Chicago Tribune amount due in transaction 4
9.Paid employees salaries $2200
10.Received $4000 in cash from customers who have previously been billed in transaction 6

Instructions

(a) Prepare a tubular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Paybale, Common Stock and Retained Earnings.

(b) From an analysis of the column Retained Earnings, compute the net income or net loss for April

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941884

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