gnment On April 1, ule Spengel established Spengel\'s Travel Agency Theflloning

Question

gnment On April 1, ule Spengel established Spengel's Travel Agency Theflloning transactions were completed during the month. . Invested $13,000 cash to start the agency 2. Paid $500 cash for April office rent. 3. Purchased equipment for $2,900 cash 4. Incurred $700 of advertising costs in the Chicago Tribune, on account 5. Paid $900 cash for office supplies. 6. Performed services worth $10,000: $3,000 cash is received from customers, and the balance of $7,000 is billed to customers on account 7. Withdrew $500 cash for personal use. 8. Paid Chicago Tribune $500 of the amount due in transaction (4) (a) Complete the tabular analysis of the transactions. (If a transaction results in a decrease in Assets, L in front of the amount entered for the particular Asset, Liability or Equity item that was iabilities or Owner's Equity, place a negative sign (or parentheses) Accounts Owner's Owner's Accounts able + PrSc Delet ",.. 2+F12 Insert FS

Explanation / Answer

S.NO. CASH + ACCOUNTS   + SUPPLIES + EQUIPMENT     = ACCOUNTS   + OWNER'S    - OWNERS      + REVENUES - EXPENSE RECEIVABLES PAYABLE CAPITAL   DRAWINGS 1 13000 13000 2 -500 500 3 -2900 2900 4 700 700 5 -900 900 6 3000 7000 10000 7 -500 500 8 -500 -500 9 -2500 2500 10 4000 -4000 TOTAL 12200 3000 900 2,900 200 13,000 500 10000 3700

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