On April 1. Renato Uhrig established Renato\'s Travel Agency. The following tran

Question

On April 1. Renato Uhrig established Renato's Travel Agency. The following transactions were completed doling the month. Invested $15.000 cash to start the agency. Paid $600 cash for April office rent. Purchased equipment for $3,000cash. Incurred $700 of advertising costs in the Chicago Tribune, on account. Paid $800 cash for office supplies. Performed services worth $10,000: $3,000 cash is received from customers. and the balance of $7,000 is billed to customers on account. Withdrew $500 cash for personal use. Paid Chicago Tribune $500 of the amount due in transaction (4). Paid employees' salaries $2 300. Received $4.000 in cash from customers who have previously been billed in transaction (6). 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. Total assets $20,900 From an analysis of owner's equity columns, compute the net income or net loss for April. Net income $6,200

Explanation / Answer

Total assets s/b 20,900, I totaled at 20,800 and net income sb 6,200 and you have 5400. You have an 800 variance in your asset accounts. Item #5 for the office supplies is recorded twice once in expenses and in supplies and then you have a deduction in cash

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.