Problem 1-1B

 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 thenet income or net loss for April

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