On April 1, Adventures Travel Agency Inc. began operations. The following transactions were completed during...
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On April Adventures Travel Agency Inc. began operations. The following transactions were completed during the month: Issued common shares for $cash. Obtained a bank loan for $ Paid $ cash to buy equipment. Paid $ cash for April office rent. Paid $ for supplies. Purchased $ of newspaper advertising on account. Earned $ for services performed: cash of $ was received from customers, and the balance was billed to customers on account. Declared and paid $ of dividends to shareholders. Paid the utility bill for the month, $ Paid the amount due for newspaper advertising in transaction Paid $ of interest on the bank loan obtained in transaction Paid employees' salaries, $ Received $ cash from customers billed in transaction Paid income tax, $ Answer the following: a Prepare an equation analysis of the effects of the above transactions on the accounting equation. An example of the first transaction is shown on the next page. b Calculate total assets, liabilities, and shareholders' equity at the end of the month and net income for the month.
On April Adventures Travel Agency Inc. began operations. The following transactions were completed during the month: Issued common shares for $cash. Obtained a bank loan for $ Paid $ cash to buy equipment. Paid $ cash for April office rent. Paid $ for supplies. Purchased $ of newspaper advertising on account. Earned $ for services performed: cash of $ was received from customers, and the balance was billed to customers on account. Declared and paid $ of dividends to shareholders. Paid the utility bill for the month, $ Paid the amount due for newspaper advertising in transaction Paid $ of interest on the bank loan obtained in transaction Paid employees' salaries, $ Received $ cash from customers billed in transaction Paid income tax, $ Answer the following: a Prepare an equation analysis of the effects of the above transactions on the accounting equation. An example of the first transaction is shown on the next page. b Calculate total assets, liabilities, and shareholders' equity at the end of the month and net income for the month.
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