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Problem 1-1A On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were...

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Problem 1-1A On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were completed during the month. 1. Invested $16,000 cash to start the agency. 2. Paid $500 cash for April office rent. 3. Purchased equipment for $2,100 cash. Incurred $600 of advertising costs in the Chicago Tribune, on account. 5. Paid $800 cash for office supplies. 6. Performed services worth $10,000: $3,300 cash is received from customers, and the balance of $6,700 is billed to customers on account. 7. Withdrew $600 cash for personal use. 8. Paid Chicago Tribune $400 of the amount due in transaction (4). Paid employees' salaries $2,800. 10. Received $3,700 in cash from customers who have previously been billed in transaction (6) Complete the tabular analysis of the transactions.(If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) SPENGEL'S TRAVEL AGENCY Assets Liabilities + Owner's Equity Accounts Accounts Owner's Owners Cash +Receivable Supplies EquipmentPayableCapital Drawings RevenuesExpenses 1. 2. 3

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