On April 1, Jennifer Davis established Davis's Travel Agency. The following transactions were completed during the month.
1.
Invested $18,000 cash to start the agency.
2.
Paid $600 cash for April office rent.
3.
Purchased equipment for $2,500 cash.
5.
6.
Incurred $600 of advertising costs in the Chicago Tribune, on account.
Paid $600 cash for office supplies.
Performed services worth $11,000: $3,400 cash is received from customers, and the balance of $7,600 is billed to
customers on account.
7. Withdrew $400 cash for personal use.
Paid Chicago Tribune $400 of the amount due in transaction (4).
9. Paid employees' salaries $2,200.
10.
Received $4,600 in cash from customers who have previously been billed in transaction (6).