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Question of
Current Attempt in Progress
On April Sunland 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, $
a
Prepare an equation analysis of the effects of the above transactions on the accounting equation. If a transoction results in a decrease in Assets, Liabilities or Shareholders' 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 for example.