P1-1B On April 1, Jenny Russo established Matrix Travel Agency. The following transactionswere completed during the month.

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P1-1B On April 1, Jenny Russo established Matrix Travel Agency. The following transactionswere 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 $2,500 cash.
4. Incurred $300 of advertising costs in the Chicago Tribune, on account.
5. Paid $600 cash for office supplies.
6. Earned $9,500 for services rendered: $3,000 cash is received from customers, and the balance
of $6,500 is billed to customers on account.
7. Paid $200 cash dividend.
8. Paid Chicago Tribune amount due in transaction 4.
9. Paid employees’ salaries $2,200.
10. Received $4,000 in cash from customers who have previously been billed in transaction 6.

Instructions
(a) Prepare a tabular analysis of the transactions using the following column headings: Cash,Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings.
(b) From an analysis of the column Retained Earnings, compute the net income or net loss for April.