TUTORIAL TEST 01

On September 1, City Plaza Agency was founded to promote local tourism. The following
transactions were completed during the month.
1. The owner invested a total of $15,000 cash to start the business.
2 The business had to pay in cash $600 for September office rent.
3. An equipment was purchased for $3,000 cash.
4. The advertising cost on Brisbane Times was incurred on account for $700.
5. City Plaza Agency also acquired some office supplies worth of $900 in cash
In organizing some local tours, $10,000 of revenue was earned, of which only $3,000
6. in cash was received from customers, and the balance of $7,000 is billed to customers
on account.
7. The owner withdrew $600 cash for personal use.
8. $500 as part of the amount due in transaction (4) was paid to Brisbane Times
9. The Agency paid salaries its employees an amount of $2,500.
Received $4,000 in cash from customers who have previously been billed in
10.
transaction (6)

Instructions
Prepare a tabular analysis of the transactions using the following column headings:
(a) Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Capital,
Owner's Drawings, Revenues, and Expenses.

Prepare the income statement, owner’s equity statement and balance sheet for City
(b)
Plaza Agency for the month of September