Transactions Reconstructed from Financial Statements The following financial statements are available for Elm Corporation for its first month of operations:

Required Using the format illustrated in Exhibit 3-1, prepare a table to summarize the transactions entered into by Elm Corporation during its first month of business. State any assumptions you believe are necessary in reconstructing the transactions.

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Elm Corporation Income Statement For the Month Ended June 30, 2008 Service revenue $93,600 Expenses: Rent $ 9,000 Salaries and wages 27,900 Utilities 13,800 50,700 Net income $42,900 Elm Corporation Balance Sheet June 30, 2008 Assets Liabilities and Stockholders' Equity Cash Accounts receivable $ 22,800 Accounts payable $ 18,000 21,600 Notes payable 90,000 Equipment 18,000 Capital stock 30,000 Building 90,000 Retained earnings 38,400 Land 24,000 Total liabilities and Total assets $176,400 stockholders' equity $176,400