On June 1 Glamor Cosmetics Co. was started with an initial investment in the company of \(\$ 26,200\) cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for the month of June:

The company issued no additional stock during June, but dividends of \(\$ 1,700\) were paid during the month.
\section*{Instructions}
Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 1998.

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Cash $11,000 Notes payable $13,000 Accounts receivable 4,000 Accounts payable 1,200 Service revenue 6,500 Supplies expense 1,200 Cosmetic supplies 2,400 Gas and oil expense 800 Advertising expense 500 Utilities expense 300 Equipment 25,000