Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The Analyze transactions following transactions occurred during the month of June. and prepare financial June 1 Stockholders invested $10,000 cash in the business in exchange for common stock. ee 2 Purchased a used van for deliveries for $14,000. Matt paid $2,000 cash and (LO 6, 7, 8)

signed a note payable for the remaining balance.

3 Paid $500 for office rent for the month.

5 Performed $4,800 of services on account.

9 Declared and paid $300 in cash dividends.

12 Purchased supplies for $150 on account.

15 Received a cash payment of $1,250 for services provided on June 5.

17 Purchased gasoline for $100 on account.

20 Received a cash payment of $1,500 for services provided.

23 Madea cash payment of $500 on the note payable.

26 Paid $250 for utilities.

29 Paid for the gasoline purchased on account on June 17.

30 Paid $1,000 for employee salaries.

Instructions

(a) Show the effects of the previous transactions on the accounting equation using the

(a) Total assets $25,800 following format.

Assets = Liabilities oF Stockholders’ Equity Accounts F ; _ Notes Accounts , Common Retained Earnings paw Receivable PSTN UST Payable Payable Stock REE Exp en Div.

Include margin explanations for any changes in the Retained Earnings account in your analysis.

(b) Prepare an income statement for the month of June.

(b) Net income $4,450

(c) Prepare a balance sheet at June 30, 2014.

(c) Cash $8,100