147 In June 1994, Chris Scott organized a crop-dusting business. The company, a sole proprietorship, called Scott Crop Dusting, began operations immediately. Transac Scott deposited $60,000 cash in a bank account in the name of the Purchased a crop-dusting aircraft from Utility Aircraft for $225,000. Made a $45,000 cash down payment and issued a nota payable for CHAPTER 3 MEASURING BUSINESS INCOME M 3A-3 ng En- tions during the month of June were as follows: osting, baring June 1 alance business. June 2 $180,000. June 4 Paid Woodrow Airport $2,500 to rent office and hangar space for the June 16 Billed customers $8,320 for crop-dusting services rendered during the first half of June. June 15 Paid $5,880 salaries to employees for services rendered during the first half of June. June 18 Paid Hannigan's Hangar $1,890 for maintenance and repair servicesi June 25 Collected $4,910 of the amounts billed to customers' on June 15. June 30 Billed customers $16,450 for crop-dusting services rendered during the second half of the month. June 30 Paid $6,000 salaries to employees for services rendered during the second half of June. June 30 Received a fuel bill from Henry's Feed & Fuel for $2,510 of aircraft fuel purchased during June. This amount is due by July 10. June 30 Scott withdrew $2,000 cash from the business for personal use. The account titles and numbers used by Scott Crop Dusting were: Cash....... Accounts recevable. Alrcraft Notes payablo. Accounts payable Chris Scott, capitel 5 15 31 32 -17 Chris Scott, drawing.. Crop-dusting revenue.. Maintenance expense. Fuel expense.... Salaries expense Rent expenses