An Automotive Parts Store just started in business. These transactions and events occurred during May and June 2022. Ignore income taxes.

Transaction May 2022

1. Issued common stock and received $285,000 in cash.
2. Purchased inventory from various suppliers, on credit, with a cost of $120,000.
3. Made credit sales of $100,000.
4. Made cash sales of $50,000.
5. Determined that inventory costing $105,000 was sold.
6. Paid $95,000 in cash for inventory purchases from (2).
7. Paid salaries of $15,000 in cash.
8. Paid rent of $7,000 on the store in cash.

Transaction June 2022

9. Purchased inventory; cost is $250,000; put $230,000 on credit and paid cash for the remaining balance.
10. Made credit sales of $120,000.
11. Made cash sales of $80,000.
12. Determined that inventory costing $160,000 was sold.
13. Collected $95,000 on accounts receivable (from (3)).
14. Paid $25,000 in cash for inventory purchases (from (2)).
15. Paid $45,000 in cash for inventory purchases (from (9)).
16. Paid salaries of $20,000 in cash
17. Paid rent of $7,000 on store in cash.

Please prepare the accrual basis income statement and the cash basis operating statement for the month of June. (You do not have to do this for May).

Use the format on the next page. Total and subtotals are recommended in the format.

Accrual Basis June 2022

Sales Revenue (A) _______________

_______________

_______________

Expenses (A) _______________

_______________

_______________

_______________

Net Income (Loss) _______________

Cash Basis June 2022

Cash Receipts from Sales (A) _______________

_______________

_______________

Cash Payments (A) _______________

_______________

_______________

_______________

_______________

_______________

Net Increase (Decrease)

in Cash _______________

Please Identify and List