Question
Need help solving (b1) Problem 1-03A a1-a3,b1-b2 (Part Level Submission) On June 1, Maria Miller started Sheridan Designs Co., a company that provides craft opportunities,
Need help solving (b1)
Problem 1-03A a1-a3,b1-b2 (Part Level Submission)
On June 1, Maria Miller started Sheridan Designs Co., a company that provides craft opportunities, by investing $12,450 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.
Cash | $10,000 | Service Revenue | $6,600 | |||
Accounts Receivable | 2,900 | Advertising Expense | 500 | |||
Supplies | 1,500 | Rent Expense | 1,600 | |||
Equipment | 11,000 | Gasoline Expense | 200 | |||
Notes Payable | 8,900 | Utilities Expense | 150 | |||
Accounts Payable | 1,400 |
Prepare an income statement for June assuming the following data are not included above: (1) $950 of services were performed and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but not paid.
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