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On June 1, 2025, Blossom Service Co. was started with an initial investment in the company of $20,000 cash. Here are the assets, liabilities,
On June 1, 2025, Blossom Service Co. was started with an initial investment in the company of $20,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2025, and the revenues and expenses for the month of June, its first month of operations: Cash $4,700 Notes payable $12.200 Accounts receivable 4,100 Accounts payable 600 Service revenue 7,600 Supplies expense 1,000 Supplies 2,460 Maintenance and repairs expense 610 Advertising expense 400 Utilities expense 290 Equipment 24,200 Salaries and wages expense 1,500 Common stock 20,000 During June, the company issued no additional stock but paid dividends of $1,140. Your answer is partially correct. Prepare a retained earnings statement for the month of June. (List items that increase retained earnings first.) BLOSSOM SERVICE CO. Retained Earnings Statement For the Month Ended June 30, 2025 Expenses Add Total Expenses Less Expenses eTextbook and Media Revenues Service Revenue Expenses BLOSSOM SERVICE CO. Income Statement For the Month Ended June 30, 2025 Advertising Expense Supplies Expense Maintenance and Repairs Expense Utilities Expense Salaries and Wages Expense Total Expenses 400 i 1000 610 290 i 1500 i Net Income/(Loss) 3800 7600 3800
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