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On June 1, Jennifer Davis started Pharoah Designs Co., a company that provides craft opportunities, by investing $13,410 cash in the business. Following are the
On June 1, Jennifer Davis started Pharoah Designs Co., a company that provides craft opportunities, by investing $13,410 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 | $11,000 | Service Revenue | $6,000 | |||
Accounts Receivable | 2,900 | Advertising Expense | 500 | |||
Supplies | 2,100 | Rent Expense | 1,600 | |||
Equipment | 10,000 | Gasoline Expense | 180 | |||
Notes Payable | 9,100 | Utilities Expense | 130 | |||
Accounts Payable | 1,300 |
Jennifer made no additional investment in June but withdrew $1,400 in cash for personal use during the month.
Prepare an owners equity statement for the month of June. (List items that increase owner's equity first.)
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