Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On June 1, Kimberly Young started Crane Designs Co., a company that provides craft opportunities, by investing $13,850 cash in the business. Following are the

On June 1, Kimberly Young started Crane Designs Co., a company that provides craft opportunities, by investing $13,850 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 $7,200 Accounts Receivable 2,800 Advertising Expense 500 Supplies 2,500 Rent Expense 1,400 Equipment 11,000 Gasoline Expense 250 Notes Payable 9,000 Utilities Expense 200 Accounts Payable 1,100 Kimberly made no additional investment in June but withdrew $1,500 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.) CRANE DESIGNS CO. Owner's Equity Statement choose the accounting period select an opening name for this statement $enter a dollar amount select between addition and deduction : select an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amounts enter a total amount for the first part select between addition and deduction : select an item enter a dollar amount select a closing name for this statement $enter a total amount for this statement

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Risk Management

Authors: Faisal F. Al-Thani, Tony Merna

2nd Edition

0470518332, 978-0470518335

More Books

Students also viewed these Accounting questions

Question

=+d) What components would you now say are in this series?

Answered: 1 week ago