P1-7B (Nina Niko), p. 37. Do requirements 1 and 2. You may use the EXCEL template linked to above. You do not need to do requirement 3. For requirement 1, totals after every transaction are unnecessary, but you need to calculate the overall totals to complete requirement 2.

June 1Nina Niko invested $130,000 cash in the company.

2 The company rented a furnished office and paid $6,000 cash for Junes rent.

4 The company purchased $2,400 of equipment on credit.

6 The company paid $1,150 cash for this months advertising for the opening of the business.

8 The company completed maintenance services for a customer and immediately collected $850 cash.

14 The company completed $7,500 of maintenance services for City Center on credit.

16The company paid $800 cash for an assistants salary for the first half of the month.

20 The company received a $7,500 cash payment for services completed for City Center on June 14.

21The company completed $7,900 maintenance services for Paulas Beauty Shop on credit.

24 The company completed $675 of maintenance services for Build-It Coop on credit.

25The company received a $7,900 cash payment from Paulas Beauty Shop for the work completed on June 21.

26The company made a payment of $2,400 cash for equipment purchased on June 4.

28The company paid $800 cash for an assistants salary for the second half of this month.

29Nina Niko withdrew $4,000 cash from the company for personal use.

30The company paid $150 cash for this months telephone bill.

30The company paid $890 cash for this months utilities.

Required

Check (1) Ending balances: Cash, $130,060; Expenses, $9,790

1. Create the following table similar to Exhibit 1.9. Enter the effects of each transaction on the accounts of the accounting equation by recording dollar increases and decreases in the appropriate columns. Determine the final total for each account and verify that the equation is in balance.

(2) Net income, $7,135; Total assets, $133,135

2. Prepare the income statement and the statement of owners equity for June, and the balance sheet as of June 30.

3.Prepare the statement of cash flows for the month of June.

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