Please Help Young Dry Cleaners is owned and operated by R.C. Young. The actual work of dry cleaning is done by another company at wholesale rates. The assets and liabilities of the business on April 1 of the current year are as follows:

Cash $ 28,000

Accounts Receivable 9,000

Supplies 2,200

Land 75,000

Accounts Payable 10,400

Business transactions during April are summarized on the next slide. Prepare the financial statements for Young Dry Cleaners.

a. Paid rent: $7,000 b. Received cash from customers for sales: $37,500 c. Paid creditors on account: $9,600 d. Purchased supplies on account: $1,750 e. Charged customers for dry cleaning sales on account: $18,250 f. Received monthly invoice for dry cleaning expense on account: $19,150 g. Received cash from customers on account: $15,950 h. Determined the cost of supplies used: $950 i. Paid wages: $9,900; truck expense: $3,350; utilities: $1,750; miscellaneous expense: $1,900