On June 1, Cindy Crawford Cosmetics was started with an investment in the company of \(\$ 26,200\) in cash. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June.

No additional investments were made in June, but dividends of \(\$ 1,700\) were paid during the month.
\section*{Instructions}
Prepare an income statement and retained earnings statement for the month of June and a balance sheet at June 30, 1996 .

Transcribed Image Text:

Cash $12,000 Notes Payable $13,000 Accounts Receivable 3,000 Accounts Payable 1,200 Fees Earned 6,500 Supplies Expense 1,200 Cosmetic Supplies on Hand 2,400 Gas and Oil Expense 800 Advertising Expense 500 Utilities Expense 300 Equipment 25,000