Question

On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by investing $12,000 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.


Cindy made no additional investment in June but withdrew $1,300 in cash for personal use during the month.

Instructions
(a) Prepare an income statement and owner’s equity statement for the month of June and a balance sheet at June 30, 2017.
(b) Prepare an income statement and owner’s equity statement for June assuming the following data are not included above: (1) $900 of services were performed and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but notpaid.


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  • CreatedMarch 02, 2015
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