The two most recent monthly balance sheets of Strauss Instrument Company are shown below. Also shown is the most recent monthly income statement.

Required
From the financial statements presented, identify and record the transactions that occurred during June. Use the spreadsheet format shown on the next page to record the transactions. One transaction is shown as anexample.

Transcribed Image Text:

Balance Sheet May 31 June 30 May 31 Liabilities and Owners' Equity: June 30 Assets Cash Accounts receivable $3,200 1,375 Accounts payable 2,300 2,300 1,900 1,400 5,700 5,900 Wages payable 26,300 26,300 Notes payable Equipment Building 48,600 40,100 115,000 115,000 Owners' investment 43,000 47,000 Accumulated depreciation 28,000) (28.500) Retained earnings 26.400 29,275 $122,200 $120,075 Total $122,200 $120,075 Income Statement for June Service revenues Rent expense Wages expense Supplies expense Depreciation expense Interest expense Net income $7,300 (1,300) (1,900) (400) (500) 325 $2,875 ASSETS Other Cash Assets 3,200 119.000 OWNERS' EQUITY Contributed Retained Capital Eanings Accounts Beginning Amounts 52,800+ 43,000+26.400 1 Cash +7,100 Accounts Receivable Service Revenues +200 +7.300